Annual Conference Session Details

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11. Discussion Group: Pandemic Risk Insurance Act (NO CREDIT)

Date: 2021-08-10T00:00:00-04:00 Time: 1:30 pm-2:20 pm

Facilitators: Zach Finn, Butler University, Richard Hylant, Hylant Group, Inc. and Joel Wood, CIAB
Coordinator: Rick Bowers, Maple Capital Management
Content Advisor: Anne Marie Towle, Hylant
With coronavirus interrupting business operations in the United States and around the world, public officials have discussed the possibility of a federal backstop for business interruption and event cancellation claims that occur because of a pandemic or public health emergency. The legislation H.R. 7011, "the Pandemic Risk Insurance Act or 2020" (PRIA), would be triggered when insurance industry losses exceed $250 million. An aggregate annual total would max out $750 billion. The bill mirrors many of the fundamental mechanics of the Terrorism Risk Insurance Act (TRIA) which was established in the wake of September 11, 2001 to help provide adequate terrorism coverage in the United States. However, unlike TRIA, insurance participation in the program would not be mandatory.What are the benefits of a PRIA program, and do we think it will pass? 

Scheduled Speakers:

Zachary Finn

Zach is Clinical Professor and Director of the Davey Risk Management & Insurance Program at the Butler University College of Business. Previously, he was Risk Manager for The J.M. Smucker Company in Orrville, Ohio, where he managed the corporation’s risk management program, including global insurance program design and placement, successfully settled several large claims (largest $17M+) and oversaw insurance due diligence and integration for nine major mergers and acquisitions, including the $3.3 billion acquisition of Folgers Coffee. Zach has published articles on several topics, including product contamination risk, protecting corporate goodwill and brand equity, enterprise risk management and risk management consulting. Zach received his B.S. in insurance and risk management from Indiana State University, M.S. in risk management and insurance from Florida State University, and the Associate in General Insurance (AINS) and Associate in Risk Management (ARM) professional designations from the American Institute for Chartered Property Casualty Underwriters.

Richard Hylant

As President of Sales and Innovation for Hylant, Richard oversees the recruitment and development of new and existing client executives in partnership with each of Hylant’s 16 offices. In addition, he oversees strategic sales, the PE/MA team and Hylant Global Captive Solutions. He is also a member of the Executive Leadership Team, a principal owner and on Hylant’s Board of Directors. Richard was a six-year board member for the Council of Insurance Agents and Brokers, the industry’s largest trade organization, and was active in Washington, D.C. on issues affecting customers and brokers. He has served on several community boards and lead multiple fund-raising campaigns. Richard graduated from the University of Michigan with a bachelor’s degree in accounting. Prior to joining Hylant, he obtained his CPA and worked for Peat Marwick on the audit team.

Joel Wood

Joel Wood is Senior Vice President of Government Affairs for the Council of Insurance Agents and Brokers, a position he has held for 6 years. As the Council’s government affairs director, Mr. Wood is the association’s top lobbyist on Capitol Hill and administers the trade group’s political action committee. The Council represents 300 of the nation’s largest commercial property/casualty insurance agencies and brokerage firms. Council members conduct business in 3,000 locations, employ more than 14,000 people and annually place 80 percent-more than $140 billion- of commercial p/c insurance premiums in the United States. In addition, Council members specialize in a wide range of insurance products and risk management services for business, industry, government, and the public. Prior to joining the Council, Mr. Wood served four years as the assistant Vice President for Government Affairs of the National Association of Professional Insurance Agents. He is a 1981 Graduate of the journalism school at the University of Mississippi.