Pandemic Risk Coverage for Cancelled Events

The Association Community Thrives on Meetings and Events 

Events, such as conferences, expositions and business meetings, provide the means for associations to promote and invest in their stakeholders, pay staff, lead communities and support the economy.

Events Support Jobs 

  • 15.7 million Americans work in the hospitality sector. [citation 1 below]  
  • ASAE’s five-day Annual Meeting injects an average of $16 million into local economies. 
  • In 2018, ASAE’s Annual Meeting in Chicago, IL provided for $150 million in downstream economic impact after one year. [citation 2 below] 
  • 15 percent of associations host more than 50 events each year. [citation 3 below] 

 

Associations

Associations, event venues, hospitality providers and the millions of companies and employees they support need pandemic coverage for event cancellation in the future to protect jobs and our association community’s far-reaching economic and societal impact.  

ASAE and much of our community have long-supported efforts to create a public-private partnership to cover event cancellation losses during a future pandemic. Learn more about the issue and association efforts to establish a coverage solution.  

 

Legislation and Community Action 

ASAE first called for a federally supported pandemic coverage solution on March 19, 2020. Since, ASAE has steadfastly engaged with Congress to establish bipartisan legislation that would help safeguard the economy amid a future pandemic.  

Pandemic Risk Insurance Act of 2021: H.R. 5823 

Congresswoman Carolyn B. Maloney (D-N.Y.) introduced the Pandemic Risk Insurance Act in November 2021 to create a partnership between the government and insurance markets. The bill would importantly cover for business interruption losses in the future and help pay for fixed costs, such as payroll.  

It is the legislation’s coverage for event cancellation and other specialty insurance lines, however, that is our top priority.  

ASAE voiced support for Rep. Maloney’s bill in a 2021 press release:  

ASAE is proud to support Congresswoman Maloney and her invaluable Pandemic Risk Insurance Act,” said ASAE President and CEO Michelle Mason, FASAE, CAE. “ASAE has long supported efforts to help fully reestablish our economy, and PRIA will help us get there. PRIA’s coverage for event cancellation is especially critical to our association community whose lifeblood courses from in-person events of all sizes and scope. ASAE thanks and applauds Rep. Maloney for introducing this important bill, which will no doubt help provide associations the security they need to fully reignite our community’s far-reaching economic impact through industry-focused conferences and events, among other crucial services. 

Business Continuity Coalition

ASAE joined the Business Continuity Coalition (BCC) as a steering committee member in May 2021. The BCC’s membership of more than 50 associations, businesses and corporations together represent 70 million workers across the economy. 

Our goals align with the BCC’s mission to foster solid, bipartisan policy that works for all stakeholders: lawmakers, policyholders, insurance providers and everyone in between. The BCC, with ASAE support, works closely with Congressional staff to help create this critically needed legislation.  

The BCC holds regular meetings with its members to provide legislative updates and deploy advocacy resources. Interested organizations can join the BCC at no cost. Email publicpolicy@asaecenter.org for membership questions.  

 

Citations: 

  1. Bureau of Labor Statistics.  
  2. Choose Chicago (Chicago, Illinois Convention & Visitors Bureau) Economic Reporting. 
  3. ASAE Research Foundation Financial Impact Study. December 2020.