OH HB589

Requires all business interruption insurance policies in force in Ohio on the effective date to cover losses from viruses and pandemics during the state of emergency declared by Executive Order 2020-01D on March 9, 2020 for COVID-19.

Applies only to businesses located in Ohio that employ 100 or fewer full-time employees (working 25+ hours per week) and had active business interruption coverage on the effective date.

Insurers paying claims under this requirement may seek reimbursement from the Superintendent of Insurance through a newly created Business Interruption Insurance Fund.

Superintendent of Insurance shall assess all insurers engaged in business under Ohio law proportionally based on net written premiums from the previous calendar year to fund reimbursements.

Bill is declared an emergency measure to take immediate effect to protect small businesses from catastrophic losses caused by COVID-19 prevention measures.