Marc Tepper, chairman of the firm's Insurance and Reinsurance group and managing shareholder of the firm's Philadelphia office, is quoted in the Washington Business Journal article, PPP loan insurance? Yes, it exists. But some experts are wary.
For one, it is very different and far more limited from the more traditional general corporate liability insurance products, said Marc Tepper, chairman of the insurance and reinsurance group at law firm Buchanan, Ingersoll and Rooney PC.
“It's interesting that the industry is evolving to look to ways to cover potential issues with the PPP loan application process. However, since the terms and conditions of the coverages are evolving, any applicant for this type of coverage would need to be careful,” Tepper said. “Whether the applicant desires to purchase a policy that will ultimately provide the type of protection found elsewhere, it's going to be challenging.”