Insurance Companies wash their hands of Y2Kgreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
Listening to Art Bell a couple nights ago (Thanksgiving?) and some guy called to tell Art that the entire Insurance Industry in Canada has decided they will not cover ANY losses even remotely RELATED to Y2K !!
I have not been able to locate the source. Has anyone seen an article about this within the last week? It is only a matter of time before U.S. companies make the same announcement.
-- infoman (firstname.lastname@example.org), November 29, 1998
Yep the first in the USA = FDIC:)
-- Andy (email@example.com), November 29, 1998.
Try this link:
-- Kevin (firstname.lastname@example.org), November 29, 1998.
Insurance companies never willingly insure the unquantifiable. If they can't come up with a bunch of actuarial tables, they aren't interested.
If necessary, they will get laws passed to prevent this type of exposure. If they agree to insure, or are forced to do so, the policy language will be so abstruse, the restrictions so onerous, and the premiums so exhorbitant as to negate the decision of seeking insurance in the first place.
-- Nathan (email@example.com), November 29, 1998.
Maybe they learned their insurance lessons after the L.A. Northridge quake. Never saw so many companies pull out from offering Californians earthquake insurance!
-- Diane J. Squire (firstname.lastname@example.org), November 29, 1998.
That's exactly the one I was looking for! This will help me spread the truth since many people just don't believe it until they see it in writing.
Glad you mentioned the Northridge quake, because that is precisely why people really need to be informed of this. It just so happens my sister's house is directly over the epicenter (God's honest truth!) and was severely damaged all the way down to the basic structural integrity. Thankfully, at that time, coverage was so abundant that she had her entire house virtually rebuilt (about $300,000 work) and it didn't cost her a dime. Oddly enough, when I brought up the subject of Y2K a couple months ago, her response was: "We survived the Northridge quake, and Y2K couldn't be as bad as that". An article like this may make her think twice, since I doubt that American insurance companies will be so generous when it involves the entire World!
-- infoman (email@example.com), November 29, 1998.
I was told just this last weekend by an insurance company in our city, that a tenants package (covering all the furniture etc., that is in the house I am renting, will cover losses from Y2K. I specifically mentioned Y2K and the potential loss of power resulting in frozen pipes and damage to my household goods. The agent called her head office, and they told her that I would be covered and they had no plans of excluding Y2K from these types of policies.....
As policies are renewed yearly, I'm thinking about hanging on until perhaps February or March and paying in full for a year. That way, if they do start putting exclusions in, it won't affect me until the first couple of months have gone by in 2000.
-- Craig (firstname.lastname@example.org), November 30, 1998.
Good thinking. Hold off payment as long as possible because just like politicians these companies will start changing their tune. Especially when they all get together and the entire industry agrees that the best thing to do is screw the consumer! Definitely get any promise of Y2K coverage IN WRITING!
-- infoman (email@example.com), November 30, 1998.