Y2k and Insurance - Property and Business Interruption

greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread

Has anybody called their insurance company lately?? LINK

Your company and your building may not be covered for losses resulting from the Year 2000 date-field problem. This could theoretically extend to the tenants in a building that you own, sold or subleased. A good analogy would be to look at the hazardous waste and asbestos issues that real estate involves.

According to several sources, 46 states have given insurance companies permission to deny Year 2000 related claims.

Because the insurance industry views the Year 2000 as a 'non-fortuitous event," at least three major insurance providers have said they don't intend to make payments to customers for Year 2000-related losses. Additionally, the insurance companies are not required to notify customers that year 2000 related losses will not be covered, until their policies come up for renewal.

In general, companies are getting increasingly nervous about Year 2000 related losses and the potential for lawsuits. It's not clear how many insurance companies will refuse to cover Year 2000 related losses, but companies shouldn't wait to find out. We recommend that all companies get written clarification from their insurance providers, because of the risk that they will not be covered.

-- y2k dave (xsdaa111@hotmail.com), November 27, 1999


Kinda gives you the idea the Ins. Co's. want only risk free clients.

"Send in your check or we will cancel your policy."

"My house is wrecked!"

"Sorry! Act of Gaawwd! Not covered. By the way don't forget to send in your premium soon or your policy will be canceled."

-- Mark Hillyard (foster@inreach.com), November 27, 1999.

If there's an exclusion available so they don't have to pay you (usually in the clause hidden behind the microdot on the third page), they'll use it. And you signed it.

-- I'm Here, I'm There (I'm Everywhere@so.beware), November 27, 1999.

---Ha! and how would anyone "prove" what is and isn't "related" to y2k when it comes to a loss? Say you are a worker for a dgi boss. The boss hasn't fixed anything, hasn't stockpiled raw material, has no provisions to stay in business if "anything" happens, even the mythical bump in the road. The dgi boss's biz fails, you are out of a job, you have no money coming in. You are leasing a home from soneone who only has one extra piece of property, that they paid off years ago, and are relying on the rental income from the first property to pay off their second property. Now, that person has no income. That person goes to their lender, sez "please don't forclose, but right now we have no money". Is this a y2k problem? Geez, there are zillions of examples. What basically I get from these "laws" is that almost anything might later be considered to be y2k related, and basically stop all culpability from, for and to anyone or any entity. There is no blame. Guess the good part will maybe be a reduction in the courts and the "law" profession in the long run, as it will be useless to even file any civil suits, as any other competent lawyer would have an easy time in making a case by following the systemic supply chains and be able at some point to say "SEE, this was ultimately caused by y2k, so there is no basis for a claim, move to dismiss".

What will happen is that no one gets anything, the legislators and the lawyers and the industry lobbys have now completely shot themselves in the foot because of their rush to cover their legal butts without really thinking this thing through past one step,and we're all in the same boat, and quite honestly, y2k will be a lot more than a bump in the road, so folks better get it in gear and be ready to provide for themselves. This reliance on electronic everything is about to make doers out of people who have the ability, and the middlemen who refuse to adapt will be SOL come dinner time.

Another refernce to hitchhikers guide, the planet that was about to explode, three rocket ships, one for the thinkers, one for the doers, and one for the middlemen, who formed committees to investigate everything, and passed laws, and tried to regulate everything, and be manipulators. Well, come time to split the planet day, TWO rocket ships successfully launced to safety, guess which two????


darwin awards 2000

-- zog (zzoggy@yahoo.com), November 27, 1999.

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