The Coming Y2K Claims Explosion.

Risk & Insurance | August 1, 1999| | Copyright

Claims related to the year 2000 computer problem are expected to create the second most costly event ever experienced by insurers-second only to asbestos and pollution cleanup claims.

Insurance companies and defense lawyers have been shouting from the rooftops all the reasons that insurance policies will not cover damages caused by the Year 2000 computer problem- Y2K exclusions prohibit coverage, the events aren't covered because they are not fortuitous, and data loss isn't covered under property policies.

But the fact is, Y2K is expected to be the second ...

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