GERMAN INSURERS SEE Y2K PERILS

German insurers concede that, in general, their contracts in Germany cover Y2K-related losses. Concern is growing, however, that too many companies are willfully ignoring Y2K problems, placing themselves and their insurers in jeopardy. Even if they wanted to, insurers would have a hard time excludin...

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Bibliographic Details
Published in:Business Insurance 1999-10, Vol.33 (43), p.45
Main Author: KIRK, DON LEWIS
Format: Article
Language:English
Subjects:
Business insurance
Information systems
Insurance
Insurance industry
Insurance policies
Insured losses
Risk management
Services
Year 2000
Online Access:Get full text
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Summary:German insurers concede that, in general, their contracts in Germany cover Y2K-related losses. Concern is growing, however, that too many companies are willfully ignoring Y2K problems, placing themselves and their insurers in jeopardy. Even if they wanted to, insurers would have a hard time excluding Y2K risks in Germany. Contract law supports automatic renewals, making the annual renewals that are common in the UK and US an exception in Germany. As a result, most commercial policies cover most Y2K risks.
ISSN:0007-6864
1557-7791