Companies are being urged to start protecting their systems against the millennium time bomb, or face being left in the lurch by their insurers.
According to a confidential report by the Association of British Insurers (ABI), some insurance companies have already introduced exclusion clauses. ?Insurers will not want to be liable for people that haven?t bothered [ensuring their systems work],? said an ABI spokesperson. ?Insurers cover things that happen ?by chance?, not dead certs.?
It emerged yesterday that around 75 per cent of UK businesses could have legitimate grounds for making a claim against their insurers should they suffer financial loss from the Year 2000 date change. The findings were made in a confidential report for the ABI by solicitors Cameron McKenna, which was obtained by the 'Financial Times'.
The ABI spokesperson said it is up to individual insurers to decide whether to protect against millennium-related damages. However, he believes some insurers with exclusion clauses may delete these if their clients can show they have addressed potential problems, or are beginning to do so.
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