Most insurance companies have by now declared their position with respect to coverage for the Year 2000 (Y2K) problem. Few are providing full coverage, though property insurers are providing significant protection for resultant damage claims. Liability insurers are generally avoiding coverage.
In this article I will attempt to explain the dilemma that insurance companies face regarding coverage as well as their response to the Y2K exposure, Y2K insurance products and the steps hospitals can take to reduce their exposure.
In an effort to attract attention to the potential for enormous damages that could be caused by the Y2K problem, a United States senator referred to the Y2K as "The Asteroid." The vision of an asteroid heading toward earth is certainly more of an attention-grabber than a "bug" inside a computer system.
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