Y2K Exclusion Explained
What Is An Exclusion?
A provision of an insurance policy or bond refers to hazards, perils, circumstances, or property not covered by the policy. Exclusions are usually contained in the coverage form or causes of loss form used to construct the insurance policy.
What is a Y2K Exclusion?
The year 2000/Y2K exclusion is defined as an exclusion of coverage for loss arising from an electronic device’s inability to distinguish between century years because their programs identify years only by their last two digits and operate on the assumption that a year identified as “00” is 1900.
Insurance Services Office, Inc. (ISO), American Insurance Services Group, Inc. (AISG), and the Surety Association of America, Inc. (SAA), developed various standard Y2K exclusion endorsements for attachment to property, liability, and fidelity insurance policies. In addition, many insurers created and add their own exclusions and some insurance policies still contain a Y2K exclusion.
To learn more about the Y2K exclusion and other exclusions that may be in your organization’s insurance policies speak to ALIGNED Insurance. An ALIGNED Advocate can provide expert guidance about insurance and risk management best practices for your organization.
Talk to one of our advocates today about how we can help you secure the best products, services and insurance solutions for your business.
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