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- W69272007 abstract "The Y2K problem: Computer systems that used only two digits to express the year, causing the year 2000 to be read as 00 or 1900. But, January 1, 2000 came and went, and the worst fears did not materialize. The Y2K problem did not cause a global catastrophe, only minor interruptions in the technological landscape. One example: A customer returning a video rental in Albany, New York was charged a $91,250 late fee because the store?s computers showed that the tape was 100 years late. The new millennium arrived with relative calm, many companies having spent time and money upgrading their computer systems to recognize a four-digit as opposed to a two-digit year. However, the year 2000 saw some of these same companies claiming that sue and labor clauses in their all risk property insurance should pay for these so-called remediation expenses. Sue-and-labor clauses should not provide coverage for computer upgrades undertaken to avoid a possible rather than an imminent loss, which probably would have occurred, if at all, long after the policy term ended for the insurance contract under which the claim was made. The purpose of such remediation was to avoid or damage on or after January 1, 2000, when the Y2K problem was supposed to manifest itself. However, the for which coverage has been sought was a known loss and due to an inherent vice, as the software performed exactly as intended and designed - with a built-in terminal obsolescence on December 31, 1999. A known loss and an inherent vice cannot properly be considered within the scope of all-risk policies. The fundamental basis of insurance is coverage only for fortuitous losses. Because Y2K computer upgrades were made necessary by problems with the computers themselves, any losses incurred were inevitable, rather than fortuitous. Therefore, there should be no insurance coverage for losses resulting from the Y2K problem." @default.
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- W69272007 date "2001-01-01" @default.
- W69272007 modified "2023-09-25" @default.
- W69272007 title "Y2K: A 'Fortuitous' Loss?" @default.
- W69272007 doi "https://doi.org/10.2139/ssrn.260581" @default.
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