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.
About ALIGNED
ALIGNED specializes in delivering insurance and risk management solutions exclusively to Canadian businesses. Through our 18 points of differentiation and expertise, we deliver unmatched value to our growing portfolio of clients from all industries that range from small to large organizations. We offer all of the following management liability products:
- Board Insurance / Directors and Officers (D&O) Insurance
- Employment Practices Liability (EPL) Insurance
- Fiduciary Liability Insurance
Other: - Property Insurance – including Business Interruption & Extra Expense
- Machinery Breakdown / Boiler & Machinery Insurance
- Course of Construction (COC)
- Wrap-up Liability Insurance
- Commercial General Liability / CGL Insurance
- Pollution Liability Insurance
- Commercial Automobile & Fleet Insurance
- Umbrella Liability Insurance
- Cyber, Hacking & Privacy Liability Insurance
- Crime / Fidelity / Employee Theft Insurance
- Professional Liability / Errors & Omissions (E&O) Insurance
- Kidnap & Ransom Insurance
- Representations & Warranty Insurance
- Trade Credit
- Surety & Bonding
| ALIGNED Across Canada
100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours. |
