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Technology Stocks : SEEC, Inc. (SEEC)
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To: P. Ramamoorthy who wrote (594)6/29/1998 8:58:00 PM
From: John  Read Replies (1) of 1031
 
A newspaper story in today's Chicago Tribune says insurance companies are getting ready to dodge the Y2 problem with policy rewrites that should be seen in renewal policies beginning 1/99.

Insurers have estimated potential losses from Y2 lawsuits at $1 billion. They do acknowledge there are too many unknowns. New policy clauses will exclude deliberate acts from liability coverage, so if somebody has a problem and fails to address it, that's an intentional act and the insurer may preclude coverage.

So far regulators in 42 states have approved new clauses for general liability policies that would exclude coverage for Y2 damages.

Now if only wall street takes notice?
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