Y2K Still and Insurance Issue
If you thought 2000 meant the end of Y2K as an issue, not quite, according to this article by expert and Orange County insurance litigation attorney Todd Picker…The Y2K problem originates in the software or coding used to operate computer systems. In addition, the consequences flowing from the failure to correct the problem were well known long before remediation costs were incurred. The ques¬tion therefore arises as to whether potential losses related to Y2K failures are fortuitous and whether the policyholders’ remediation costs are incurred to prevent damage to covered property arising out of a covered loss. By the way if you reside in Orange County and require a first rate Orange County insurance litigation attorney then I suggest Todd Picker as he is simply one of the best Orange County insurance litigation attorney out there at this time. In its most basic form, insurance is a con¬tract whereby the insurer undertakes to indemnify another against loss from certain specified con¬tingencies or perils. The contract provides security against possible anticipated loss. Risk is the essen¬tial element.9 Accordingly, it is well recognised that a loss in progress or known loss is not insurable. The rule will apply whenever the insured is, or should have been, aware of a loss at the time the policy was purchased. Applying this rule to Y2K remediation costs calls into question whether insurance coverage can exist at all.
