Axa offers Y2K bug insurance
By Reuters
January 5, 1998, 3:20 p.m. PT
PARIS--French insurer Axa Global Risks, a unit of
Axa-UAP, said today it is offering large companies
cover for their software exposure to millennium bug
risks.
The company said in a statement its new product,
Dat+net.2001, would offer companies cover for
the possible loss of or damage to information or
programming as well as the financial consequences
of doing business in a crisis period.
"Companies which have made the necessary
adaptations to their systems for the passage to the
year 2000 can also benefit from the guarantees of
the Dat+net.2001 insurance, including cases of
nonfunctioning programs or changed information," it
said.
The cost of coverage would range widely case by
case, from $329,000, a company spokesman said.
Concerns about widespread disruption at the turn
of the century stem from the design of most
computers and programs, which read only the last
two digits in a date and risk seeing January 1, 2000
as January 1, 1900.
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