Dec. 21, 2012! That’s the date the Mayan calendar predicts the world will end. How could they predict the end of the world when they didn’t see their own demise coming?
The insurance industry is taking the Mayan doomsday prediction seriously. The two main coverage form-generating entities are planning to release new exclusion forms centered around Dec. 21, 2012. The “Mayan Exclusions,” as these endorsements are being called, exclude all damage resulting from the reversal of the earth’s magnetic field and any other planetary catastrophe occurring on Dec. 21.
“Think of them as the Y2K endorsements on steroids,” said one property lines analyst.
There is one major obstacle: many states require 120 days to approve new forms.
Several states contacted by Insurance Journal indicated they were not inclined to accelerate their processes. They are also not all sold on the need for the exclusion. One insurance department actuary asked, “Is anyone going to be here to file claims anyway?”
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