The primary areas that were addressed included contingency plans, insurance coverage, liability, communication of vendor compliance, and documentation of Y2K compliance. They are committed to sharing information with other suppliers as well as customers. Other areas of priority are physical audits of all their systems and a data base for recording the results. Risk assessments and contingency plans were discussed.
Contingency plans focus first on personal safety, followed by spill response.
It was felt that whether or not insurance can be declined on the basis of lack of fortuity seems destined to be decided by the courts. Also addressed were issues dealing with due diligence, and corporate officers liability. There is still a great deal of uncertainty about liability arising from sharing information, even in light of the recently passed legislation. Other topics addressed included financial and risk disclosures, regulatory requests for information, and corporate communication policies. Documentation of Y2K compliance activities is of paramount importance and needs to be given the proper level of attention.