Lloyd's Market Association Bulletin
LMA23-012-PD | 30 March 2023
Providing clarity on cyber and US excess casualty cyber clauses
Lloyd’s has published a number of Bulletins (Y5258 and Y5381) which require managing agents to ensure that their policies are sufficiently clear and robust in addressing non-affirmative cyber and state backed cyber-attacks). In light of the Lloyd’s requirements, the LMA has, in addition to publishing compliant model wordings (here), undertaken a review of a number of clauses to assess whether they are compliant with the Lloyd’s requirements.
A list of compliant clauses can be found here .
If any party wishes to refer any other clause to the LMA for consideration please contact email@example.com.
Please note that the LMA is not providing advice as to whether any of these clauses will be effective as an exclusion or the extent to which a clause provides coverage or the extent to which a clause will apply to any particular set of facts. Coverage and application will, amongst other things, depend upon the circumstances, applicable law and jurisdiction and also the dispute resolution mechanism selected. It is for underwriters to decide whether or not any contractual language is acceptable on any given risk. If in doubt, Underwriters should take their own legal advice to satisfy themselves that a clause is appropriate.
All LMA model clauses are purely illustrative and are published and distributed for the guidance of Lloyd’s managing agents, brokers and other market participants. All contracting parties are free to agree to different conditions/amend the model clauses as they see fit; the LMA does not protect its intellectual property rights over model clauses.
The LMA clauses are available on the Lloyd’s Wordings Repository (LWR).
Senior Executive, Technical Underwriting