Cyber Business Panel
The Cyber Business Panel comprises of 21 underwriting representatives from the Lloyd’s market. The panel members meet on a monthly basis. The panel identifies issues considered to be of interest or concern to LMA members, for discussion within the Panel and referral as appropriate to the relevant LMA Standing Committee and the LMA Executive. Click here for the Panel Terms of Reference .
Role of the panel
- Respond to requests from the Non-Marine Committee (NMC), the LMA Executive and other LMA committees and groups for advice and recommendations on issues.
- Liaise with the NMC, to develop or revise policy wordings or clauses for adoption as LMA accredited wordings, establishing working groups as necessary to undertake this work.
- Liaise with the NMC, to undertake other technical activities, establishing working groups as necessary to undertake this work.
- Provide a forum for exchange of views and information between market practitioners.
Key issues
- The panel liaises with Lloyd's on discussions around systemic risk.
- The panel has developed model application forms and a best practice guide for risk presentation.
- The Panel has been considering the standard War Exclusion Clause (NMA0464) which has been in existence since 1938, in the context of its application to current cyber coverage which is no longer constrained by modern geopolitical borders or conflicts. The aim of a new clause is to provide certainty of cover to policyholders where there otherwise may be ambiguity or restrictions in the face of recent cyber-attacks.