Lloyd's of London Cyber Insurance Requirements and Underwriting Standards A2: Apply the requirement on each class's phase date

What does A2 require?

The clarity requirement took effect by phase for policies incepting on or after the phase date: phase 1, first-party property damage classes (energy, nuclear, power generation, cargo, fine art, marine hull and war, specie, yacht, difference in conditions, property direct and facultative, engineering, livestock and bloodstock, terrorism), 1 January 2020; phase 2 (accident and health, contingency, space, political risk, credit and financial guarantee, bankers blanket bond and crime, property catastrophe excess of loss, pro rata and risk excess, agriculture and hail, livestock excess of loss), 1 July 2020; phase 3 (aviation, directors and officers, cyber policies for any traditional cover given by extension, employers liability, energy liability, extended warranty, financial institutions, legal expenses, marine liability, medical expenses and malpractice, motor, general liability, pecuniary, professional indemnity, personal accident excess, motor excess, nuclear liability, terrorism liability), 1 January 2021; phase 4 (marine excess of loss, casualty treaty, US employers liability and workers compensation, marine war excess), 1 July 2021. Proportional treaty recorded under a direct risk code follows six months after the direct class's date. Each class is identified by its Lloyd's risk codes as listed in the appendix to Y5277.