Lloyd's of London Cyber Insurance Requirements and Underwriting Standards
State-backed cyber-attack exclusions in standalone cyber business (Y5381, Y5433) – Lloyd's of London Cyber Insurance Requirements and Underwriting Standards

Lloyd's of London Cyber Insurance Requirements and Underwriting Standards B2: Meet the five minimum elements of the state-backed cyber-attack exclusion

What does B2 require?

At a minimum the exclusion must: (1) exclude losses from a war, declared or not, where the policy has no separate war exclusion; (2) subject to (3), exclude losses from state-backed cyber-attacks that significantly impair the ability of a state to function or significantly impair the security capabilities of a state; (3) be clear whether it excludes computer systems located outside any state affected in that way; (4) set out a robust basis on which the parties agree how a state-backed cyber-attack will be attributed to one or more states; and (5) define all key terms clearly. Lloyd's accepted any of the four LMA model clauses issued as LMA21-042-PD (LMA5564 to LMA5567) as meeting the requirements; the LMA's classification notes add that the B versions without an attribution provision are compliant only if the managing agent explains to Lloyd's how attribution will be handled.

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