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 B3: Obtain legal review of the exclusion and agree any divergence with Lloyd's

What does B3 require?

Given the drafting complexity, managing agents must be able to show that their state-backed exclusions have been legally reviewed with regard to the interests of underwriters. Through business planning (from the 2023 year of account) managing agents demonstrate that their clauses meet the requirements; any divergence needs a robust explanation and Lloyd's agreement (a dispensation). The choice of clause is the managing agent's, provided it can show compliance.

Maintained by Gerard BlokdykVerified against the published standard Control text last updated

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