Lloyd's of London Cyber Insurance Requirements and Underwriting Standards B5: Classify every clause and file the clause adoption attestation twice a year

What does B5 require?

Lloyd's tracks exposure by classifying state-backed clauses into seven types: Type 1 excludes all state-backed cyber-attacks, war and non-war; Type 2 excludes those forming part of war and all significant impairment losses outside war; Type 3 as Type 2 but not excluding significant impairment non-war losses outside the impaired state; Type 4 as Type 3 but not excluding state-backed attacks as part of a war outside the warring states; Type 5 as Type 2 or 3 but with the significant impairment threshold addressed through a state response by use of force and broad infrastructure impact; Type 6 clauses with a Lloyd's dispensation; Type 7 non-compliant clauses or no clause. Managing agents complete the clause adoption attestation; after the Q2 2024 return it is due twice a year: Attestation 1 for policies incepting 1 July to 31 December and Attestation 2 for 1 January to 30 June, each due one month after the last inception date, the first on 31 January 2025. Syndicates writing cyber treaty reinsurance attest from 31 January 2025. The LMA offers compliance and classification assessments for clauses developed by market participants. Types 1, 2, 3 and 5 are monitored through the attestations.