Lloyds of London Cyber Insurance Requirements - Affirmative Cyber Coverage Mandate. Following Lloyds Market Bulletin Y5258 (issued 16 August 2022) all Property Policies underwritten by Lloyds market participants must clearly state from 31 March 2023 onwards whether cyber-related losses are covered + excluded + with no implicit ambiguity (silent cyber elimination). Lloyds Market Association (LMA) issued LMA Model Clauses set including: LMA5400 Cyber War and Cyber Operation Exclusion + LMA5401 Cyber War and Cyber Operation Exclusion (No Attribution Required) + LMA5402 Cyber War and Cyber Operation Exclusion with Carve-Backs + LMA5403 Cyber War and Cyber Operation Exclusion with Attribution Bureau + LMA5404 + LMA5405 various carve-backs and definitions. Coverholder + delegated authority business must use compliant LMA model clauses or equivalent + filed with Lloyds Coverholder Services. All affirmative cyber coverage must be priced + reserved + reinsured separately from non-cyber lines + reported via separate Lloyds Risk Codes (Cyber: CY). Coordination with Lloyds Performance Management Directorate (PMD) + Class of Business Reviews + Syndicate Business Plans + LMA Cyber Markets Working Group + ABI Cyber Markets Insurance + Munich Re + Swiss Re + Lloyds Reinsurance Programmes + Aon + Marsh + Willis Towers Watson + Gallagher cyber broker engagement.
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