What Lloyd's Market Bulletin Y5381 - State-backed Cyber-attack Exclusions in Standalone Cyber Policies: Mandatory Exclusion Wordings, War and State-backed Attack Carve-outs and LMA Model Clauses requires
Lloyd's Market Bulletin Y5381 (16 August 2022) requires that, from 31 March 2023 at policy inception or renewal, all standalone cyber-attack policies written at Lloyd's contain a clause excluding liability for losses arising from a state-backed cyber-attack. At minimum the exclusion must (1) exclude losses arising from a war whether declared or not where the policy lacks a separate war exclusion, (2) exclude losses from state-backed cyber-attacks that significantly impair the ability of a state to function or that significantly impair the security capabilities of a state, (3) set out a robust basis for attributing an attack to one or more states, and (4) be clear as to whether cover excludes computer systems located outside the affected state. The Lloyd's Market Association (LMA) has issued suitable model clauses (LMA21-043-PD); managing agents adopt a compliant clause unless granted a dispensation. Lloyd's later issued Y5433 (2024) reviewing state-backed cyber-attack wordings.
Pillar: Insurance & Risk · Authority: Lloyd's of London · Version: 2.0.0 · Last updated:
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Primary Citations — 5 traced to source
- Lloyd's Market Bulletin Y5381, 'State backed cyber-attack exclusions' (16 August 2022) - requirement for a state-backed cyber-attack exclusion in standalone cyber policies from 31 March 2023.
- Lloyd's Market Bulletin Y5381 - minimum requirements: war exclusion where none exists; exclusion of attacks significantly impairing a state's function or security capabilities; attribution basis; treatment of systems outside the affected state.
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