January
2023
GL E-Note 01-20-2023
Lloyd’s Market Association Publishes Modified War & Cyber Operations Clauses
By: Vincent J. Vitkowsky, Esq.
On January 20, 2023, the Lloyd’s Market Association issued its Bulletin LMA23-002-PD entitled Cyber War & Cyber Operation Clauses Updated. It announced the publication of a total of eight clauses. They are described as “replacements for the original suite of cyber war clauses (LMA5564 – LLMA5567 inclusive)” published in November 2021. These included four new principal versions, the “A” versions. The LMA said these “meet the requirements of [Lloyd’s] Market Bulletin Y5381 in relation to stand alone cyber-attack policies under risk codes CY and CZ, which requirements take effect from 31 March 2023 at the inception or renewal of each policy.” Each of the “A” versions has a companion “B” version, which is identical to the respective “A” version, except that they “do not address attribution and are therefore not compliant without prior agreement from Lloyd’s.”
The Bulletin can be found here. The Clauses themselves are available on the Lloyd’s Wordings Repository.