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Property and Marine Cyber Clauses
Property and Marine Cyber Clauses
Following publication of Lloyd's Market Bulletin Y5258 sent on 04 July 2019 and the follow-up email from Jon Hancock sent on 01 October 2019, the LMA has been working on behalf of its members to draft model clauses which assist the market in providing clarity of cyber coverage under first-party property damage policies.
We have published a number of clauses for use in the property and marine markets:
There are a number of other model clauses which have recently been or will soon be published for use in particular lines of business.
All model clauses published by the LMA are purely illustrative and are distributed for the guidance of its members, who are free to agree to different conditions or amend as they see fit. The LMA does not publish written guidelines with regard to application or intent of any specific contractual terms (unless use of such contractual terms would constitute a breach or potential breach of any law or regulation) and the LMA therefore cannot release any clause drafting history. The LMA (including all panels and working groups, which may include Joint Committees in conjunction with the International Underwriting Association (IUA)) in drafting such clauses operates under strict terms of reference to ensure, amongst other things, compliance with Competition Law and it is for underwriters to decide whether or not any contractual language is acceptable on any given risk.
Patrick Davison
Deputy Director of Underwriting
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