Lloyd's of London

On July 4, 2019, market bulletin Y5258 required every Lloyd's syndicate to state clearly, policy by policy, whether cyber was covered or excluded, from January 1, 2020 for property business. On August 16, 2022, bulletin Y5381 required every standalone cyber policy to carry, from March 31, 2023, an exclusion for state-backed attacks meeting principles set by Lloyd's. The most widely used model clauses, LMA 5564 to 5567, were published in November 2021 by the Lloyd's Market Association, not by the Corporation. Lloyd's is a marketplace that grew out of a merchants' coffee house kept by Edward Lloyd in the late seventeenth century. Risk is carried by syndicates, backed by members who provide the capital and run by managing agents. Brokers present risks in the Room, a lead sets the terms and the following market writes its lines on the slip. The Corporation, incorporated by the Lloyd's Act 1871, makes the rules, approves syndicate business plans and administers the Central Fund, which underpins the chain of security. Its bulletins bind only its own syndicates, but they often end up in wordings across the whole market, which is why the market weighs so heavily on how cyber cover is drafted.