Lloyd's To Phase In 'Silent' Cyber-Cover Guard By July 2021
Law360, London (January 30, 2020, 2:05 PM GMT) -- Lloyd’s of London has set out plans to introduce wording that will allow insurers in its market to be clear about whether their products cover cyberattack, in an attempt to protect the sector against “silent” policies.
The specialty market said Wednesday that insurers must pen wording into new and existing policies that either exclude cyber-cover or explicitly include the insurance in three stages between this July and July 2021. The move will provide clarity for policyholders, brokers and its syndicates, Lloyd’s said.
The Prudential Regulation Authority told insurers in 2019 to avoid exposing themselves to the risk of accidentally covering a policyholder...
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