Nma 2914 clause wording 2. NMA 2914 AND 2915 NMA 2914 and 2915 exclude loss, damage, destruction, distortion, erasure, corruption or alteration of electronic data, and any loss of use, reduction in functionality, cost, expense of whatever nature resulting from that loss of data. Aug 8, 2020 · As per NMA2914, NMA 2915 and NMA2914A, LMA5400 states that if the media is not repaired, replaced or restored, then the basis of valuation is the cost of blank Data Processing media. 2) NMA2914, NMA2915, NMA2914A and NMA2915A all exclude business interruption loss that results from loss of or Damage to Electronic Data. a reduction in the functionality, availability or operation of Jun 16, 2023 · For each of LMA5468A, LMA5469A and LMA5470A, the primacy clauses of their predecessors have been deleted: ‘This endorsement supersedes any other wording in the Policy or any endorsement thereto having a bearing on a Cyber Act, Cyber Incident or Data, and, if in conflict with such wording, replaces it’. loss of, alteration of, or damage to or ii. Dec 16, 2019 · Companies will face more restrictive exclusions, in respect of cyber coverage within their property and casualty insurance policies. Aug 8, 2020 · However, NMA 2914 and NMA 2915, do provide cover for property damage if loss of, or damage to, Electronic Data causes a Fire or Explosion; NMA2914A and NMA2915A do not. Our latest insight explains. In this document these Underwriters and Companies will hereinafter be referred to as "the Insurers". Neither the PRA guidance nor the Lloyd’s bulletin state that these exclusions (NMA 2914/2915/CL380) are inadequate. This Insurance is effected with ce1tain Underwriters at Lloyd's, London (not incorporated) and certain Companies. This Clause applies regardless of any other cause or event that contributes concurrently or in any sequence to the loss, damage, cost, claim or expense. The biggest cause of concern is whether the clause intends to exclude cyber attacks and accidental cyber events, or solely cyber attacks. Similar to NMA2914, NMA 2915 and NMA2914A with respect to Electronic Data, LMA5400 states that the policy does not insure the value of Data. The exclusion is short, has a number of undefined terms and continues to raise debate regarding how it should be interpreted. The War and Terrorism Exclusion Endorsement is a contractual provision that removes coverage for losses or damages resulting from acts of war or terrorism. Mar 5, 2021 · Historically, insurers have most commonly relied on the NMA 2914, NMA 2915, and CL380 exclusions to limit their cyber risk exposure under property policies. The Insurers hereby agree in consideration of payment to them of the premium specified herein by or on behalf of the Insured, to insure against loss, including but not limited to NMA 2914,15,12 CL 380 not sufficiently exclude all instances of physical damage caused by cyber- incidents and there is lack of definition. Marine exclusions For decades the Marine market (and others) have relied on the CL380 – Institute Cyber Attack Exclusion Clause. The IMIA WORKGROUP ADVANCED CYBER EXCLUSION CLAUSE applies to any (including physical) loss or damage directly or indirectly caused by or resulting from one or more of the following: Jun 13, 2023 · For each of LMA5468A, LMA5469A and LMA5470A, the primacy clauses of their predecessors have been deleted: ‘This endorsement supersedes any other wording in the Policy or any endorsement thereto having a bearing on a Cyber Act, Cyber Incident or Data, and, if in conflict with such wording, replaces it’. The difference between the two clauses is in the valuation. Jan 25, 2001 · a) This Policy does not insure loss, damage, destruction, distortion, erasure, corruption or alteration of ELECTRONIC DATA from any cause whatsoever (including but not limited to COMPUTER VIRUS) or loss of use, reduction in functionality, cost, expense of whatsoever nature resulting therefrom, regardless of any other cause or event contributing concurrently or in any other sequence to the loss Apr 29, 2025 · The above clauses have been superseded by LMA5400, LMA5401 and others, depending on the class of business. 1. Data is defined in the clause, and is said to include software. ELECTRONIC DATA means facts, concepts and information converted to a form useable for communications, interpretation or processing by electronic and electromechanical data processing or electronically controlled equipment and includes programmes, software and other coded instructions for the processing and manipulation of data or the direction and manipulation of such equipment. Cyber Non‐Aggregation Clause (NMA 2912) – IT Hazards Exclusion Clause (NMA 2928) Losses arising, directly or indirectly, out of : i. The suitability of these exclusions (which were drafted almost 20 years ago) was questioned by the Prudential Regulation Authority (PRA) in 2016, in light of the rapidly developing cyber . In practice, this means that if an insured e Aug 10, 2001 · For the purpose of this endorsement an act of terrorism means an act, including but not limited to the use of force or violence and/or the threat thereof, of any person or group(s) of persons, whether acting alone or on behalf of or in connection with any organisation(s) or government(s), committed for political, religious, ideological or similar purposes including the intention to influence Feb 9, 2021 · With an increased focus on policy coverage, companies must carefully navigate the emerging exclusions across property insurance policies to mitigate the challenges these market conditions pose. FYI Please see below a table of cyber clauses that are currently active on the LWR, listed by class of business, risk code and clause type. For the purpose of this endorsement an act of terrorism means an act, including but not limited to the use of force or violence and/or the threat thereof, of any person or group(s) of persons, whether acting alone or on behalf of or in connection with any organisation(s) or government(s), committed for political, religious, ideological or similar purposes including the intention to influence 1. In case of physical loss or damage to IT hardware (electronic media) caused by an insured peril, the following is stipulated: NMA 2914 covers the IT hardware plus restoration and re-engineering of data and software. However, insurers are using the announcements by Lloyd’s and the PRA, in the context of an already transitioning insurance market, to impose more restrictive cover from 1 January 2020. uksi nfbcyz kvusn aiqokyh iees cbjh ekrkx sda yuy quqa evf ppyet qhqqd lolsih qbmvb