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Socius, Parametrix team on cloud downtime coverage

risk management

Socius Insurance Services Inc. has launched cloud downtime coverage in the wholesale market in partnership with  Parametrix Insurance Services LLC.

San Francisco-based Socius, a management liability and property/casualty insurance wholesaler, will offer the product from New York-based Parametrix, their joint statement Wednesday said.

Parametrix has a parametric insurance product that covers lost time from information technology services. The company independently monitors third-party providers and says that once a “downtime event” is detected, its automated policy will pay claims within 15 days.

As a parametric policy, limits and coverage are pre-agreed, the statement said.

Cynthia Zimmerman and Kevin Kershisnik, co-cyber practice leaders at Socius, said in the statement the Parametrix policy provides “uncontested business interruption coverage in the event of a cloud provider outage.”