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Parametrix Insurance Services LLC said Tuesday it will make its parametric cloud downtime insurance available through brokerage IMA Financial Group Inc.
All policy terms, including the coverage and the damages, are agreed upon in advance. The waiting period for downtime insurance can be set to as little as an hour of downtime, and there is no monetary deductible, the statement said.
The companies also will collaborate on marketing activities and offer consultative enterprise assessments and analysis of downtime risks and exposure, the statement said.
Parametrix Insurance offers a parametric product that is triggered if service is interrupted. It was a winner of a 2021 Business Insurance Innovation Award.