Parametrix Insurance and Socius Insurance Services Partner to Bring Cloud Downtime Insurance to the Market

Socius to enable brokers to work with clients on reducing the risk posed by operating mission-critical applications in the cloud

Parametrix Insurance, the provider of parametric cloud downtime insurance, and Socius Insurances Services, an independently-owned management liability and property/casualty insurance wholesaler, announced that Socius Insurance Services has launched a cloud downtime offering in the wholesale market in partnership with Parametrix.

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More and more businesses rely on the cloud to manage their mission-critical applications. When the cloud goes down, it takes down these same applications and the losses can be catastrophic. Worse, typical business interruption policies, if they cover it at all, do not cover online downtime until at least 12 or 24 hours have elapsed, leaving businesses at risk.

Parametrix’s cloud downtime insurance helps protect businesses from financial losses due to third-party cloud downtime events starting at the first hour. Moreover, as a parametric policy, limits and coverage are pre-agreed, a broad range of losses are covered and payments due to loss occur swiftly in 15 business days or less.

“We are excited to introduce Parametrix’s cloud downtime insurance to the insurance market and make it available to a range of brokers for the first time,” said Cynthia Zimmerman and Kevin Kershisnik, Co-cyber practice leaders at Socius Insurance Services. “Parametrix’s offering is truly filling a need in the market — most businesses leverage the cloud for key aspects of the business but are not covered for losses when the cloud has downtime.”

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“This unique product provides uncontested business interruption coverage in the event of a cloud provider outage,” Cynthia and Kevin added. “Parametrix is yet another layer of protection for businesses in an ever-evolving marketplace where reliance on cloud services has been increasing at an exponential pace.”

“Partnering with an innovative broker like Socius helps Parametrix extend cloud downtime insurance to brokers that rely on wholesalers,” said Yonatan Hatzor, Co-founder and CEO of Parametrix Insurance. “Socius understands the complexities of business technology environments and that makes them a partner of choice for Parametrix as we seek to provide technology risk mitigation to businesses.”