Parametrix partners with INSUREtrust to offer IT downtime coverage

Parametrix, the IT downtime insurtech company, has partnered with INSUREtrust, the specialty insurance brokerage for emerging risks, in an arrangement designed to enhance INSUREtrust’s risk management platform.

Parametrix will support INSUREtrust’s agents and brokers with a new policy that indemnifies a client for its dependent business income loss at a predetermined rate per hour.

The two companies cited the increasing risk companies face as they move mission-critical systems to the cloud, leaving them exposed to any outage at their cloud provider.

This partnership means INSUREtrust’s clients can protect their insureds from the financial implications of having mission-critical services disrupted. The IT downtime insurance policies offer coverage payments within 15 days without requiring a claims adjustment process and without any restrictions on the use of the funds.

Yonatan Hatzor, chief executive officer at Parametrix Insurance, said INSUREtrust’s “extensive expertise and deep network of brokers and agents will further enhance our ability to provide groundbreaking business interruption insurance solutions to tech-dependent companies.”

Christiaan Durdaller, president and chief executive officer of INSUREtrust, added: “Supply chain risk, particularly third-party digital platform risk, continues to expand, and we are constantly looking for creative ways to help our clients minimise, or in some cases, alleviate that risk. This new agreement with Parametrix‘s IT downtime product complements our Cyber Secure Platform’s risk management offerings and continues to differentiate our clients in the insurance marketplace.”

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