Parametrix Insurance and Socius Insurance Services Partner to Bring Cloud Downtime Insurance to the Market | State
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NEW YORK and SAN FRANCISCO, November 17, 2021 / PRNewswire-PRWeb / – Parametrix Insurance, provider of parametric cloud downtime insurance, and Socius Insurances Services, an independent wholesaler of management liability and property / casualty insurance, announced today that Socius Insurance Services has experienced cloud downtime -Offer in the wholesale market in partnership with Parametrix.
Today, more and more companies rely on the cloud to manage their business-critical applications. If the cloud fails, the same applications will be disabled and the losses could be catastrophic. Worse, typical business interruption policies, if they cover at all, don’t cover online outages until at least 12 or 24 hours have passed, putting businesses at risk.
Parametrix’s cloud downtime insurance protects companies from financial losses due to third-party cloud downtime events from the very first hour. In addition, parametric policy limits and coverage are pre-agreed, a wide range of losses is covered, and payments due to losses are made quickly within 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 Zimmermann and Kevin Kershisnik, Co-Cyber Practice Manager at Socius Insurance Services. “Parametrix’s offering really meets a need in the marketplace – most companies today use the cloud for critical aspects of their business, but are not insured against loss when the cloud has downtime.”
“This unique product offers unrivaled business interruption coverage in the event of a cloud provider failure,” added Cynthia and Kevin. “Parametrix is another layer of protection for businesses in an ever-evolving market where reliance on cloud services has grown exponentially.”
“Partnering with an innovative broker like Socius will help Parametrix expand cloud failure insurance to brokers who rely on wholesalers,” said Yonatan Hatzor, co-founder and CEO of Parametrix Insurance. “Socius understands the complexities of today’s enterprise technology environments and that makes them a preferred partner for Parametrix when it comes to managing enterprise technology risk.”
Via Parametrix insurance
Parametrix Insurance is the provider of parametric cloud downtime insurance. Our policies cover financial losses for companies if the cloud or e-commerce platforms fail. The Parametrix platform automates risk assessment, offers instant quotes and delivers payments within days. We are supported by Hannover Re and certain underwriters at Lloyd’s of. supports London. More information is available at http://www.parametrixinsurance.com.
About Socius Insurance Services, Inc.
Socius Insurance Services, Inc. is a wholesale broker in property / casualty and public liability insurance based in San Francisco, with regional offices in The angel; Elgin, IL; Birmingham, AL; Austin, TX; Tampa and Miami, Florida; Philadelphia; and Summit, New Jersey. Socius specializes in D&O, E&O, EPL, cyber, property & casualty and umbrella covers. The company, founded in 1997, currently employs around 90 people and is privately owned. For more information, visit Socius online at http://www.sociusinsurance.com.
Media contact
Jed Alpert, Parametrix Insurance, 1 9292984242, jed@parametrixinsurance.com
SOURCE Parametrix Insurance
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