Companies that rely on their cloud providers and want to protect their revenue stream, ensure business continuity and bolster trust with their clients. Business size doesn’t matter for this purpose. Relevant parameters include whether your company:

• Depends on cloud service providers (Amazon Web Services, Google Cloud Platform, Microsoft Azure) for critical business activities

• Has SLA commitments that depend on their uptime

• Will incur direct revenue losses, operational losses or other financial losses due to downtime

We cover downtime caused by the top three providers including (AWS, Azure and GCP), and can extend coverage for CDNs, Content Delivery Networks (Cloudflare, Fastly, Akamai and Cloudfront). We do offer tailored coverages as well as white label our product in specific territories, so contact us for those purposes.

During the onboarding process, we will help align the defined payout amount to the financial losses incurred. This will be based on your company size, industry and business type. We take into consideration revenue, gross profit, SLA liabilities, as well as seasonality and work hours that will suit your needs before you finalize your policy terms.

We provide coverage to any sized business, from SME to corporates. Contact us and we’ll get back to you to answer your questions.

Compensating customers for breach of SLA is an expense you may incur as a result of a downtime event. Our policies provide coverage for customer SLAs expenses. We take them into account when tailoring the coverage to the business needs.

Yes. When you fill out the coverage questionnaire, add all the services you would like to have covered and we’ll provide a quote for the combined package.

We base our parametric modeling analysis on multiple factors. These include data you provide about your company’s cloud infrastructure, historical outage events, as well as your resilience and DR plans. Other parameters include the type of services you use, whether you have redundancy between regions, the hourly coverage amount you select, the waiting period you need and more.

No. Our policy covers a wide range of downtime reasons, from human errors to cyber events to hardware malfunctions, including physical perils like fires, storms and hurricanes. We provide the broadest coverage available. Terms and exclusions are subject to the policy that may be issued to you, a specimen policy wording can be found here.

Our policies fill in a critical gap in the insurance space to complement your existing coverage. They are sold either as standalone policies, or as add-ons to cyber/BI policies.

Your policy can scale up as fast as you do so you can increase your coverage at any time, update your insured infrastructure and add cloud regions and services at any time. Please contact us or your broker to update these details.

Providers might issue credits following downtime events due to the lack of service they promised to provide, but they don’t compensate their customers for the financial losses caused by the downtime events. That’s what we are here for.

At this time, our coverage is only available for businesses.

After an insured outage event occurs, you’ll need to sign a declaration of loss confirming a financial loss occurred due to the outage event. Payment is initiated without the need for investigation or proof of loss.

Downtime can be due to many reasons including internal factors or external factors unrelated to your cloud service provider. Our coverage is focused on outage events of the insured cloud provider. If you have reason to believe your event is related to cloud downtime, please contact us or your broker immediately by email or phone (support@parametrixinsurance.com, +1-888-323-0032) and we’ll review and get back to you as soon as possible.

There are no restrictions on how you use the settlement payment, whether for immediate operational costs, SLA liabilities, bounce back solutions for your business, or anything else. Our customers have used indemnification to cover direct revenue losses, compensating customers to prevent churn, unexpected PR spend to repair brand reputation after a downtime event, and more.

We do our best to pay every claim as soon as possible. Our standard policy is to issue payment within 15 business days from confirmation of loss. Our average stands at less than 5 days, though this will depend on the policy that may be issued to you.

This depends on how your infrastructure and policy were structured. For example, if the insured cloud infrastructure includes redundancy between the regions, and only one region has experienced and outage, you will not be indemnified. Please review your policies terms and conditions, and if you are unsure, contact us or your broker.

While cyber policies could include downtime coverage under their contingent business interruption coverage (CBI, also known as dependent business interruption, DBI), it often mandates between an 8-24 hours waiting period, with some even longer.  That leaves your clients exposed for too long without any chance of proper coverage. Our policies can have waiting periods as low as 2 hours, providing comprehensive coverage for a specific and specified risk.

We provide cloud risk analysis for our clients during the underwriting process, so both you and your client map their exposures, as well as the coverage they may require. Contact us to speak with one of our experts and learn more.

Our proposal form is short and simple, requiring the client to fill out their cloud provider, main services and data center region(s) they rely on. We also need the relevant financial information so we can tailor the coverage to the business needs.

After an insured outage event occurs, our standard process includes receiving a notification from Parametrix, and after confirmation of loss, the payout is initiated within 15 business days. There’s no investigation, forensic accounting or proof of loss needed in this process. This is subject to the terms and conditions of the policy issued.

We are a Lloyd’s Coverholder, and our policies are issued on Lloyd’s paper. Our products are backed by some of the biggest insurers and reinsurers including Hannover Re and certain underwriters at Lloyd’s of London including Tokio Marine Kiln, RenaissanceRe, and Apollo ibott.

Most existing insurance products don’t cover downtime incidents caused by your cloud providers. For those that do, their policies come with high deductibles, long waiting periods, complex claims adjustment processes, restrictions and exclusions. Parametrix is a parametric insurance product that hedges cloud outage risk on the basis of our proprietary monitoring technology. It provides us with the most granular service performance data available in the market. The parametric model allows us to offer policies with no monetary deductibles or restrictions on use of funds. This eliminates the need for lengthy and costly claims adjustment processes as there’s no investigation or proof of loss. In addition, you can define the coverage amount and waiting period that make sense for your business in advance.

Parametric insurance is a model that offers protection against losses that traditional insurers find difficult to cover. Parametric products are transparent, trusted, and reliable, and ensure that claims are paid out fast without the need for a lengthy claims process, investigation of events or proof of loss. This saves time and valuable resources. Read our blog post on the subject to learn more. My service provider has never had any downtime.

If you rely on the cloud, you need cloud downtime insurance. Some cloud data centers may be more prone to outages than others with events having various severity levels, but downtime is inevitable. If you want to know when your provider’s latest incident happened, contact us and we’ll share our extensive analysis with you.

We operate from the US, UK and Israel. We also have a strategic partnership with SOMPO which covers the market in Japan. Our policies are available in the following territories: US, Germany, Austria, Italy, Israel and Japan. The availability, terms and conditions of such products and services may vary by jurisdiction.