I've never encountered such a smooth and effortless claim with an insurance provider. After a cloud outage event we experienced, the Parametrix team notified us that they detected the outage, and the pre-agreed terms were paid in full within a few days."
As a risk manager with years of experience, I know firsthand that BI risk can be tough to quantify and claim for. That's why I was thrilled to find Parametrix's coverage, which offers a real solution. It's exactly what I've been looking for."
Downtime is inevitable. We see the Parametrix solution as an important component of our reliability strategy, allowing us to make infrastructure investments while maintaining an excellent customer experience for our learners."
Parametrix was dedicated to making sure my claim experience was seamless and hassle-free. They've consistently proven themselves to be a reliable and trustworthy partner, demonstrating their commitment to delivering on their promises."
The top three public cloud service providers: Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP).
Companies of all sizes, across all industries buy cloud outage insurance. Parametrix policies ensure business continuity by protecting revenue streams during a downtime event.
Parametrix cloud outage insurance is especially suited for companies that:
1. Have mission critical activities that depend on the cloud
2. Have service-level agreements (SLAs) in place that rely on the cloud
3. Would experience direct revenue losses, operational losses, or other financial or intangible losses as a result of a cloud outage event
Based on your company’s size, industry, and business type, you need enough coverage to compensate for any downtime losses. Consider revenue, gross profit, and potential SLA responsibilities.
No. Some providers issue customer credits following a downtime event, but cloud service providers do not compensate for any financial losses incurred as a result of downtime. That’s what we are here for.
We provide limits of $100k, $200k, $500k, or $1M for each cloud provider used by a single client. For higher limits, please contact firstname.lastname@example.org.
No. Settlement payments can be used to cover SLA liabilities, customer compensation, regulatory penalties, or any other cost incurred due to a downtime event. Parametrix customers have used their claims monies to immediately cover costs ranging from direct revenue losses to emergency PR spending to protect their brand’s reputation after a downtime event.
Parametrix is a Managing General Agent and a Lloyd’s Coverholder. Parametrix policies are issued through Lloyd’s of London. Our policies are backed by some of the biggest insurers and reinsurers in the world including certain underwriters at Lloyd’s of London.
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Most insurance products - including most cyber policies - do not cover downtime of third-party cloud service providers. Those that do, have high deductibles, long waiting periods, complex claims adjustment processes, restrictions, and exclusions.
Parametrix insurance products are parametric by nature, so they have no monetary deductible, no restriction on the use of claims funds, and do not require an adjusting process. Consequently, fixed claims will be paid almost immediately after an outage event triggers your policy.
Parametric insurance is an index-based insurance product that covers and settles losses based on objectively measured parameters rather than on measured or “adjusted” losses. Parametric insurance products are simple and transparent, ensuring claims are paid quickly, without the need for a lengthy claims adjustment process.
Parametrix complements your existing coverage by filling a critical protection gap. Our products can act as a standalone policy or an add-on to your existing cyber or business interruption policy.
Select your cloud provider and coverage amount and fill out a form with your company details. Our underwriting team will review the information provided, and reach out within 2-3 business days to complete the underwriting process. After signing our quote document, if approved, we will bind coverage and your company will be cloud insured.
Please contact us at email@example.com