Parametrix has introduced  “CyberPMX,” a first-of-its-kind tech and cyber product with enhanced parametric business interruption (BI) coverage embedded in the policy. Available from Parametrix through brokers across the US, UK, Europe, and Israel, the policies can be written as primary or excess coverage, or as a standalone cyber solution.

CyberPMX offers the same protection as other tech and cyber products in the market, including coverage for data breaches, ransomware, and other malicious cyber events, but with a powerful parametric BI component. This feature delivers fast, pre-agreed payouts triggered by clearly defined BI events like cloud services, SaaS providers, payment gateways, CRMs, and others in the insured’s digital supply chain. That eliminates the need for loss adjustment, and reduces recovery time. 

Key features of CyberPMX include:

• Limits up to $15 million
• Waiting periods as low as four hours
• A pre-determined daily BI limit
• Zero-dollar deductible for BI and Contingent BI coverage
• Coverage for losses including, but not limited to, events stemming from ransomware or system failure 
• Protection for both first-party and third-party digital BI events

The innovative parametric BI component of the coverage is powered by the proprietary network of monitoring systems developed and operated by Parametrix. It delivers continuous monitoring of more than 750 data centers worldwide and tracks 7,000+ SaaS, PaaS, and IaaS providers. Parametrix has analyzed 3,000 actual cloud-outage events, and assesses 260 billion cloud performance and availability data points each year. 

“In today’s digital world, even brief system failures can lead to major financial losses,” said Rick Wong, Head of Insurance at Parametrix. “We saw this during the recent AWS outage, where our parametric BI policy triggered quickly, and paid clients within days. CyberPMX delivers that same speed and clarity, paired with the traditional tech and cyber coverage brokers and clients already trust. We’re proud to partner with Markel to bring this next-generation solution to market.”

Sandy Perdiguerra, Senior Vice President of Cyber and Tech E&O Underwriting at Parametrix, leads the distribution of CyberPMX. She said: “I'm excited to bring something truly new and innovative to brokers and their clients - coverage that delivers meaningful value in an interconnected world where technology downtime is more frequent, costly, and disruptive than ever. We’re proud to partner with a trusted carrier like Markel, giving insureds continued access to familiar resources they can have full confidence in.”