May 17, 2021
INSUREtrust, the insurance industry’s leading specialty insurance brokerage for emerging risks, and Parametrix, the leading IT downtime insurance provider, today announced an agreement for Parametrix to support INSUREtrust’s exclusive group of agents and brokers by enhancing their risk management platform with a new policy that indemnifies a client for its dependent business income loss at a pre-determined rate per hour.
As companies of all sizes begin to rapidly move their mission-critical systems to the cloud and are inherently more reliant on third-party providers, IT downtime has become a greater risk. Any outage at a cloud provider, payment gateway, ecommerce service, CRM system or similar cloud-based offering can cause material financial damage including revenue loss, customer compensation and lost productivity.
Through this new agreement with Parametrix, INSUREtrust’s clients can protect their insureds from the financial implications of having mission-critical services disrupted, providing them with the stability they need to quickly recover and get back to business as usual. The new simple, smart and affordable IT downtime insurance policies will offer coverage payments within 15 days without requiring a claims adjustment process and without any restrictions on the use of the funds.
“Parametrix is always looking to work with the best technology risk management firms in the market, and INSUREtrust definitely ranks highly among its peers,” said Yonatan Hatzor, CEO of Parametrix Insurance. “Their 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.”
“As the marketplace changes, the INSUREtrust team remains at the forefront of innovation by bringing new solutions for the growing technology risks that businesses face,” said Christiaan Durdaller, President and CEO of INSUREtrust. “Supply chain risk, particularly third-party digital platform risk, continues to expand, and we are constantly looking for creative ways to help our clients minimize, 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.”
INSUREtrust, headquartered in the Atlanta metro area, is the insurance industry’s leading, specialty insurance brokerage for emerging risks. In April 1997, INSUREtrust pioneered the Cyber Insurance Industry by manuscripting a unique policy form designed to explicitly cover exposures associated with the internet’s emerging, digital risks. This would later become known as the Cyber Insurance Industry.
For the past 24 years, INSUREtrust has continued to lead the insurance industry with their unique innovation and expertise focused heavily on cyber insurance and related risk management. The company is a subsidiary of Constellation Affiliated Partners, a New York-based insurance consolidator platform that specializes in MGA, program administration and wholesale companies within the United States and Canada.
To learn more, please visit our website at www.insuretrust.com
Parametrix, a first-of-its-kind insurtech company, ensures that companies with mission-critical services in the cloud can quickly recover from IT downtime events. Our insurance offerings fully protect businesses from the significant financial damages incurred during outages caused by third parties such as cloud, eCommerce, payments, CRM and CDN service providers. Based on the data generated by our innovative monitoring technology, we provide affordable parametric policies with fast payouts, short waiting periods, no usage restrictions and hassle-free processes. The company is backed by some of the biggest insurers and reinsurers including certain underwriters at Lloyd’s of London.
To learn more, please visit our website at www.parametrixinsurance.com.