Parametrix to partner on cloud downtime cover

Parametrix Insurance Services LLC and Utah-based Leavitt Group Enterprises Inc. said Thursday that ComTech-Leavitt Insurance Services, a member of Leavitt Group, would offer Parametrix’s cloud downtime coverage.

Parametrix has a parametric insurance product that covers lost time from information technology services. The company independently monitors third-party providers and says that once a “downtime event” is detected, its automated policy will pay claims within 15 days.

As with other parametric insurance products, businesses pre-agree on the amount of coverage needed, the statement said.

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