Parametrix unveils digital interruption product

Parametrix Insurance Services LLC Thursday said it has launched Parametrix Enterprise Solutions to cover the cost of digital interruption leading to business downtime.

The coverage is designed to meet the needs of enterprises, with internal and external IT systems, such as cloud services and payment gateways, insured under a single policy, Parametrix said in a statement.

The coverage is underwritten by syndicates at Lloyd’s of London with limits up to $50 million and uses parametric triggers for any loss caused by internal or external system interruptions.

The coverage can act as a standalone policy or an add-on to any existing cyber policy, according to Parametrix.