Lloyd’s Launches Biz Interruption Insurance Policy for SMEs

30th Sep 2020

Lloyd’s has launched a new “first-of-its-kind” business interruption policy for small-and-medium-sized enterprises (SMEs), specifically designed to protect them against IT disruption or downtime.

Parametrix Insurance offers simple and reliable coverage by removing the traditional indemnity trigger that most insurance policies today use. Instead, the new solution uses a parametric trigger, meaning that the policy automatically pays out if a customer’s critical IT services – such as cloud, e-commerce or payment systems – are disrupted, said Lloyd’s in a statement, noting that this will significantly reduce the time insurers spend assessing a loss or adjusting a claim.

Read the full article here.