Lloyd's Launches 1st IT Biz Interruption Policy For SMEs

Law360, London (October 1, 2020, 5:25 PM BST) -- Lloyd's of London has announced a business interruption policy it says will help protect small and medium-sized businesses if their important technology systems are disrupted.

The new Parametrix Insurance cover is based on a so-called parametric trigger, meaning the policy will automatically pay out if a client's information technology services are interrupted. Such tech services could include cloud or payment systems.

"We know that insurance products and services have to evolve to respond to the challenges of the COVID-19 pandemic and help our customers cover new or heightened risks that they may encounter now or in the future," Trevor Maynard, Lloyd's...

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