Machine Cover is a Boston-based company that provides the necessary technology to offer parametrics in the insurance and near-insurance marketplaces. Parametrics offer a simpler way to address risk compared to regular insurance. For example, if you run a ski resort, you might be interested in an offering like You pay $10,000.

If the region gets less than 3 inches of snowfall, you’re paid $1 million. Parametrics are viewable and measurable by all parties involved, eliminating any arguments about whether an event occurred. The price and payout of a parametric can be fixed or selected by the buyer through an online slider.

Machine Cover's technology stack includes a scanning technology to gather data from IP-addressable devices, as well as a platform that enables the selling and servicing of parametric offerings. They offer parametrics for various cases, such as website impairment, travel delay, and wind-storm effects. Machine Cover's key backers include prominent figures in the insurance industry