Florida-based Privilege Underwriters Reciprocal Exchange expanded into South Carolina, according to its president and chief executive officer.
PURE CEO Ross Buchmueller said the program is dedicated exclusively to serving the owners of high-value homes insured for more than $1 million.
PURE will offer comprehensive coverage, including windstorm coverage, for large, well-built South Carolina homes that meet the standards of the latest building codes. PURE also offers automobile, jewelry and art, personal-excess liability and watercraft coverage.
PURE selected Bobby Collins to run its South Carolina operations.
Collins said South Carolina is involved in an “insurance crisis” that has led to a challenging environment of high prices, unregulated coverage and limited choices for customers.
“The wind pool is ill-equipped to deal with high-value homes as it limits the amount of coverage and the type of coverage available,” Collins added.
PURE is owned by its policyholders (members) who pay a surplus contribution of 10 percent of their high-value homeowners’ and watercraft premiums and 4 percent of their premium for all other policies for each of the first five years of membership.
PURE works with the Institute for Business and Home Safety to identify local communities that meet Florida’s building codes and construction eligibility criteria. The company is doing the same in South Carolina.
Source: Privilege Underwriters Reciprocal Exchange
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