PURE Launches E&S Product for High Net Worth Homeowners in Florida

Privilege Underwriters Reciprocal Exchange (PURE), the policyholder-owned property and casualty insurer designed for high net worth individuals and families, has launched PURE Programs, an excess & surplus lines (E&S) homeowners product for individuals with higher risk homes insured for $1 million or more. PURE Programs is currently available in Florida and will be introduced in additional states in 2017.

PURE Programs was designed for high net worth individuals with higher risk homes, and the independent brokers who serve them. With PURE Programs, policyholders have access to broader coverage, along with the same claims, risk management and member advocate services afforded to PURE members. Brokers have access to PURE’s agency services, including agency download and direct client bill with 30 days to pay.

Highlights of the program include:

• Extended Replacement Cost coverage, which provides up to 200% of the insured limit for non-wind related losses and up to 125 percent of the insured limit for hurricane related losses, should the cost to rebuild after a loss prove greater than the limit of insurance shown on the declarations page;
• A waiver of the “all other peril” deductible in the event of a large loss;
• and a loss prevention allowance to help cover the cost of taking steps to prevent a loss from reoccurring.
• PURE Programs also offers a Wind-Only Homeowners policy providing coverage up to the full insured limit of a home or condo, as well as coverage for excess flood by endorsement.

PURE Programs’ policyholders have access to many similar concierge-level services afforded to PURE’s members, including but not limited to:

• PURE360 Risk Management Consultation – designed to help determine the right amount of coverage and to educate on ways to prevent losses from happening in the first place.
• PURE Member Advocate – A team of professionals who deliver concierge-level service before, during and after a claim.
• Claims Handling — When a policyholder calls to report a claim, they speak directly to a licensed in-house adjuster, which means they often tell their story once and the settlement process begins immediately.

Licensed P&C brokers in Florida do not need to hold an E&S License to introduce business to PURE Programs.

Policies are issued by third-party E&S insurers with an A.M. Best rating of A or greater for financial strength and include high value homeowners, wind-only and excess flood (by endorsement). PURE Programs is a wholly owned subsidiary of Privilege Underwriters, Inc., both members of the PURE Group of Insurance Companies. Policies arranged by PURE Programs do not confer the benefits of being a PURE member, including Subscriber Savings Accounts (SSA). PURE Programs is not licensed in all states.

Topics Florida Excess Surplus New Markets Homeowners