White Plains, New York-based specialty insurer Privilege Underwriters Reciprocal Exchange (PURE) said it will begin offering property and casualty insurance coverage for owners of high-value homes in New York.
The company had previously focused on writing products on Florida and South Carolina.
In addition to homeowners’ insurance, PURE provides automobile, jewelry, art, personal excess liability and watercraft coverage for of its members (policyholders). PURE is an admitted insurance company whose products and prices are regulated by the New York State Insurance Department.
As a reciprocal insurance exchange, PURE is member-owned. Members pay a surplus contribution of 10 percent of their high-value homeowners’ premium and 4 percent of their premium for all other policies, for each of the first five years of membership.
PURE has also been awarded licenses in New Jersey and Connecticut and will soon begin accepting new members in those states, the company said.
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