PURE Expands High Value Home Coverage into Rhode Island

February 22, 2010

PURE Risk Management LLC is expanding its Privilege Underwriters Reciprocal Exchange (PURE), a member-owned reciprocal insurer, to offer property/casualty insurance coverage on high value homes in Rhode Island. PURE will also offer automobile, jewelry, art, personal liability and watercraft insurance to qualified individuals and families.

In addition to Rhode Island, PURE currently serves members in New York, New Jersey, Connecticut, Florida and South Carolina, and has obtained licenses in Texas, Alabama, North Carolina and Georgia.

Since PURE began writing policies in 2007, PURE’s members have reported average savings of more than $3,200 on their annual insurance costs. PURE tailors its policies to the high net worth market. PURE’s High Value Homeowners policy includes $50,000 of coverage for jewelry that is lost, misplaced or stolen at $25,000 per item.

PURE has partnered with two independent Rhode Island agencies with offices throughout the state. Starkweather & Shepley Insurance Brokerage, Inc., based in East Providence, has served Rhode Island for more than 130 years and is the 36th largest privately owned insurance agency in the United States. PURE also has partnered with Middletown-based Carey Richmond & Viking.

As a reciprocal insurance exchange, PURE is member-owned. Members pay a surplus contribution of 10% of their high value homeowners and watercraft premiums and 4% of their premium for all other policies for each of the first five years of membership. PURE and the PURE Group of Insurance Cos. serve more than 5,000 members. PURE is an admitted insurance company and products and prices are regulated by the Rhode Island Department of Business Regulation.

Source: PURE Group of Insurance Cos.

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