New York-based Privilege Underwriters Reciprocal Exchange (PURE) said it would begin offering personal lines coverage to owners of high-value homes in Maryland and Washington D.C..
The company, a member- owned reciprocal insurer, said it will also offer automobile, jewelry, art, personal liability and watercraft insurance.
In Maryland’s coastal areas, PURE said it will provide valuable capacity without mandatory hurricane deductibles. In addition, PURE will offer owners of condominiums and cooperatives up to $25,000 of coverage for damage caused to an adjacent unit, which it said will be of particular value in the D.C. area.
“PURE is excited to introduce much-needed competition to the Maryland and D.C. markets,” said Ross Buchmueller, CEO of PURE. “Historically, Maryland’s homeowners market has been extremely profitable for insurers, leaving homeowners, especially those of high value homes, at a real disadvantage. Combined with the limited coverage for jewelry typically found within most homeowners policies, and the remarkable profit margins of special jewelry and fine art policies, this profitability confirms there is a clear need for a specialist company.”
In addition to Maryland and D.C., PURE began offering coverage in Rhode Island in early 2010. PURE also serves members in New York, New Jersey, Connecticut, Florida and South Carolina and has obtained licenses in Texas, Alabama, Mississippi, North Carolina and Georgia.
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