Privilege Underwriters Reciprocal Exchange (PURE), the policyholder-owned property and casualty insurer designed for high net worth individuals and families, has made several enhancements to its personal excess liability coverage, including the introduction of not-for-profit directors & officers (D&O) liability coverage.
PURE’s not-for-profit D&O coverage is designed to protect the personal assets of those who serve on qualifying not-for-profit boards, given board members may be held personally liable for the actions of the organizations they serve. Highlights of the new offering include:
- Coverage is available to PURE members (policyholders) who sit on boards of co-ops and virtually all not-for-profit organizations with less than $50 million in assets, excluding healthcare and educational institutions.
- Coverage limits of $1 million to $5 million are available.
- Premiums start at $500 for $1 million of protection.
- There is no restriction on the number of boards on which a member can serve.
- Coverage “drops down” to respond on a primary basis in the event the underlying policy does not cover the loss; the underlying insurer cannot pay; or the not-for-profit entity failed to place insurance due to unintentional error.
The new enhancements to PURE’s excess liability coverage are now available in Alabama, Arizona, Connecticut, Georgia and New Jersey, and will roll out nationwide over the course of 2016.
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