Specialty Insurer to Offer High Value Property Lines in Texas

May 11, 2010

PURE Risk Management LLC, based in White Plains, N.Y., is expanding its Privilege Underwriters Reciprocal Exchange (PURE), a member-owned reciprocal insurer, to offer comprehensive, customized property and casualty insurance coverage to responsible owners of well-built, high-value homes in Texas.

The company will offer its multiple policy lines – home, automobile, jewelry and art, personal excess liability and watercraft – as a comprehensive coverage solution for qualified individuals and families.

According to PURE’s announcement, it will provide policies and products tailored for the high-net-worth market and coverage enhancements not often provided by standard insurers. For example, in Texas, PURE’s High Value Homeowners policy includes $50,000 of coverage for lost, misplaced or stolen jewelry at up to $25,000 per item, compared with $1,000 to $5,000 of coverage often offered by other insurers, the company said.

Since PURE began writing policies in 2007, members have reported average annual insurance savings of more than $3,200. In addition to providing savings, PURE will work with a select group of appointed agents to help members develop sound practices to protect their homes and valuable property, as it has done in the other states it serves.

In addition to Texas, PURE recently began offering coverage in Maryland and Washington, D.C. PURE also serves members in New York, New Jersey, Connecticut, Rhode Island, Florida and South Carolina, and has obtained licenses in Alabama, Mississippi, North Carolina and Georgia.

As a reciprocal insurance exchange, PURE is member-owned. Members pay a surplus contribution of 10 percent of their high-value homeowners and watercraft premiums and 4 percent of their premium for all other policies for each of the first five years of membership.

PURE and the PURE Group of Insurance Companies serve more than 6,000 members who enjoy the security of approximately $100 million of surplus capital, fueled in part by these contributions. PURE is an admitted insurance company whose products and prices are regulated by the Texas Department of Insurance.

Source: Privilege Underwriters Reciprocal Exchange

Topics Carriers Texas Excess Surplus Property

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