PURE Specialty Exchange Expands its High Value Homeowners Coverage into Western States

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Apr 03, 2024, 12:15 ET

WHITE PLAINS, N.Y., April 3, 2024 /PRNewswire/ -- PURE Specialty Exchange (PSE), the specialty surplus lines insurance carrier dedicated to providing PURE members and other responsible, high net worth families with solutions for their complex exposures has expanded its High Value Homeowners coverage to 6 additional states, including Arizona, Colorado, Hawaii, Montana, Utah and Wyoming. The product is designed for homes in coastal and wildfire exposed areas, as well as short-term rentals and other challenging risk profiles, requiring up to $50M in coverage that do not qualify for coverage with an admitted insurer.

As carriers are reducing capacity or closing for new business in these challenging areas, the need for non-admitted solutions has been amplified.

"Sometimes PURE members buy and build in areas that are exposed to catastrophes like wildfires and hurricanes. They might choose to rent out their homes on a short-term or seasonal basis when not in use," said Bryan Luker, VP, Program Manager. "Whatever the case, if the risk profile falls outside of PURE's appetite, this expansion allows us to provide a solution and demonstrates our commitment to the membership, even when many other markets would decline to offer coverage."

PSE is a reciprocal exchange in which:

Members (policyholders) help efficiently grow the carrier's surplus through surplus contributions (a small fee that is paid in addition to their premium). This helps reduce PSE's cost of capital and resulting premiums over time.
Members appoint an Attorney-in-Fact to manage day-to-day insurance operations. PSE's Attorney-in-Fact is PURE Specialty Risk Management, LLC.
Underwriting profits or other surplus gains may be allocated to Member Savings Accounts held in the name of each active member.

Additionally, members have access to the same claims, risk management, Member Advocate and service resources as PURE. This includes alerts from the PURE Situation Room, an always-on resource that keeps them informed about risk and how to reduce it, as well as a Wildfire Management Program which includes pre-fire and emergency response services intended to help those who live in eligible states reduce—or even prevent—a loss from wildfire.

In addition to these new states, PSE's High Value Homeowners coverage is available in Alabama, California, Florida, Georgia, Louisiana, Massachusetts, Mississippi, North Carolina, New Jersey and South Carolina.

About PURE Specialty Exchange
PURE Specialty Exchange (PSE) is a policyholder-owned Domestic Surplus Lines insurer dedicated to helping PURE members and other responsible high net worth families obtain high-quality, customizable coverage for their complex exposures that fail to qualify for coverage in the admitted insurance market. Coverage from PSE is made available through PURE Programs. PSE members access the same key services as PURE, most notably including risk management and claims in addition to others. In return for a fee, PURE Specialty Risk Management, LLC, a wholly-owned subsidiary of PUI, serves as Attorney-in-Fact for PSE. PURE Specialty Exchange is rated A (Excellent) for Financial Strength by AM Best. Visit purespecialtyexchange.com for additional information.

About PURE Programs, LLC
PURE Programs, LLC., is a managing general underwriter and surplus lines broker offering specialized Excess & Surplus (E&S) insurance and risk management solutions for PURE members and other responsible high net worth families whose complex exposures do not qualify for coverage from an admitted insurer. PURE Programs shares much of the infrastructure behind its admitted affiliate, PURE Insurance, including world-class risk management and claims services as well as electronic billing and policy delivery, in order to provide an exceptional experience for policyholders and their brokers. Programs' solutions are offered by a number of carriers and include coverage for homes in high-risk coastal or wildfire prone areas, homes rented to others, and recently introduced, coverage for homes under construction or major renovation. Programs also provides excess liability coverage for high profile individuals and those who have claims history or unusual exposure. Visit pureprograms.com for additional information.

About PURE Insurance
PURE Insurance is a property and casualty insurance company designed exclusively for successful, responsible families. We opened for business more than 15 years ago with the goal of offering something different in the insurance space: a company focused on doing what's right for our membership (policyholders), one that promotes transparency and alignment of interests, and delivers greater value. Today, we are the most awarded insurer in our category with a membership of more than 100,000 individuals and families across the country. Coverage includes high value homeowners, automobile, collections, watercraft, personal excess liability, fraud & cyber and flood. Visit pureinsurance.com for additional information.

Contact: Kristin Piccini
T: 914-992-0053
E: [email protected]

SOURCE PURE Insurance