New Coastal Insurance Provider Joins Maryland Market
July 18, 2010
The Avenue News - 08/19/10
By Amy P. Graziano
Waterfront home owners have a new option when purchasing home owners insurance. As of April 2010, Privilege Underwriters Reciprocal Exchange (PURE), a member-owned reciprocal insurer, has expanded into the Maryland market. The company specializes in well-built, high value homes and also offers automobile, jewelry, art, personal liability and watercraft insurance.
PURE is able to provide customized coverage options as well as flexibility
that is not easily found in today's insurance market. Particularly in
coastal areas, PURE will provide valuable capacity without mandatory
hurricane deductibles.
"PURE is excited to introduce much-needed competition to the Maryland and D.C. Markets," stated Ross Buchmueller, president and CEO of PURE. "We believe owners of high value homes will appreciate the access to high quality, affordable, customized insurance coverage and personalized service."
One of PURE's happy customers is Connecticut resident Jack Bart. Bart joined PURE in 2009 and was forced to file a claim in March after his home suffered damage during a storm. Several trees on Bart's property fell during the storm
and one landed on his house. In addition to receiving quick service in
repairing his home, PURE also paid for all of the fallen trees on Bart's
property to be removed.
"The adjuster was at my home the next day," explained Bart. "I contacted a conractor and I received a check in a short amount of time. I just renewed my policy. I'm a very happy camper."
As a reciprocal insurance exchange, PURE is member-owned. Members pay a surplus contributions 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 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
Maryland Insurance Administration and the District of Columbia Department of Insurance, Securities and Banking.
