WHITE PLAINS, NY – Oct. 26, 2010 – Ross Buchmueller, president and chief executive officer with PURE Risk Management LLC, today announced the expansion of 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 North Carolina. Through its multiple policy lines, (home, automobile, jewelry, art, personal liability and watercraft) PURE expects to offer comprehensive insurance solutions to successful individuals and families.
“PURE is eager to enter North Carolina and offer a unique insurance approach to owners of high-value homes throughout the state, including along the coast,” said Buchmueller, who founded AIG Private Client Group and served as its president until 2006 when he and his partners established PURE. “We applaud Commissioner Wayne Goodwin and the legislature for making constructive improvements to control the assessment risk relating to the Beach Plan and to encourage homeowners to take steps to protect their homes. These changes should encourage even more competition in North Carolina.”
As a reciprocal insurance exchange, PURE is member-owned. PURE policies are non-assessable and members’ liability ends with the cost of their premiums. However, if at the end of each year, the surplus PURE earns exceeds its losses and expenses, the insurer will credit the remaining amount into savings accounts held in the name of each member. These deposits will be returned to each member if and when they choose to non-renew policies with PURE.
“There’s no question that homeowners in North Carolina have needed more choices,” said John Webb, president of R Stanford Webb Agency Inc in Asheville, NC. “As a company dedicated to serving its membership, PURE has built a solid reputation for outstanding risk management and loss prevention services, as well as for the superior service it provides its members when they file claims. We are delighted our clients will now have the option to choose PURE.”
Another benefit for North Carolinians: Beginning May 2011 as allowed by the North Carolina Department of Insurance (NCDOI), PURE will begin offering substantial premium credits to coastal homeowners who take precautions to reinforce their homes and mitigate possible hurricane damages.
PURE employs Member Advocates to assist members in identifying risks within their homes and aid in preventing potential claims from occurring. In addition, PURE has promised to investigate the causes of all major losses and, following major claims, to contribute money and ideas to help ensure that similar losses do not reoccur. For example, during recent storms throughout the Northeast, dozens of PURE members suffered losses due to failed sump pumps, backed up sewers and drains, and fallen trees. PURE and its Member Advocates helped members install back-up generators to prevent future sump pump failures, and hire arborists to examine and remove trees likely to fall and contribute to damage in future storms.
By selecting its membership carefully and working hard to prevent future losses, PURE has been able to provide its members with a higher level of service and lower costs than other insurers. Members have reported average annual premium savings of $3,200 on their high value homeowners coverage.
In addition to North Carolina, PURE serves members in New York, New Jersey, Connecticut, Georgia , Rhode Island, Florida, South Carolina, Texas, Maryland and Washington, D.C. Members pay a surplus contribution 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 8,000 members who enjoy the security of approximately $100 million of surplus capital, fueled in part by these contributions.
PURE refers to Privilege Underwriters Reciprocal Exchange, a member insurer of the PURE Group of Insurance Companies. Licensed in 20 markets, PURE provides coverage for high-value homes, automobiles, jewelry, art, personal liability and watercraft to successful individuals and families. PURE is a member-owned reciprocal insurer and is rated “A-” (Excellent) by A.M. Best Company. PURE is committed to helping its members reduce the price of insurance today while controlling the long-term cost of risk. PURE Risk Management LLC serves as the attorney-in-fact for PURE. For more information, visit www.pureinsurance.com.
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Interviews with PURE’s executives, agents and members may be coordinated
Copies of the A.M Best Company report are available
Average annual savings on homeowners insurance for 900 members reporting prior carrier premium through Feb. 26, 2009. This material is descriptive only. The precise coverage offered is subject to the terms and conditions of the policies issued. The rights and responsibilities of members are subject to the Subscriber’s Agreement and Power of Attorney. Coverage may not be available in all jurisdictions. Actual savings, if any, will vary.