WHITE PLAINS, NY - May 17, 2011, 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 high-quality, customized property and casualty insurance coverage to responsible owners of well-built, high-value homes in Pennsylvania. Through its multiple policy lines (home, automobile, jewelry, art, personal liability and watercraft), PURE plans to provide affordable, comprehensive insurance solutions to successful individuals and families throughout the state.
As a specialist insurer, PURE provides important coverage and service not offered by standard carriers. In Pennsylvania, unique benefits include $50,000 of coverage for jewelry that is lost, misplaced or stolen at $25,000 per item. This surpasses the industry's standard $1,000 to $5,000 coverage, often inadequate coverage for successful families with significant jewelry collections.
"We expect owners of high value homes will be pleased to welcome an insurer who embraces the traditional ideal of putting policyholders first," said Buchmueller, who founded AIG Private Client Group and served as its president until 2006 when he and his partners established PURE. "We're confident Pennsylvanians will recognize the significant value we bring."
PURE also provides valuable coverage for its membership with vacation homes in coastal areas, including along the New Jersey or Delaware shorelines.
Since PURE began writing policies in 2007, members have reported average annual savings of more than $3,200 on their insurance premiums. This is largely because PURE is a policyholder-owned company, and is managed for the benefit of its members (policyholders). Greater alignment has also motivated PURE to develop innovative risk management services to help its members better protect their property to decrease the likelihood of a claim. PURE's risk management department is dedicated to identifying the causes of major losses, sharing its findings with members, and providing recommendations and solutions to help members prevent future losses. The company will contribute $2,500 to cover the cost of implementing loss-mitigation measures to prevent the recurrence of certain types of losses. PURE also performs risk management consultations to identify areas within members' homes where claims may occur and then helps make arrangements to address those issues.
PURE has partnered with a select group of highly qualified independent agents and national brokers to provide Pennsylvania homeowners with this unique insurance offering.
PURE refers to Privilege Underwriters Reciprocal Exchange, a member insurer of the PURE Group of Insurance Companies. PURE and the PURE Group of Insurance Companies serve 10,000 members who enjoy the security of almost $100 million of surplus capital. In addition to Pennsylvania, PURE currently serves members in Illinois, Florida, Alabama, Georgia, South Carolina, North Carolina, Arizona, Maryland, Washington D.C., New Jersey ,New York, Connecticut, Rhode Island, Massachusetts and Texas. Licensed in 37 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 insurancetoday 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
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.