PURE High Net Worth Insurance Expands Product Offering to Include Insurance Coverage for Eligible Condominiums in Florida
July 13, 2007
PLANTATION, FL - Aug. 14, 2007 - Martin Hartley, executive vice president and chief operating officer with Privilege Underwriters Reciprocal Exchange (PURE), today announced the company will expand its homeowners insurance program, including windstorm coverage, for owners of eligible Florida condominiums. Specifically, the company will insure residential units within well-built condominiums which, including their contents, alterations and additions, would cost at least $500,000 to replace.
"Our study of Florida's homeowners' insurance market revealed that a significant number of condominiums - particularly the more recently built - are well-protected against hurricanes, yet most insurance providers do not actively serve this niche," Hartley said. "Therefore, we decided to expand our product offering to serve this group's unique needs and provide smart solutions to common problems."
Hartley added: "A common cause of loss in condominium buildings occurs when water enters one condominium unit through another. To help eliminate disputes when losses occur, PURE offers up to $25,000 to cover damages to property in a neighboring unit that was caused by a PURE member. Moreover, unlike other insurance companies, we will not require the claimant to prove our insured was negligent."
At a time when most insurers are reducing the insurance coverage they offer in Florida, PURE is continuing to offer coverage for well-built, high-value Florida homes as well as automobiles, jewelry and art and personal liability. Since the company began writing policies in January, it has enrolled more than 1,000 members.
To support PURE's efforts, in May the state of Florida's State Board of Administration granted PURE a $17 million surplus note. This increased PURE's policyholder surplus to more than $50 million and enables PURE to offer more policies to eligible Floridians, including condominium owners.
Privilege Underwriters Reciprocal Exchange (PURE) is the first property-casualty insurance company dedicated exclusively to serving high-net-worth individuals. PURE is a Florida-domiciled reciprocal insurance exchange. PURE provides its members with comprehensive high-value homeowners and condominium insurance policies, including windstorm and optional excess flood coverage, for Florida homes insured for greater than $1 million that are built to the standards of the latest building codes. It also provides private fleet auto insurance, including agreed value settlements for total losses, and insurance for jewelry and art. PURE also offers personal excess liability coverage with limits ranging from $5 million to $10 million. For more information, visit www.pureinsurance.com.
PURE Media Contacts:
Jolie Balido and Jeannie Salameh MediaLine Marketing Communications 305.586.0419