PURE Insurance Launches Fraud and Cyber Fraud Coverage to Better Serve the Needs of High Net Worth Families
The new product, PURE StarlingTM, provides insurance coverage for losses related to fraud and cybercrime, with limits up to $1 million for PURE members who subscribe to an active cyber monitoring service to help prevent losses from happening in the first place.
WHITE PLAINS, N.Y., Oct. 24, 2017 — The PURE Group of Insurance Companies, which includes Privilege Underwriters Reciprocal Exchange (PURE), the policyholder-owned property and casualty reciprocal insurer designed for high net worth individuals and families, today announced the launch of PURE StarlingTM. As criminals continue to find new ways to target high net worth families and their assets, the offering provides coverage for members who suffer financial losses resulting from fraud and cyber fraud.
"At PURE we recognize that the threat of fraud and cybercrime is greater today than its ever been, and as high net worth individuals, our members are targets because their home networks are typically less secure than corporate networks and they have substantial balances on their financial accounts," said Martin Hartley, Chief Operating Officer at the PURE Group of Insurance Companies. "While we provide advice and services to help our members become safer and more secure, this new offering will also provide them with the peace of mind that they are covered should they suffer a loss due to fraud or cyber attack."
To help high net worth individuals respond to these growing risks, PURE Starling is an optional endorsement to PURE's Homeowners policy designed to provide broad coverage for fraud and cybercrime, including coverage for financial loss resulting from online and offline fraud, services to help assess and respond to cyber extortion threats and coverage to remove malware and reinstall software after an attack. Coverage limits of $100,000 and $250,000 and $1 million are available. Limits may be subject to underwriting requirements.
Highlights of PURE Starling include:
- Coverage for Online and Offline Fraud: Members will be reimbursed for their financial loss related to fraud, whether the crime is committed online or offline. Examples include social engineering of an authorized account user, criminal deception, unauthorized transfers, forgery or alteration of checks, acceptance of counterfeit money and more.
- Coverage for Cyber Extortion: In the event of a cyber extortion incident—a type of attack in which a cybercriminal demands money to prevent the damage or distribution of content or to restore access to the functionality of a device—this coverage will afford immediate access to crisis management advice from a subject matter expert to help best respond to the threat, and in the event a payment is made, reimburses the member for the amount of the payment.
- Coverage for System Attacks: This policy will provide coverage for the cost of a professional to reinstall damaged software, remove malicious code, reconfigure the device or system and replace electronic data that has been lost or corrupted as the result of a cyber attack.
Privilege Underwriters Reciprocal Exchange (PURE) is a policyholder-owned insurer dedicated to creating an exceptional experience for responsible high net worth individuals and families. PURE provides best-in-class, customizable coverage throughout the U.S. for high-value homes, automobiles, jewelry, art, personal liability, watercraft and flood. Today PURE insures more than 65,000 responsible, high net worth families and has earned a world-class NPS of 67.4. Inspired by some of the finest policyholder-owned companies in the world, PURE emphasizes alignment of interests and transparency. PURE's low cost of capital, careful member selection and proactive risk management all contribute to highly competitive rates. In return for a fee, PURE Risk Management, LLC acts as Attorney-in-Fact for PURE. Whether or to what extent a particular loss is covered depends on the facts and circumstances of the loss and the actual coverage of the policy as issued. For more information or to find a local broker, visit pureinsurance.com. You can follow PURE on Facebook, Twitter and LinkedIn.