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Specialty property insurer enters Michigan market

Privilege Underwriters Reciprocal Exchange, a White Plains, N.Y.-based member-owned reciprocal insurer that markets under the name Pure, has begun to write policies in Michigan for people with high-value homes, automobiles, watercraft and personal items, said CEO Ross Buchmueller.

Buchmueller said the average coverage amount for Pure-insured homes is about $2 million but not less than $750,000. The company covers rebuilding costs rather than market value, he said.

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