The Rich Are Different In Their Insurability
November 13, 2007
Investor's Business Daily also appeared on CNNmoney.com - 12/14/07
Excerpts from the article:
"Specialty insurers are springing to cater to high-end homeowners. One is PURE Risk Management. It started covering homeowners this year, just in Florida.
" ' We are very selective and to get membership into PURE your home needs to meet certain criteria, not only in size, value and distance from the coast, but in construction quality,' said Chief Executive Ross Buchmueller. He founded policyholder-owned PURE, short for Privilege Underwriters Reciprocal Exchange, after starting up a private client division at insurer American International Group."
"PURE insures homes with replacement cost typically ranging from $1 million to $10 million, Buchmueller says. Its business has been brisk amid the insurance tumult in Florida. Many insurers have dropped coverage in the state or left altogether after incurring losses and running up against rate freezes mandated by the state."