The PURE Group of Insurance Companies is debuting an excess and surplus lines homeowners policy for high-net-worth families.
PURE said the new cover, under the name PURE Program, will be targeted to individuals with higher risk homes insured for $1 million or more. While the policy is currently available in Florida, plans call for rolling it out in additional states through 2017.
- Up to 125 percent of the insured limit for hurricane related losses assuming rebuilding costs after a loss are greater than the limit of insurance shown on the declaration page.
- Extended replacement cost coverage with up to 200 percent of the insured limit for non-wind related losses.
- A waiver of the all other peril deductible in the event of a larger loss.
- A loss prevention allowance that helps cover the costs of efforts to prevent a recurring loss.
- A wind-only homeowners policy providing coverage up to the full insured limit of a home or condo, plus coverage for excess flood by endorsement.
PURE is a New York-based company that includes Privilege Underwriters Reciprocal Exchange, a policyholder-owned property/casualty insurer focused on high-net-worth individuals and families.
In August, PURE hired a number of veteran executives from Chubb and AIG, both of which are rivals in the high-net-worth space.