The PURE Group of Insurance Companies is beefing up the protection it offers for jewelry theft from the home. Ironshore’s Environmental unit has enhanced its Contractors Environmental Legal Liability policy to include coverage for damages from pollution caused by the contractor’s work.
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The PURE Group of Insurance Companies (PURE Group) said it is changing its approach to insuring jewelry in Connecticut by offering more protection for losses related to theft and disappearance on their homeowners policy, at no additional cost.
PURE is piloting this program in Connecticut and hopes to make a similar offering available to members nationwide.
While other carriers cap this limit at $5,000 and encourage policyholders to self-insure or pay higher premiums for designated jewelry policies, PURE has removed its $50,000 cap and will instead cover all jewelry losses up to the full contents limits of the homeowners policy. PURE intends for this to dramatically reduce the chances of an out-of-pocket loss for its members.
This updated program is designed to supplement the more robust coverage that is provided through PURE’s dedicated Jewelry, Art and Collections policies
Members who maintain contents limits equal to or greater than 50 percent of their dwelling coverage amount, as well as any members with at least $2,000,000 of contents coverage, will benefit from this change. There is no correlating adjustment in premium anticipated, enabling these members to enjoy this flexible coverage in advance of renewal. While the $50,000 aggregate sublimit no longer applies to Connecticut members, the $25,000 per item limit still remains.
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Ironshore’s Environmental unit has enhanced its Contractors Environmental Legal Liability (CELL) program to include coverage for damage from pollution caused by the contractor’s work.
CELL is offered on an occurrence basis and can be underwritten as a practice, project or wrap-up policy, carrying a minimum deductible of $2,500. Policy limits are available from $500,000 and up to a maximum of $50 million.
Ironshore Environmental’s enhanced CELL policy form includes comprehensive coverage for pollution liability arising from the contractors’ work, during transportation and at non-owned sites, including staging areas. Ironshore Environmental also has incorporated protection for additional expenses, such as image restoration, site disinfection and pre-claim event costs.
The enhanced CELL product provides cover on a time-element basis for scheduled properties owned or leased by the insured, including up to a $100,000 limit for cleanup of asbestos-containing materials or lead-based paint displaced by named perils. In addition, silt and sedimentation are now specifically included as a covered cause of loss.
Ironshore, a Liberty Mutual Company, provides broker-sourced specialty property and casualty insurance coverages for varying risks located throughout the world. Select specialty coverages are underwritten at Lloyd’s through Ironshore’s Pembroke Syndicate 4000.
Sources: The PURE Group of Insurance Companies, Ironshore