Privilege Underwriters Reciprocal Exchange (PURE), which offers customized property and casualty insurance coverage to owners of well-built, high-value homes, announced it is expanding into Louisiana.
PURE serves more than 13,000 affluent individuals and families by offering high-value homeowners, private fleet auto, fine art and jewelry collection, personal excess liability and watercraft insurance. Through its multiple policy lines, PURE provides affordable, comprehensive insurance solutions to successful individuals and families in 30 markets across the United States, the company’s announcement said.
As a member of the Institute for Building and Home Safety, PURE advocates for improvements in hurricane mitigation and provides premium credits to reward households that have taken steps to reduce the likelihood of loss.
“Since 2005, $14 billion have been invested in improvements in New Orleans’ levees and flood walls, as well as in the enforcement of stricter building codes,” said Martin Hartley, chief operating officer and head of underwriting for PURE. “These improvements have made Louisiana a more attractive market for financially strong insurers like PURE to begin writing business, and will help ensure that more of Louisiana’s homeowners are able to find adequate coverage.”
PURE also helps its members with the prevention of losses. Following a major claim, PURE’s high value homeowners policy covers the cost of repairing or replacing damaged property and, in some cases, will contribute up to $2,500 to the cost of preventing a similar loss from re-occurring.
In any year when premiums earned by PURE exceed the cost of all policies (including losses, expenses and reinsurance costs), PURE commits to allocate the balance to subscriber savings accounts (SSAs) held in the name of each member. SSAs enable members to participate in the continued success of their insurance company, while actually enhancing the claims-paying ability of PURE through tax-advantaged surplus growth. In 2010, PURE allocated $1,000,000 of surplus growth to subscriber savings accounts.
At the end of each year, policyholders will receive an accounting of all premiums, losses and expenses so they can see where their money is going.
In Louisiana, current agency partners include Arthur J. Gallagher & Co., BancorpSouth Insurance Services, Inc. (formerly Wright & Percy Insurance), Eagan Insurance Agency, Gillis, Ellis & Baker, Inc., Hartwig Moss Insurance Agency and HUB International Gulf South.
Source: PURE
Topics Carriers Louisiana Homeowners
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