PURE Specialty Exchange (PSE), the specialty surplus lines insurance carrier dedicated to providing PURE members and other responsible, high net worth families with solutions for their complex exposures has expanded its High Value Homeowners coverage to 6 additional states, including Arizona, Colorado, Hawaii, Montana, Utah and Wyoming. The product is designed for homes in coastal and wildfire exposed areas, as well as short-term rentals and other challenging risk profiles, requiring up to $50M in coverage that do not qualify for coverage with an admitted insurer.
As carriers are reducing capacity or closing for new business in these challenging areas, the need for non-admitted solutions has been amplified.
“Sometimes PURE members buy and build in areas that are exposed to catastrophes like wildfires and hurricanes. They might choose to rent out their homes on a short-term or seasonal basis when not in use,” said Bryan Luker, VP, Program Manager. “Whatever the case, if the risk profile falls outside of PURE’s appetite, this expansion allows us to provide a solution and demonstrates our commitment to the membership, even when many other markets would decline to offer coverage.”
PSE is a reciprocal exchange in which:
-
Members (policyholders) help efficiently grow the carrier’s surplus through surplus contributions (a small fee that is paid in addition to their premium). This helps reduce PSE’s cost of capital and resulting premiums over time.
-
Members appoint an Attorney-in-Fact to manage day-to-day insurance operations. PSE’s Attorney-in-Fact is PURE Specialty Risk Management, LLC.
-
Underwriting profits or other surplus gains may be allocated to Member Savings Accounts held in the name of each active member.
Additionally, members have access to the same claims, risk management, Member Advocate and service resources as PURE. This includes alerts from the PURE Situation Room, an always-on resource that keeps them informed about risk and how to reduce it, as well as a Wildfire Management Program which includes pre-fire and emergency response services intended to help those who live in eligible states reduce—or even prevent—a loss from wildfire.
In addition to these new states, PSE’s High Value Homeowners coverage is available in Alabama, California, Florida, Georgia, Louisiana, Massachusetts, Mississippi, North Carolina, New Jersey and South Carolina.