PURE Specialty Exchange (PSE), the specialty surplus lines insurance carrier committed to serving PURE members and high net worth families, has announced the expansion of its High Value Homeowners insurance to include six additional states: Arizona, Colorado, Hawaii, Montana, Utah, and Wyoming.
This extension targets homes situated in regions prone to coastal threats and wildfires, as well as short-term rentals and homes with complex risk profiles needing up to $50m in coverage which conventional insurers often reject.
With the current trend of carriers cutting back or halting their services in these high-risk areas, the demand for solutions that fall outside the typical market offerings has significantly increased.
PSE VP, Program Manager Bryan Luker said, “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.
“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 operates as a reciprocal exchange where members contribute to the carrier’s surplus via small fees on top of their premiums. This collective contribution strategy aids in lowering the overall cost of capital and consequently the premiums. Members are represented by an Attorney-in-Fact, currently PURE Specialty Risk Management, LLC, who manages daily operational activities. Profits from underwriting and surplus gains are potentially allocated to Member Savings Accounts, uniquely maintained for each active participant.
Furthermore, members benefit from continuous support similar to that offered by PURE, including risk management services and claims support. This is complemented by tools such as the PURE Situation Room—a proactive service providing ongoing risk alerts—and a comprehensive Wildfire Management Program designed to mitigate the risk of fire damage through pre-fire strategies and emergency response services.
PSE’s High Value Homeowners coverage is also accessible in Alabama, California, Florida, Georgia, Louisiana, Massachusetts, Mississippi, North Carolina, New Jersey, and South Carolina, ensuring a broad spectrum of high net worth individuals across the United States are covered against unique and challenging exposures.
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