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A client who had been insured by a well known carrier recently asked if there wasn’t “any other carrier out there” that could also offer broad coverage for his large home “that didn’t charge an arm and a leg”. I explained that his carrier’s rates reflected their overall loss experience, and reminded him of a claim that he had many years ago and how happy he was with the outcome. Pressing his point, he asked if there were any carriers that had “better loss experience” so that they were able to price their coverage at a lower cost.  Enter a new carrier I’ve written about frequently here – Pure High Net Worth.

This excerpt is form a recent professional journal assessing the marketplace for high valued home insurance summarizes the opportunity: “However, there is some competition out there for these big players. For instance, a relatively new company from Florida called Privilege Underwriters Reciprocal Exchange (PURE) is making a big splash on the East Coast right now.  PURE offers similar features to Chartis and Chubb, and is very open to coastal properties where others are more restrictive in coastal areas.”

When my client reviewed the terms of Pure’s offer, he asked how the costs could be appreciably lower given the very similar coverage. I explained that because Pure was just beginning to add new risks, they had not yet experienced many losses, adding that Pure’s risk selection process relies heavily on credit scoring, which they believe will help attract policyholders who better manage their finances and their homes. The client shared that he regards this as a de-facto “sale” on home insurance, and told me I should explain it in such terms to others.

Well —– although insurance carriers do not have “sales”, it is fair to observe that new carriers entering the marketplace without the burden of prior losses and who also carefully select the risks they insure are able to price their policies at rates that can give the impression they are on “sale”.  For those who find the idea of a “sale on insurance” appealing, please contact me to examine an offer from Pure.  Meanwhile, as an independent risk advisor, my advice on “who the best carrier is” remains unchanged:  it is whichever carrier best meets that particular client’s specific protection needs.

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bright-ideaThis Wall Street Journal article from Jan 29, 2009 actually offers good news: a newly formed insurance carrier is interested in providing coverage for owners of well built homes near the coast has been approved to issue policies in NY and NJ.   

PURE High Net Worth has a business model that is well worth reviewing.  From their website, the recap below highlights why they are deserving of the above slogan. Cook, Hall & Hyde is among a select group of Partner Agencies representing PURE in NY. Contact me to learn more about the solutions PURE has to offer

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We’re highly selective.  We know a great deal about insuring successful families and we use that insight to carefully select a distinguished membership. By doing so, we reduce the cost for all members. (Click to learn about our home construction eligibility requirements.)

We’re new AND we’re secure.  PURE is led by a team of professionalswidely recognized as the most experienced and accomplished in this niche.  For all of the advantages of our experience, we benefit from our fresh start. A.M. Best has recognized our strengths with a financial strength rating of A- (Excellent).

Our coverage is designed with your input to fit your needs.  Many people don’t buy enough insurance to rebuild their home or replace their contents. Others (particularly vacation homeowners) buy far more than is needed. We empower our members to buy the right amount – not more, not less.

Our policyholders are members. And the members own PURE. Stock insurance companies exist to maximize the wealth of their shareholders. Our mission is simple: Through innovative products and expert advice & service, we are committed to helping our membership lower the price of their insurance today and reduce their overall cost of risk for the long term.

We’re creating a new standard of service.  We believe that the opportunity exists to exceed all expectations of our membership.

 

 

 

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