Ross Buchmueller, president and chief executive officer with PURE Risk Management LLC, will expand its member-owned reciprocal insurer, to offer comprehensive, customized property and casualty insurance coverage to responsible owners of well-built, high value homes in Rhode Island. PURE will also offer automobile, jewelry, art, personal liability and watercraft insurance to qualified individuals and families.
By providing customized coverage options without imposing mandatory hurricane deductibles, PURE offers cost-effective flexibility. PURE plans to help its members (policyholders) develop sound practices to protect their homes and valuable property, as it has done in the other states it serves.
In addition to Rhode Island, PURE currently serves members in New York, New Jersey, Connecticut, Florida and South Carolina, and has obtained licenses in Texas, Alabama, North Carolina and Georgia. Since PURE began writing policies in 2007, PURE's members have reported average savings of more than $3,200 on their annual insurance costs. PURE also provides significant insurance benefits not offered by other providers by tailoring its policies and products to specifically meet the needs of the high net worth market. PURE's High Value Homeowners policy includes $50,000 of coverage for jewelry that is lost, misplaced or stolen at $25,000 per item.
PURE has partnered with 2 independent Rhode Island agencies with offices throughout the state, Starkweather & Shepley Insurance Brokerage Inc., and Carey Richmond & Viking.
Don Curran, senior vice president of Starkweather & Shepley, said, "We welcome PURE to Rhode Island and look forward to the opportunity to work with a specialty provider committed exclusively to the high net worth market. We are confident the owners of high value homes in Rhode Island will appreciate the significant savings, customized coverage and superior service PURE provides."
As a reciprocal insurance exchange, PURE is member-owned. Members pay a surplus contribution of 10% of their high value homeowners and watercraft premiums and 4% of their premium for all other policies for each of the first 5 years of membership. PURE and the PURE Group of Insurance Cos. serve more than 5,000 members who enjoy the security of approximately $100 million of surplus capital, fueled in part by these contributions. PURE is an admitted insurance company whose products and prices are regulated by the Rhode Island Department of Business Regulation.