Last month, Sandy carved a path of destruction that left millions without power and hundreds of thousands without shelter and other necessities. Figures released as of Nov. 28 suggest the superstorm destroyed at least 305,000 homes in New York and another 72,000 in New Jersey. By comparison, Hurricanes Katrina and Rita ravaged 214,000 homes in Louisiana, though their toll on human lives was far greater. Large-scale disasters such as these test even the most seasoned adjusters, especially in securing shelter for insureds quickly.
Claims spoke with Gary Stephen, senior vice president of claims and risk management at PURE, about how to successfully accommodate insureds, including high-net-worth individuals.
Q. What are some unique housing needs you encounter with the high-net-worth client?
A. The coverage that PURE’s High Value Homeowners policy provides is unique in that isn’t bound by time or a dollar threshold, but rather by the time required for repairs. It is our goal to try and place our members, who are successful, high net worth individuals, in situations that are as comparable to their homes as is possible. Additionally, we aim to cater to their unique needs. For instance, many of our members have children who need to be near their schools, pets that need to be kept close by and cared for, or health-related issues that must be taken into account and addressed. In meeting the needs of [these] clients, PURE’s Member Advocates evaluate each family’s [specific] needs and work with outside services to provide the best possible solution for members that are going through such a traumatic event like Sandy.