Pure Insurance: A Carrier For High-Net-Worth Individuals

Privilege Underwriters Reciprocal Exchange (PURE) is an American insurance company that focuses on high-net-worth individuals and families. It offers a range of insurance policies, including homeowners insurance, auto insurance, and flood insurance, and caters to those with luxury homes and vehicles. PURE is unique in that it is owned by its policyholders and managed by an attorney-in-fact, PURE Risk Management (PRM). This reciprocal model prioritises members over shareholders, resulting in increased savings and benefits for its members.

Pure Insurance is a reciprocal insurer, owned by its members and managed by an attorney-in-fact

The reciprocal model is a powerful business model that shifts the focus to members. Pure Insurance is designed for high-net-worth individuals and families, providing specialized insurance solutions with broad and flexible policies tailored to individual needs. The company offers insurance for luxury homes, vehicles, watercraft, jewelry, art, and other valuable collections, as well as personal excess liability and flood insurance.

Pure Insurance was founded in 2006 by Ross Buchmueller, Martin Hartley, and Jeffrey Paraschac, with the aim of reducing conflict between shareholders and policyholders while providing exceptional coverage, service, and savings. The company has a high member retention rate of 96% and an industry-leading Net Promoter Score. It is based in White Plains, New York, and serves customers in several states across the country.

The company's Member Advocates work with customers before, during, and after a claim, helping them arrange everything to get their situation back to normal. Pure Insurance also provides risk management services, art collection services, and a mobile app for customers to file and track claims, access insurance documents, and make policy changes.

Pure Insurance caters to high-net-worth individuals and families

Pure Insurance is a carrier that provides coverage for high-net-worth individuals and families. Its services extend to those who own high-value homes, vehicles, and other assets. Pure Insurance's model is centred on its members, aiming to make them smarter about risk and helping them reduce the chances of experiencing a claim.

The company offers a range of insurance options, including homeowners insurance, automobile insurance, personal excess liability, fraud and cyber fraud protection, watercraft insurance, and condo and co-op insurance. Pure Insurance also provides coverage for valuable possessions, such as jewellery, art collections, and luxury vehicles.

Pure Insurance's approach to coverage is tailored to meet the unique needs of high-net-worth individuals. For instance, their automobile insurance includes coverage for luxury vehicles, golf carts, and rental or borrowed vehicles worldwide. Similarly, their homeowners insurance offers guaranteed home replacement, ensuring that luxury homes can be rebuilt to their original standards.

Pure Insurance also prioritises risk management and loss prevention. They believe that well-built and well-protected homes are in the best interest of both the consumer and the stability of the market. The company provides risk management services, such as the PURE Home Spotlight®, which offers data and insights on property-specific risks, and the PURE Situation Room®, which alerts policyholders to severe weather and other risks.

The company's commitment to its members is further demonstrated by its reciprocal model, where the insurance company is owned by its policyholders and managed by an attorney-in-fact. This structure incentivises fair pricing, excellent service, and prompt claim payments.

In addition to coverage, Pure Insurance offers additional benefits, such as Member Advocates who provide personalised support, a mobile app for easy access to policies and claims, and specialised services like PURE Art Services for art collection management.

Overall, Pure Insurance caters to high-net-worth individuals and families by offering comprehensive coverage options, exceptional customer service, and a range of additional benefits designed to protect their valuable assets and provide peace of mind.

Pure Insurance offers a range of insurance policies, including for homes, vehicles, watercraft, jewellery, art, and personal excess liability

Pure Insurance is a luxury insurance company that provides a range of insurance policies for high-net-worth individuals. Pure Insurance offers policies for homes, vehicles, watercraft, jewellery, art, and personal excess liability, among others.

Pure Insurance's home insurance policies are tailored for luxury homes valued at $1 million or more. The company offers flexible rebuilding options, guaranteed home replacement cost, jewellery coverage, broad coverage for sewer and drain backups, flexible deductible options, and coverage to help prevent losses that have previously occurred.

For vehicle insurance, Pure Insurance caters to standard vehicles, luxury vehicles, and even golf carts. The company offers unique coverage options such as agreed value coverage, extended transportation expenses, original equipment manufacturer (OEM) coverage, and worldwide rental coverage.

Pure Insurance also provides watercraft coverage for sailboats, yachts, and other vessels, as well as jewellery and art coverage for high-value collections.

In addition, Pure Insurance offers personal excess liability coverage, fraud and cyber fraud protection, condo and co-op insurance, home systems protection, and flood insurance.

The company is known for its high level of customer service, with Member Advocates providing additional support during claims and risk management services to help identify and mitigate risks.

Pure Insurance provides a Member Advocate service to support members before, during, and after a claim

Pure Insurance is a carrier that provides a range of insurance policies for high-value vehicles, homes, and items. It is not a suitable option for standard clientele as it caters specifically to high-net-worth individuals. Pure Insurance is a reciprocal insurer, which means it is owned by its policyholders, known as members, and managed by an attorney-in-fact, Pure Risk Management (PRM).

Before a claim, Member Advocates can connect members with risk management services to help them become smarter about risk. They can recommend pre-vetted vendors, schedule appointments, and help members purchase technology to mitigate risks, often at discounted rates. Member Advocates can also assist with risk management services or preferred vendors for home security assessments, hurricane and emergency preparation, watercraft risk prevention, and more.

During a claim, Member Advocates receive claims and ensure the right adjuster is assigned immediately, providing members with a single point of contact for support. They handle the administrative tasks, such as booking rental cars, scheduling repairs, and deploying remediation services.

After a claim, Member Advocates work with the claims adjuster to help members take steps to reduce the likelihood of a similar claim occurring again. They proactively reach out to members who are eligible for the Loss Prevention Benefit, providing funds of up to $2,500 to make their homes safer and better equipped to prevent losses.

Overall, the Member Advocate service at Pure Insurance provides members with personalized support and guidance before, during, and after a claim, ensuring a smooth and stress-free process.

Pure Insurance has a high member retention rate and an industry-leading Net Promoter Score

Pure Insurance is a reciprocal insurer, which means it is owned by its members and managed by an attorney-in-fact, in this case, PURE Risk Management (PRM). This model incentivises the company to charge fair prices, pay what is owed after a claim, and deliver excellent service to its members.

Pure Insurance has a 96% member retention rate and an industry-leading Net Promoter Score. This is due to its focus on its members, who are at the core of its model. The company prioritises members over shareholders, which results in increased savings for members.

Pure Insurance's member advocates work with members before, during, and after a claim. They help members arrange everything to get their situation back to normal. The company also offers a PURE360™ concierge-level service that helps members prevent losses and determine a fair replacement cost for their homes.

The company's high member retention rate and Net Promoter Score can also be attributed to its broad and flexible policies, which are tailored to individual needs. Pure Insurance caters to high-net-worth individuals and families, offering insurance for homes with a rebuild value of over one million dollars, automobiles, watercraft, jewellery, art, and other collections.

The company's commitment to its members is evident in its claims process. Pure Insurance's member advocates serve as the only point of contact during a claim, helping to ease stress and uncertainty. After a claim is closed, a member advocate may help the member analyse the situation to prevent the same incident from occurring again.

Overall, Pure Insurance's high member retention rate and industry-leading Net Promoter Score reflect its dedication to providing excellent service, investing in its members, and prioritising their needs.

Frequently asked questions