Canada: PURE Rolls Out HNW Property Cover in Ontario

Some news from Canada for you;

Privilege Underwriters Reciprocal Exchange (“PURE”), the policyholder-owned property and casualty insurer designed for successful, responsible homeowners, announces its first international expansion as it opens for business in Canada. This move introduces PURE’s unique reciprocal model to high net worth Canadians, starting in Ontario.

“We aim to offer owners of Canada’s finest homes a new insurance option, building long-term relationships to make them safer, smarter and more resilient.” – Chris Sevdalis, Head of Canada Branch

“PURE’s unique model, which puts members first instead of shareholders, leads us to build a very different service experience, and we’re excited to introduce our fresh approach to high net worth Canadians,” continues Sevdalis.

A model that aligns interests
It can be hard for an insurance company to balance the interests of all stakeholders, but PURE’s reciprocal model helps do just that. As a reciprocal insurer, PURE is owned by its policyholders, also known as members. As owners, members have the opportunity to participate in the governance of the company through the Subscribers’ Advisory Committee, which acts as the voice of the membership. They are also eligible to receive annual contributions to their Subscriber Savings Accounts This member-owned model incentivizes PURE to charge the right price, not the highest, and to deliver exceptional solutions and service to members.

Coverages and services designed specifically for successful families
PURE delivers an exceptional member experience, from broad coverage designed specifically for high net worth families, to services crafted to make their lives safer and easier—plus a claims process focused on getting the member back to normal life as soon as possible. For example, many insurers offer coverage for certain types of water damage, such as basement flooding caused by heavy rain, as an optional add on, which can lead to gaps in coverage and make the claims process difficult. PURE’s Homeowners policy automatically includes this coverage, making the claims experience far more straightforward.

Further, PURE believes that prevention beats restoration, which is why membership begins with the PURE360^®, a thorough home risk assessment, and comes with additional resources to help reduce the likelihood of claims. If a claim does occur, members receive a caring and compassionate service experience—backed by the endorsement of a 95 per cent Customer Satisfaction (CSAT) rating since inception among U.S. members who’ve experienced claims.

PURE Insurance is now available in Ontario through select brokers. Future products include automobile coverage in Ontario, with planned expansion to other provinces in the future.