PURE launches watercraft insurance coverage

PLANTATION, Fla. – PURE Risk Management has launched PURE Watercraft Insurance, Martin Hartley, chief operating officer with the company said in a release last week.

PURE is a policyholder-owned, specialist insurer dedicated to serving the owners of high-value homes insured for more than $1 million. The company’s strict membership criteria are designed to keep insurance premiums low and reduce the long-term cost of risk, PURE said.

PWI provides coverage for PURE’s policyholders (members) for their recent-year watercrafts. Candidates must be experienced watercraft owners with adequate hurricane-preparedness plans.

Traditionally, insurance companies charge the same premium for experienced operators with strong hurricane plans and for those less responsible. PURE said its consideration of the operators’ experience and hurricane plans enables it to offer coverage at substantially lower costs than other insurers and in areas where many other companies no longer write policies.

PURE provides hull coverage, including coverage for windstorm, on an agreed-value basis, and offers coverage for protection and indemnity, including fuel-spill liability and mechanical breakdown. PURE also covers such emergency expenses as towing and assistance.

PURE said it has more than $50 million of policyholder surplus, fueled in part by members’ surplus contributions. If, at the end of the year, the members’ premiums prove to exceed the cost of providing insurance, PURE will return the balance as dividends or credits to each member through a Subscriber Savings Account. PURE issues non-assessable policies, so its members’ liabilities are limited to the costs of their policies, according to the release.

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