PURE Programs Introduces New Solution for High Value Homes Under Construction or Renovation

Feb 22, 2024

We are pleased to introduce a new program for high value homes under construction or renovation. The program is designed for projects with an expected completed value of up to $30 million that do not qualify for coverage with an admitted insurer. 

“Our new offering is highly customizable, with coverage features and a policy form designed to insure high-value custom renovations and new construction through to completion,” said Bryan Luker, VP, Program Manager. “A Resilient Home Advisor will also collaborate with homeowners and builders to ensure homes are well-protected during and after construction.” 

Common challenges that this program addresses: 

  • Luxury high value construction and renovation projects that do not qualify for comparable coverage with an admitted insurer.  

  • Projects in locations that are at a greater risk for extreme weather, like those in wildfire or hurricane-prone regions, as well as those with remote locations featuring an ISO protection class rating of 9 or 10.  

  • Renovations that involve major structural changes or those that are more minor, but still fall beyond the permissible scope of an admitted carrier. 

  • Projects with construction agreements that include a Waiver of Subrogation or requirements to add the general contractor as an additional insured. 

Notable program benefits include: 

  • A policy designed to specifically cover construction projects—from start through to completion, with pricing that is customized to reflect seasonal risk factors unique to each project plan. Customers will be insured-to-value throughout the entire project while receiving a fair premium that accounts for all stages of construction.

  • Coverage provided on a Replacement Cost basis, without any deduction for depreciation.

  • Flexible policy terms, ranging from 3-months to 48-months, that align with the project’s duration, with the option to extend coverage in the event of construction delays.

  • Policy premium is billed in equal quarterly installments spread over the anticipated duration of the project.

  • A dedicated Resilient Home Advisor who will work with the general contractor to ensure the jobsite is well-managed and well-protected, and who will advise customers on innovative and cost effective measures they can take during the construction phase to help protect their home and family from loss for generations to come. 

Whenever possible, completed homes will be offered coverage from PURE, subject to underwriting guidelines. If a non-admitted solution is required due to the home’s risk characteristics, PURE Programs will seek to create a solution. 

About PURE Programs

PURE Programs, LLC., is a managing general underwriter offering specialized Excess & Surplus (E&S) insurance and risk management solutions for PURE members and other responsible high net worth families whose complex exposures do not qualify for coverage from an admitted insurer. PURE Programs shares much of the infrastructure behind its admitted affiliate, PURE Insurance, including world-class risk management and claims services as well as electronic billing and policy delivery, in order to provide an exceptional experience for policyholders and their brokers.

Media Contact

Kristin Piccini

VP, Marketing & Communications