PURE Insurance Introduces Enhancements to PURE Starling™ Fraud and Cyber Defense Coverage
With fraud and cybercrimes on the rise, PURE Starling™ now provides new limit options and broader coverage for members
WHITE PLAINS, N.Y., Aug. 18, 2021 /PRNewswire/ -- The PURE Group of Insurance Companies (the PURE Group), which includes Privilege Underwriters Reciprocal Exchange (PURE), the policyholder-owned property and casualty insurer designed for successful individuals and families, announces today an expansion and update of its PURE Starling™ coverage for losses caused by fraud and cybercrime.
"In a time where we are seeing a continuous rise in cyber-attacks across the country, our high net worth members are at increased risk of being targeted. In response, PURE expanded our coverage for members to best support them in case of breaches of this nature," says Shannon Bowes, Head of Product Management at the PURE Group. "With these updates to the PURE Starling offering, we hope to provide members with even greater protection and an added sense of security and preparedness."
Originally launched in 2018, PURE Starling coverage helps members respond to these risks with an optional endorsement to PURE's Homeowners policy. The enhanced PURE Starling coverage will be backed by Tokio Marine HCC and include the following:
- New and Increased Coverage Limits: In addition to the $100,000, $250,000 and $1,000,000 limits previously offered, $500,000 and $2,000,000 limit options are now available.
- Fraud and Cyber Crime Coverage: Members are covered for financial fraud loss directly resulting from credit card fraud, forgery or a cyber-crime event. Additionally, PURE Starling will now cover theft of cryptocurrency resulting from a cyber-attack, as the form of payment gains traction with high net worth individuals.1
- Data Recovery and System Restoration Coverage: Members will be reimbursed for data recovery and system restoration costs directly resulting from a cyber-attack.
- Cyber Extortion Coverage: If a member is the target of cyber extortion—a type of online attack in which a cybercriminal demands money to prevent the damage or distribution of content or to restore access to the functionality of your device—PURE's coverage can afford immediate access to crisis management advice to help them best respond to the threat and, in the event a payment is made, can cover the amount of the payment up to the limits of the policy.
- Breach Notification Cost Coverage: PURE now offers reimbursement of breach notification costs directly resulting from a security or privacy breach.
- Privacy and Security Claims Coverage: PURE will reimburse for damages and reasonable and necessary defense costs that a member incurs or becomes legally obligated to pay, as a result of a privacy and security claim.
In addition to this coverage, PURE will continue to offer members risk management services with PURE CyberSafe Solutions℠, which includes a Cyber Knowledge Center, a Cyber Advice Line, a CyberSafe Fundamentals Check and identity protection services from Experian in an effort to help members prevent risk from a cyber attack or fraud.
The updated product is currently available in AL, AZ, CT, IL, KS, KY, MD, MI, NE, NM, OH, OR, RI, TN, UT, VA, VT and WY, with a national roll-out underway.
About The PURE Group
Privilege Underwriters Inc. (PUI), a member of the Tokio Marine Group of Companies, was founded in 2006 and is the holding company for the PURE Group and related entities. PUI and its subsidiaries provide capital support and operational services to the policyholder-owned entity, PURE.
PURE is dedicated to creating an exceptional experience for responsible high net worth families, providing customizable coverage for high-value homes, automobiles, jewelry, art, personal liability, watercraft, flood, fraud and cyber fraud. In return for a fee, PURE Risk Management LLC, a wholly-owned subsidiary of PUI, serves as Attorney-in-Fact for PURE. The PURE Group's low cost of capital, careful member selection and proactive risk management all contribute to highly competitive rates and a Financial Strength Rating of "A+ (Superior)" from A.M. Best Company, Inc. Today, PURE's membership includes more than 100,000 families from across the U.S.
For more information or to find a local broker, visit pureinsurance.com. Follow PURE on Twitter, LinkedIn, Instagram and Facebook.
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What qualifies as a covered loss is subject to the terms and conditions of the policy and requires a determination by a licensed claims adjuster. |
SOURCE The PURE Group of Insurance Companies
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