By providing customized coverage options without imposing mandatory hurricane deductibles, PURE will reportedly provide cost-effective flexibility not easily found in New Jersey. PURE said it plans to provide its New Jersey members (policyholders) with significant savings on their homeowners insurance, much like it has reportedly done in the other states it serves. In addition to homeowners insurance, PURE provides automobile, jewelry, art, personal liability and watercraft insurance to successful individuals and families.
Beyond covering repair costs or replacing damaged property, PURE will contribute up to $2,500 to help prevent large losses from recurring and to control the long-term cost of risk. For example, if lightning causes an electrical surge and damages electrical appliances valued at $10,000 or more, PURE may cover the replacement of the appliances and contribute to the installation of a lightning-suppression system to help prevent similar incidents.
As a reciprocal insurance exchange, PURE is member-owned. Members pay a surplus contribution of 10% of their high-value homeowners’ premium and 4% of their premium for all other policies, for each of the first five years of membership. PURE is an admitted insurance company whose products and prices are regulated by the New Jersey State Insurance Department.
- New Jersey Attorney General Anne Milgram announced that a New York man has been indicted on charges that he fraudulently reported his car stolen.
- According to Acting Insurance Fraud Prosecutor Riza Dagli, Daniel Roach, 53, of Staten Island, N.Y., was charged with second-degree insurance fraud, third-degree theft by deception, and fourth-degree falsifying records.
- The indictment, which was returned by an Ocean County grand jury, alleges that on Oct. 30, 2005, Roach falsely reported to the New York City Police Department that his 1994 Mercedes Benz had been stolen. Roach reported the car as stolen to a claims representative for New Jersey Skylands Insurance Company and executed an affidavit stating that he last observed the vehicle on Oct. 28, 2005 in Staten Island, knowing that the information was false.
- Roach obtained $14,100 in claims money from New Jersey Skylands.