Privilege Underwriters Reciprocal Exchange said Tuesday that it now offers insurance for eligible Florida condominium owners, including windstorm coverage.

The Plantation-based firm, better known as PURE, plans to insure residential units in "well-built" condominiums valued at $500,000, including contents, alterations and additions.

The firm will also offer up to $25,000 to cover damages to property in a neighboring unit that was caused by a PURE member. The coverage will not require the claimant to prove the insured was negligent.

"Our study of Florida's homeowners' insurance market revealed that a significant number of condominiums -- particularly the more recently built -- are well-protected against hurricanes, yet most insurance providers do not actively serve this niche," said Martin Hartley, PURE executive vice president and chief operating officer. "Therefore, we decided to expand our product offering to serve this group's unique needs and provide smart solutions to common problems."

The Florida State Board of Administration granted PURE a $17 million surplus note in May, which increased PURE's policyholder surplus to more than $50 million and enables PURE to offer more policies.

PURE is a property-casualty insurance company that exclusively serves high net-worth individuals. The company has enrolled more than 1,000 members since it began writing policies in January.

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