inSure

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SURE (SureChoice Underwriters Reciprocal Exchange) is a member-owned insurance company specializing in coastal property protection. Founded in 2021, it is managed by a team of experienced insurance leaders who aim to build a safer world by providing reliable coverage for homeowners, businesses, and landlords along the coast.

SURE operates as a reciprocal exchange, meaning it is owned by policyholders and managed by an attorney-in-fact (AIF) who oversees day-to-day operations to benefit members. This structure allows the company to make decisions that prioritize the needs of its policyholders.

SURE offers a range of insurance products, including homeowners insurance (HO3 and HO5), dwelling fire coverage (DP3), flood insurance, business owners policies, and landlord coverage. These products are available in various states along the coast, including Alabama, California, Florida, Louisiana, Mississippi, North Carolina, South Carolina, and Texas.

SURE policies are exclusively offered through its partner SageSure, a leading pioneer in coastal property coverage. Policyholders can report claims to SageSure, which has a state-of-the-art claims team to handle and process claims efficiently.

SURE has received an "A, Exceptional" Financial Stability Rating from Demotech, Inc., an independent financial rating agency. This rating confirms the company's ability to pay claims and its commitment to doing so.

In summary, SURE works by providing specialized insurance products for coastal properties, managed by a team that prioritizes the needs of its policyholders, and backed by a strong financial stability rating.

SURE Homeowners Insurance, offered by SageSure, has several strengths that set it apart from other insurance providers. These strengths include:

1. Reciprocal Exchange: SURE is a reciprocal exchange, meaning it is owned by policyholders but managed and operated by an attorney-in-fact. This structure allows for more control and flexibility in managing insurance policies.

2. Local Agents: SURE connects customers with friendly local agents to get quotes and manage policies, providing personalized service and support.

3. 24/7 Claims Reporting: Policyholders can report claims online or by phone at any time, ensuring prompt assistance in case of an emergency.

4. Secure Online Payments: Payments can be made securely online at any time, making it convenient for customers to manage their policies.

These strengths highlight SURE's commitment to providing reliable and customer-centric insurance services.

Insure (SURE) is an insurance company that primarily covers pure risks, which are uncertain situations where potential financial gains are absent. These risks are characterized by several essential elements:

1. Due to Chance: The loss must be unintended and unexpected, meaning it is accidental and not within the control of the insured party.

2. Definiteness and Measurability: The loss must be definite and measurable, allowing the policyholder to provide proof of loss, usually in the form of bills, to receive compensation.

3. Statistical Predictability: Insurance providers must estimate the frequency and severity of potential losses using actuarial science and mortality and morbidity tables.

4. Not Catastrophic: Standard insurance does not cover catastrophic risks, which are severe losses deemed too expensive, pervasive, or unpredictable for insurance companies to reasonably cover.

5. Random Selection: The risk must be random, meaning that the potential for adverse selection does not exist.

6. Large Loss Exposure: The risk must have a significant potential for financial loss.

Examples of pure risks covered by Insure (SURE) include:

• Personal Risks: Accidents, illnesses, or death.
• Property Risks: Damage or loss of property due to natural events like fires, floods, or earthquakes.
• Liability Risks: Legal liability for damages or injuries caused to others.

Insure (SURE) does not cover speculative risks, which are risks that may result in a profit or loss, such as business ventures or gambling transactions.

• Wayne Slavin: Co-Founder & CEO of Sure, a VC-backed insurtech startup. He has a Master's degree from Columbia University and has worked on various projects, including NetStumbler, Barnes & Noble Nook eBook reader, and Buddy Media.