International Door & Operator Industry

SEP-OCT 2017

Garage door industry magazine for garage door dealers, garage door manufacturers, garage door distributors, garage door installers, loading docks, garage door operators and openers, gates, and tools for the door industry.

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Page 83 of 118

V O L U M E 5 0 I S S U E 5 O C T O B E R 2 0 1 7 81 Not All Insurance Is Created Equal Continued on page 82 ASSOCIATIONNEWS All insurance is not created equal. Just ask the installer who learned that his residential project was not covered under his existing policy, or the manufacturer that was paying thousands of dollars for coverage the business didn't need... In an industry as specialized as the garage door industry, any old insurance policy will not do. You need an insurance partner who speaks your language, knows what you're up against, and can ensure you're receiving the most comprehensive coverage for your dollar. Enter the IDAssurance Program, a customized program designed by garage door industry experts and endorsed exclusively by the IDA. IDAssurance is designed to meet the insurance needs of both manufacturers and installers and is the only program custom-built to address the unique risks of the garage door industry. Why is customization so powerful Let's take a look at the top 6 reasons why IDA members need to participate in the IDAssurance Program. 1. No residential exclusions - Most general liability policies have an exclusion that doesn't allow you to work on any type of residential building, including single-track homes, apartments, and single-family homes. With the rebound in residential construction, these policies can overlook a huge part of your business. IDAssurance Program liability policies don't include this restriction, giving you the peace of mind and flexibility to move from the commercial to residential markets. We'll share more on this in the weeks to come. 2. Expanded additional insured coverage - General contractors and project owners require contractors to name them as additional insureds on their general liability policy, but many insurance carriers have tried to limit losses by excluding coverage for ongoing and completed operations for additional insureds. The IDAssurance Program provides this all-important wording to ensure you have the requisite coverage. 3. No construction warranties - Many policies exclude any type of work a contractor doesn't list on its application, forcing dealers and installers to warrant the type of construction they do. For example, if a contractor completes an insurance application and states that he or she only handles installations, the contractor may not be covered for any other type of work, such as design modifications to fencing. But IDAssurance Program policies protect members from any omission that could cause a carrier to deny coverage. 4. Broader coverage - For example, general liability can be written with a $5 million aggregate limit, and most policies have a $0 deductible. Coverages available also include general liability, workers' compensation, By Andrew Stergiou Not All Insurance Is Created Equal

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