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.
Issue link: https://idoi.epubxp.com/i/105596
ASSOCIATIONNEWS (continued from page 57) Advantages of the IDAssurance Program • General Liability, Automobile, and Workers Compensation written with Liberty Mutual Insurance Company – An admitted A XV rated Company by AM Best With the beginning of the IDAssurance Program, a thorough review of insured's General Liability policies was undertaken by Alliant Insurance Services Inc, to determine whether IDA members were actually insured for what they thought they were paying. We found that many policies lacked basic coverages, had old, more restrictive forms, or simply excluded residential work, which comprised the bulk of many members' work! Those policies were redesigned by Alliant to include protection for work actually performed every day, and updated to include the latest and broadest coverage forms approved by the Insurance Departments around the country. (Alliant Insurance Services, Inc. is the insurance consultant for the IDAssurance Program and reviews and analyzes all current policies with the insured to confirm each IDA member has the necessary business coverage). Many IDA members performing residential work, who have not as yet become members of the IDAssurance Program, may still have no coverage at all per their current general liability policy. We estimate that, approximately 50% of the IDAssurance members did not, at one time, have residential coverage and were paying for a policy that did not adequately cover those needs. The International Door Association initiated the development of this program to give its members: 1. Broadest available insurance coverage, at a competitive price, consistent with the excellent loss experience of most IDA members. • $0 deductible on the general liability, workers compensation and automobile (Except $500 comp/collision deductible) on all policies • NO residential exclusion • Ability to receive certificates of insurance within 3 hours of the request via email • Policies specifically tailored for the IDA members • General liability per project with aggregate of $5,000,000 • Broad and comprehensive coverage • Completed Operations for Additional Insureds • General liability, workers compensation, and automobile liability waivers of subrogation (Blanket Waiver of Subrogation) 2. Long term insurance availability during both "soft" and "hard" insurance markets. The IDAssurance Program provides many advantages that the regular market place cannot offer. These advantages include: 1. $0 Deductible on the general liability, workers compensation, and automobile coverages (Except $500 Deductible for comp/collision). 2. NO Residential exclusion. 3. Ability to receive certificates of insurance within 3 hours of the request. 4. Broad and comprehensive coverage. These endorsements and coverages are especially important for IDA members in the west including California, Nevada, New Mexico, Alaska, Washington, and Texas. The commercial general liability market for the U.S. construction industry continues to increase with underwriters seeking rate increases of up to 15 percent. Construction firms with unfavorable loss histories are experiencing even larger liability rate increases and in some cases, especially in California and New York receiving non-renewal notices from insurance carriers. After many years of rate declines, insurers also are typically seeking to raise rates on umbrella and excess liability insurance by 10 percent. 58 International Door & Operator Industry™ If you want additional information about the advantages of the IDAssurance Program, which offers the broadest coverages available in the insurance industry, at low rates, please contact Andrew Stergiou at 212-603-0321 (astergiou@ alliantinsurance.com). Alliant Insurance Services, Inc. is the consulting broker for the IDAssurance Program, and one of the largest and most experienced insurance and surety bond brokerage firms in the country.