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/177021
Advantages of the IDAssurance Program • GeneralLiability,Automobile,and Workers' Compensation written withLibertyMutualInsurance Company – An admitted A XV rated Company by AM Best • $0deductibleonthegeneral liability, Workers' Compensation and automobile (Except $500 comp/collision deductible) on all policies • NO residential exclusion AssociAtionnews (continued from page 53) It is important to note that a lot of smaller losses have a greater and more adverse impact on the experience rating than larger losses. This is because smaller losses are more frequent and easier to predict. In order to refect this principle in the calculation larger losses, which are often fortuitous in nature, are capped. Different states have different caps, but $175,000 is a common one. Another tool used to refect this principle is dividing losses into primary and excess values, lessening the effect of larger losses. Why you want to make sure you review your experience rating? An experience rating greatly affects the premiums you pay to the insurance company, and your current insurance broker can review the experience rating If you want additional information about the adv ant a g es o f t he IDAssurance Program, please contact Andrew Stergiou at 212-6030321 (astergiou@ alliantinsurance.com). Alliant Insurance Services, Inc. is the consulting broker for the IDAssurance Program and is one of the largest and most experienced insurance and surety bond brokerage frms in the country. 54 for errors in classifcation, payroll and claims data. It is not uncommon to fnd errors resulting in insurance companies returning premiums to employers. A few of the common errors and misconceptions are as follows: 1) Typos on claims and payrolls 2) Reserves reported improperly 3) Wrap ups are not included 4) Credits for recoveries Alliant Insurance Services Inc. (which is the consulting broker for the IDAssurance™ Program) can assist in estimating IDA experience rating for the coming policy year prior to publication by the rating agency. This service helps focus claims management efforts by trying to stabilize or limit the EMR, and can be budgeting tool for your business. Liberty Mutual is the insurance carrier for IDAssurance members and is sponsored by the International Door Association. The IDAssurance Program provides IDA members with superior loss experience, the potential to lower their upfront insurance premiums and receive the best possible insurance coverage that is available in the marketplace with an admitted and license insurance carrier (Liberty Mutual Insurance Company) – Rated A XV by AM Best). International Door & Operator Industry™ • Abilitytoreceivecertifcatesof insurance within 2 hours of the request via email • Policiesspecifcallytailoredforthe IDA members • Generalliabilityperprojectwith aggregate of $5,000,000 • Broadandcomprehensive coverage •CompletedOperationsfor Additional Insureds •Waiverofsubrogation` •Primary&Non-contributory; endorsement TESTIMONIAL: Andrew Stergiou is a seasoned professional who understands our needs as a manufacturer and distributor within the garage door industry. Andrew is also available around the clock and responds almost immediately to emails. Great service! Andrew Liu ADH Guardian USA – Director Sante Fe Springs, CA