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/216705
ASSOCIATIONNEWS By Andrew Stergiou In the past, a dealer had to make some basic choices when evaluating his/her business insurance program, the most important of which price and coverage. Often, one could not have both. We all know that adequate coverage is important, but often in the past, the cost for this was prohibitive and in many cases, broad form insurance coverage was, simply, not available at ANY price. That choice, or lack of one, is a thing of the past: IDA members are turning to the IDAssurance Program as a source for economical prices, broadest coverage forms, and adequate limits. IDAssurance provides IDA Members who have superior loss experience, the potential to lower their insurance premiums and receive the best possible insurance coverage that is available in the marketplace, with an admitted, licensed and nationally known insurance carrier (Liberty Mutual Insurance Company – Rated A XV by AM Best). Since its inception in September of 2006, the IDAssurance Program has provided membership with coverages which were lacking in previous policies. Many insureds found out, much to their dismay, that they were, in fact, NOT covered for work they were actually performing (Residential, Tract Housing, etc). During the 2013-14 renewal that occurred in September of this year, the IDAssurance Program had a 97% retention rate because of the competitive rates and service from Alliant Insurance Services (Alliant Insurance Services, Inc. is the insurance consultant for the IDAssurance Program and reviews and analyzes all current policies with the insured to confrm each IDA member has the necessary business coverage). In addition to the rates and service, residential coverage is essential for many IDA members. Since the beginning of the IDAssurance Program, a thorough review of each 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. V O L U M E We found that many policies lacked basic coverages, used old, more restrictive policy forms, or simply excluded residential work, which comprised the bulk of many members' work! That is equivalent to not having any insurance at all. Those policies were re-designed by Alliant to include protection for work actually performed every day (including residential and tract housing work), and updated to include the latest and broadest coverage forms approved by the various State Insurance Departments around the country. Many IDA members performing residential work, who have not as yet Continued on page 80 4 6 I S S U E 6 2 0 1 3 79