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/255259
V O L U M E 4 7 I S S U E 1 2 0 1 4 65 ASSOCIATIONNEWS By Andrew Stergiou and the New Construction Market On September 30th, 2013, the IDAssurance Program completed another successful renewal, with 97% of members, who qualifed for the program, renewing for the 2013-14 policy year. The IDAssurance Program, which has been in existence since 2006, provides IDA members with superior loss experience, the potential to lower their upfront insurance premiums and receive the best possible insurance coverage available in the marketplace, with an admitted and licensed insurance carrier (Liberty Mutual Insurance Company – Rated A XV by AM Best). The IDAssurance Program provides general liability, workers compensation, and automobile liability coverage, in addition to umbrella and property coverages, all at preferred rates which are at, or among, the lowest in the insurance industry available today. In rare instances, the IDAssurance Program did not offer the lowest premium, but members renewed in order to receive the broadest possible coverage, which included coverage for residential projects. Most insurance companies, in fact, exclude residential coverage in their policies. The IDAssurance Program does NOT have a residential exclusion. Residential work is covered! Many members wanted and were required to have the broad residential coverage due to the construction market forecast in 2014 and the requirements of their general contractors. It has been a long time coming, but the construction recovery seems, fnally, to be here. The housing market has been keeping up construction growth, which is rebounding from record lows, but now many of the non-residential building markets are starting to turn the corner, making for many optimistic forecasts for 2014. McGraw Hill's Construction Forecast for 2014 projects a 9% increase in construction starts. It also predicts strong double-digit growth in the dollar value of single-family housing, multifamily housing and commercial buildings. The 2014 construction forecast on the housing industry indicates that a 19% increase on housing starts is expected, bringing starts to 1.15 million units. Single Continued on page 66 1/24/14 11:40 AM