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/78039
ASSOCIATIONNEWS By Andrew Stergiou Recession or Not During the past 6 months, and at the direction of IDA, Alliant Insurance Services (T&H; Brokers re-branded to the parent entity of Alliant Insurance Services) has reviewed other insurance options in an effort to lower, or at least stabilize, premiums for dealer members. As many of you are aware, insurance rates have increased dramatically during the last year, and IDA has been proactive in providing a competitive insurance program for their members with broad coverage. During the last 2 years, many members have seen a large increase in their insurance premiums, after 5 years of relatively low rates. Insurance carriers are starting to increase their rates to offset the lack of investment income they usually earn. Most IDA members believe that insurance carriers make their profi ts on the premium, but that is not true. Insurance carriers pay for claims from the insureds' premium, but make their profi ts by investing in bonds and stocks. Usually, insurers do not pay for claims until about 2 or 3 years after premiums have been paid. During this time, the insurance carriers invest the premium and to earn substantial additional income through those investments. Investment income usually adds 40 cents to every dollar of premium earned. Arch Insurance Company has started to increase their rates considerably and Alliant and IDAssurance sent the necessary information to other insurance carriers to quote. I am a very satisfi ed IDAssurance customer. "The Group" is friendly, courteous, and reliable. The certifi cates of insurance are received quickly and are professional, even my customers have commented on the deliverance of the certifi cates. T&H; Brokers (Alliant Insurance Services), Andy Stergiou, is the person who works with my account. I know he would take excellent care of a business no matter what size. In fact, I called Long & Associates to tell them of the service provided for the IDAssurance program. I would recommend them to any business involved with IDA. Thank you T&H; Brokers (Alliant Insurance Services). Lorraine Giles – President Door Service Inc (Grand Rapids, MN) Alliant and IDAssurance announced on June 1st, that we are changing insurance carriers from Arch Insurance Company to Liberty Mutual Insurance Company, effective September 30, 2012. Liberty Mutual will provide the high level of service that each individual member is accustomed as well provide IDA membership with the broadest available coverage. Liberty Mutual Insurance employs more than 45,000 people in 900 offi ces around the world. Because of their service, value, quality, and innovation, they've earned the 2010 Business Insurance Readers Choice Award, the 2011 National Underwriter Risk Manager Choice Award, and the 2012 Business Insurance Innovation Award, among others. Also, Liberty Mutual Insurance closes workers' compensation claims 15% faster than the competition, Continued on page 60 VOLUME 45 ISSUE 4 2012 59