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(continued from page 59) which results in lower overall costs, with medical costs running 9% below the industry average. This may result in economic settlements and ultimately premium savings for its members, the IDAssurance participants. During the last 5 years, many IDAssurance members have seen an increase in workers' compensation claims. Liberty Mutual is known to be among the very best insurance carriers to close claims fast and more effi ciently. In addition, Liberty Mutual will continue to provide the necessary forms and endorsements that the IDAssurance members need to provide the general contractor and owners to perform work at the jobsite. Their policy forms and coverages are the most complete and comprehensive in the industry. The rate increase from some of the insurance carriers is due to the economy during the last 5 years. During the last 5 years, the association members have seen a steady decline in projects and in turn many of the owners had to lay off staff in order to compete for new business. Since the construction heyday of 2005, which had more than 2.07M new private housing starts, that number has dropped to 0.61M in 2011, due to the recession that affected both our country and world- wide. In 2013, the new private housing starts are only expected to increase to 0.88M. Even though this is only a slight increase, many economists expect a larger increase in 2014 due to higher job growth, improved credit market conditions, and changes in demographics. Also, light trucks sales decreased tremendously from 16.9M in 2005 to 12.7M in 2011 with a much deeper decline in 2009 of 10.4M. 60 This decrease affected each individual IDA member and forced many to cut staff. The monthly losses in December 2008-March 2009 were the largest in the Post World War II period. But it looks like the worst is fi nally over. Private employers added 3.771M jobs since January 2010 after having shed 4.66M jobs in 2009 and 3.81M in 2008. In fact, 257,000 new private sector jobs were created in January 2012 alone. With the above decreases in light truck sales and home improvements, and new housing starts, 2011 was the highest loss year on record for economic losses globally including the Tsunami in Japan, spring tornados/storms in the US, and the New Zealand quake. The natural disasters had a direct effect on each individual IDA member, as their insurance pricing increased due to those losses. Many members, prior to joining the IDAssurance Program, received double digit increases on their last renewal especially on WC rates. The IDAssurance Program has been successful by keeping rates low during the "hard" market and will continue to be extremely competitive in the marketplace. Given this recent market turmoil, many experts agree that the economy and construction will accelerate modestly in 2013 beating expectations. Consumer confi dence will continue to improve while the housing market will continue to grow. IDAssurance will continue to pay dividends on the Arch Insurance Program when they are declared at International Door & Operator Industry™ the end of each year as long as the insured is a member of the IDAssurance Program, even with the transition to Liberty Mutual. In addition, Liberty Mutual will provide IDA membership with stabilized premiums, comprehensive claim service, and broad coverages. In addition, Alliant will continue its services to each individual member and answer any and all questions which may arise. Its personnel will continue to represent you and be there for you every step of the way. If you want additional information about the advantages of the IDAssurance Program, please contact Andrew Stergiou at 212-603-0321 (astergiou@alliantinsurance.com). Alliant Insurance Services is the consulting broker for the IDAssurance Program and is one of the largest and most experienced insurance and surety bond brokerage fi rms in the country.