IOA Insurance: Your First Choice in Builders Insurance

What We Do

• General Liability Insurance - Liability insurance is a part of the general insurance system of risk transference. Originally, individuals or companies that faced a common peril, formed a group and created a self-help fund out of which to pay compensation should any member incur loss. The modern system relies on dedicated carriers to offer protection against specified perils in consideration of a premium. Liability insurance is designed to offer specific protection against third party claims, i.e., payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract. In general, damage caused intentionally and contractual liability are not covered under liability insurance policies. When a claim is made, the insurance carrier has the right to defend the insured. The legal costs of a defense are not affected by any policy limits, which is useful because they can be significant where long trials are held to determine either fault or the amount of damages.


• Workers Compensation Insurance - Workers' compensation (colloquially known as workers' comp in North American English or compo in Australian English) provides insurance to cover medical care and compensation for employees who are injured in the course of employment, in exchange for mandatory relinquishment of the employee's right to sue their employer for the tort of negligence. The tradeoff between assured, limited coverage and lack of recourse outside the worker compensation system is known as "the compensation bargain". While schemes differ between jurisdictions, provision can be made for weekly payments in place of wages (functioning in this case as a form of disability insurance), compensation for economic loss (past and future), reimbursement or payment of medical and like expenses (functioning in this case as a form of health insurance), and benefits payable to the dependents of workers killed during employment (functioning in this case as a form of life insurance). General damages for pain and suffering, and punitive damages for employer negligence, are generally not available in worker compensation plans. Cash benefits are established by state formulas with maximum benefit level. The benefits are administered on a state level, primarily by the state department of labor.


• Property Insurance - Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance or boiler insurance. Property is insured in two main ways - open perils and named perils. Open perils cover all the causes of loss not specifically excluded in the policy. Common exclusions on open peril policies include damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism and war. Named perils require the actual cause of loss to be listed in the policy for insurance to be provided. The more common named perils include such damage causing events as fire, lightning, explosion and theft.


• Auto Insurance - Vehicle insurance (or auto insurance, car insurance, motor insurance) is insurance purchased for cars, trucks, and other vehicles. Its primary use is to provide protection against losses incurred as a result of traffic accidents.


• Health Insurance - Health insurance is a form of group insurance, where individuals pay premiums or taxes in order to help protect themselves from high or unexpected healthcare expenses. Health insurance works by estimating the overall "risk" of healthcare expenses and developing a routine finance structure (such as a monthly premium, or annual tax) that will ensure that money is available to pay for the healthcare benefits specified in the insurance agreement. The healthcare benefit is administered by a central organization, which is most often either a government agency, or a private or not-for-profit entity operating a health plan. [1]


• Inland Marine Insurance - Inland marine insurance indemnifies loss to moving or movable property and is an outgrowth of ocean marine insurance. Historically, ocean marine insurance held the transporter responsible for property loss before, during, and after the completion of the voyage. In the 1800s the non-ocean portion of the journey grew as cargoes were transferred to non-ocean vessels (such as barges) and the term "inland marine" was coined.


• Ocean Marine Insurance - Marine Insurance covers the loss or damage of ships, cargo, terminals, and any transport or property by which cargo is transferred, acquired, or held between the points of origin and final destination.


• USLH - FELA, Jones Act and USLH Federal law requires specific benefits for employees in certain occupational categories, such as the examples below. If you have employees in these occupations, you should discuss coverage with your broker. F.E.L.A. (Federal Employer’s Liability Act) This law normally applies to employees of railroads. Jones Act (Maritime Coverage) - This law normally applies to seamen. U.S.L.H. - United States Longshoremen and Harbor Workers Act. Outer Continental Shelf Lands Act - applies principally to oil exploration or production. Defense Base Act - civilians employed on U.S. Defense facilities. Both are extensions of the U.S.L.H. Act. Since there is a potential for greater reward under these laws, employees (outside of the above job categories) sometimes attempt to "stretch" the definition of coverage employees. Certain employers find it desirable to add coverage for these special Federal plans on an "if any" (contingency) basis to address this possibility.


• Payroll Services - A payroll service is an accounting business whose main focus is the preparation of payroll for other businesses. Such firms are often run by Certified Public Accountants, though a typical payroll processing company will refer to itself as a service bureau rather than a CPA firm, to distinguish its payroll services from the general tax and accounting services that are generally not offered by a payroll service bureau. The typical client of a service bureau is a small business - one just large enough for payroll to be complicated to the point of a hassle, but one still small enough to not merit its own full-time payroll department.



• Professional Liability Insurance - Liability insurance is a part of the general insurance system of risk transference. Originally, individuals or companies that faced a common peril, formed a group and created a self-help fund out of which to pay compensation should any member incur loss. The modern system relies on dedicated carriers to offer protection against specified perils in consideration of a premium. Liability insurance is designed to offer specific protection against third party claims, i.e., payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract. In general, damage caused intentionally and contractual liability are not covered under liability insurance policies. When a claim is made, the insurance carrier has the right to defend the insured. The legal costs of a defense are not affected by any policy limits, which is useful because they can be significant where long trials are held to determine either fault or the amount of damages.


• Product Liability Insurance - Product liability is the area of law in which manufacturers, distributors, suppliers, retailers, and others who make products available to the public are held responsible for the injuries those products cause.


• Condominium Association Insurance - One potentially confusing issue in condominium associations is who insures what. In the past, most condominium association policies would cover whatever the association owned. Other association policies extended coverage into the units - for example, the sheetrock walls and ceiling, the plumbing, and the electrical within each individual unit. Association policies would often be written broad enough to cover the floor, kitchen cabinets, appliances, and carpeting. In recent years, with the rising cost of insurance claims and the ambiguous language in some association CC&R's, insurance coverage has changed dramatically. Many condominium documents specifically detail what is to be covered - - for example: roof repair and replacement only. In this instance, the documents are explicitly pointing out that all other structure is not covered.


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