Consumer Guide

Don't assume that the company that gave you the best price on your Workers' Comp last year will be the one that can offer the best value at renewal. You owe it to yourself and and to the home building industry to look into what Building Insurance Association, Inc., (BIAI) has to offer.

What is BIA?
BIA is the Building Insurance Association, a self-insured fund endorsed by the Home Builders Association of Virginia. Its workers' comp coverage is available to builders, subcontractors, remodelers and suppliers in the state of Virginia. BIA was developed to assure that a competitive product is available to the Virginia home building industry during hard times as well as "soft." BIA became self-insured to offer HBAV members competitive rates, as well as the opportunity to earn dividends.

BIA, Inc. is a Self-Insurance Group. In essence the members own the company. We are governed by a Board of Directors elected by the members. Premiums are collected for the purpose of paying claims and operating expenses. View information about Joint & Several Liability.

What is happening in the Workers' Comp market?
We're in a "hard" market. Insurance companies that used to realize their profits from investments in the stock market must find another way to be profitable. This often means higher prices for your premiums. In some cases, it means workers' compensation coverage is no longer available in the residential construction market.

How will my current agent be affected?
Your current agent can continue to be your agent with BIA. He/she will be paid a commission from BIA.

Why does BIA get the Home Builders Association of Virginia endorsement?
The Building Insurance Association was developed as a membership benefit for HBAV builders, remodelers, subcontractors and suppliers. IT was designed to provide a stable workers' compensation market for our membership. It's also a tangible benefit, a way to actually save money as a result of membership in a local home builders association. In most cases, the savings are many times beyond the dues. This means that BIA members enjoy the other benefits that come with membership in a local association at no additional cost.

What is the advantage of a self-insured fund?
For those who aren't familiar with the self-insured concept, here's how it works:

• Members pool their insurance dollars to pay employee claims.
• Licensed by the Bureau of Insurance, self-insurance funds are heavily regulated to protect the membership.
• When profits are realized, SIFs return the surplus to their members - not corporate stockholders - by returning profits to the fund by build stability, by reducing rates or by paying direct dividends.
• It provides a stable market at a low cost.
• Group self-insurance is becoming more and more common across the country.

How can BIA offer competitive rates?
BIA is available only to HBAV builders, subcontractors, remodelers and suppliers in the state of Virginia. Because our risk is shared only among our colleagues, BIA can control costs better than those programs that share risk among a wide geographic area and a diverse trade group. BIA claims adjusters know our industry and understand our workplace hazards.

How are claims handled?
BIA members call a toll-free number to report the claim. Professional claims adjusters who work exclusively in the construction industry will complete all of the necessary forms and help the member through the process.

What does BIA do to help control loss?
BIA offers loss control services at no cost. Engineers are available to meet with the BIA member and evaluate the job site and procedures. A film library is also available at no cost for companies conducting safety training sessions.

How can I get BIA?
BIA will work with you or your insurance agent to evaluate your needs and provide a competitive rate. Call Marguerite Dunbar at 757-420-3022. She will be able to provide you with a competitive price quote in a timely manner.