Monday, April 17, 2006

ACORD Forms : How to Complete an Evidence of Personal Property Insurance 27

ACORD 27 Instructions

Section Name Field Name Field and/or Section Description
TITLE ACORD 27 (2006/07) Evidence of Property Insurance ACORD 27, Evidence of Property Insurance, provides a coverage statement for mortgagees and loss payees who provide mortgages or loans on residential property, personal property or small commercial properties, and are named in the policy. ACORD 27, Evidence of Property Insurance, provides information about coverages currently in force on a policy.
TITLE Evidence of Property Insurance Research reveals that information included on the form satisfies requirements of mortgagees in most situations. Discussions with various lenders indicate that inclusion of items such as coinsurance are not important with respect to Personal Lines policies or small commercial policies. The primary concern is that the amount of insurance is sufficient to cover the amount of the loan. Sufficient space is provided in the Coverage and Remarks sections of the form to include any additional information that may be required. Although many lenders pay the premium for certain types of policies such as Homeowners, inclusion of the premium amount is inappropriate on the EPI. This information will be communicated to the payor via an invoice. Furthermore, in the case of continuing coverage, the premium amount would be invalid after the first year.
TITLE Evidence of Property Insurance IMPORTANT Use ACORD 28, Evidence of Commercial Property Insurance, to provide information to mortgagees and loss payees who provide mortgages or loans on real property or personal property insured under a Commercial Lines policy and more detail is required by the mortgagee or loss payee.

ACORD 27 (2006/07) rev. 09-05-2008 1 of 3 ACORD 27 (2006/07) rev. 09-05-2008 2 of 3 ACORD 27 (2006/07) rev. 09-05-2008 3 of 3

Section Name Field Name Field and/or Section Description
TITLE Evidence of Property Insurance IMPORTANT Kansas, Kentucky, Minnesota, Missouri, North Carolina, Oklahoma and Wisconsin require the filing of certificate of insurance forms. ACORD has filed all of its certificates in these states. In these states, the text of ACORD's certificates cannot be modified, unless the modified form is filed for approval by the respective state Department of Insurance. Additionally, virtually every other state will not allow any change in a certificate of insurance that would attempt to modify a policy unless the revised certificate is filed and approved. In these states, this form can only be changed to reflect the terms and conditions of the policy on which it is reporting. Such change(s) must be approved in advance by the insurance carrier that issued such policy.
IDENTIFICATION SECTION Date Month/day/year on which the form is completed. (MM/DD/YYYY)
IDENTIFICATION SECTION Agency Agency's name and address
IDENTIFICATION SECTION Phone (A/C, No, Ext) Agency's telephone number.
IDENTIFICATION SECTION Fax (A/C, No) Agency's facsimile number.
IDENTIFICATION SECTION E-Mail Address Agency's e-mail address.
IDENTIFICATION SECTION Code Identification code assigned to the agency or brokerage firm by the insurance company providing the policy coverages
IDENTIFICATION SECTION Subcode If the agency uses a sub-code identification system with the company, enter the appropriate code.
IDENTIFICATION SECTION Agency Customer ID Customer’s identification number assigned by the agency.
IDENTIFICATION SECTION Company Name and address of the applicable insurance company. Use the actual name of the company within the group to which the policy has been issued. Do not use group names.
IDENTIFICATION SECTION Insured Insured’s name and address as they appear on the policy declarations page.
IDENTIFICATION SECTION Loan Number Insured’s loan or account number for this additional interest.
Section Name Field Name Field and/or Section Description
IDENTIFICATION SECTION Policy Number Number exactly as it appears on the policy, including prefix and suffix symbols.
IDENTIFICATION SECTION Effective Date Date on which the terms and conditions of the policy commence.
IDENTIFICATION SECTION Expiration Date Date on which the terms and conditions of the policy expires.
IDENTIFICATION SECTION Continued Until Terminated if Checked If the policy is issued on a Continuous basis, check the available box.
IDENTIFICATION SECTION This Replaces Prior Evidence Dated If a prior Evidence of Property Insurance was issued to this additional interest and this form replaces the old one, enter the date the old form was issued; otherwise, leave this field blank.
PROPERTY INFORMATION Location/Description For buildings, provide the street address and a brief description of the occupancy of the building (e.g., 123 Johnstone Ave, Endicott - one-family dwelling with detached two car garage, or Route 66, five miles south of intersection with I99 - 12 X 12 Storage Building). For other property items, such as inland marine scheduled property (for lessor information), describe the item specifically.
COVERAGE INFORMATION Coverage/Perils/Forms Narrative description of the coverages provided, causes of loss (perils), and the forms attached (e.g., Homeowner - HO3 0792).
COVERAGE INFORMATION Amount of Insurance Amount of insurance for the associated coverage.
COVERAGE INFORMATION Deductible Deductible for the associated coverage.
REMARKS Remarks Space for any additional comments or to list any special conditions that may exist upon the policy.
CANCELLATION Number of Days Number of days before cancellation that the issuing insurer will endeavor to notify the additional interest prior to termination of the policy (e.g., 10 days).
ADDITIONAL INTEREST Name and Address Name and address of the additional interest.
ADDITIONAL INTEREST Nature of Interest Indicate the type of interest by checking the appropriate box. Available options are: Mortgagee, Additional Insured, Loss Payee. Use the optional space to enter any other type of interest. Note: Additional Insured status generally does not apply to property insurance. Exceptions should be discussed with the company underwriter.
ADDITIONAL INTEREST Loan # List any loan number, account number or other controlling number that the additional interest may have assigned the insureds.
ADDITIONAL INTEREST Authorized Representative This form should be signed by an authorized representative of the issuing company.

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At 10:02 AM, Blogger landlordchoice said...

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