ACORD Forms

ACORD Forms Files Review

A Comprehensive Review of Your Files Can Determine E-Doc Direction – articleonlinedirectory.com
Intro: Advancing technologies are providing businesses more opportunities to work remotely. Employees can perform their duties using mobile devices and laptops. Establishing an efficient e-document management system is critical and improving cloud storage systems enable administrators an avenue for staying connected to their employees and maintaining an up-to-date database.
During these difficult economic times, companies are keeping their eyes open for money-saving strategies. Technological improvements have opportunities such as mobile and cloud computing included. Today most businesses use laptops and PCs in their day-to-day trade and many also use smart phones and tablets. Because they have already invested in the hardware any additional investment will be for employee training and software solutions. The timing is right for administrators to construct procedures for an e-document management system.

Concentrate on keeping the system simple and logical. If the existing paper operation is working then reflect its structure and procedures. This approach will save time and energy. If you are considering cloud computing, ascertain how much space you need for your records and research your options. It may make more sense to use free services similar to Google drive; however, you can get greater security and more features if you look into buying some server space to store your e-documents.

If you elect to overhaul your system so you can improve efficiency and productivity, make a plan that is easy to carry out and end-user friendly. While developing your structure or plan, check with your employees and get their comments. Take a look at the different filing schemas: alpha, chronological, numerical and geographical. Which method best fits your business? If you handle home financing, using location could be a good plan. Insurance agencies may manage their filing by alpha or numeric systems. Whatever is most logical for your firm is the best selection. If you use industry-specific or controlled vocabulary, acronyms or abbreviations, be sure to give an index to your personnel to help them when they are creating or filing e-documents. Help your workers visualize the process by furnishing a flowchart once you establish the structure you want.

You should decide upon a security plan as you set up your system. One way to control access or police permissions to certain files or folders is to "password protect" them. Many software programs have built-in security controls which allow you to set different permission levels for each employee. You can also buy business security software that has built-in features that can insure against data theft and can erase records from your android, laptop or PC if it is lost or stolen. Such features will aid you in guarding your clients' information while complying with applicable state laws and industry regulations.

Make routine daily backups of your data. Retain a copy of these daily backups in a safe location off-site. Appoint a responsible staff member for this assignment along with overseeing periodic audits of your e-doc files. Determine how you want to manage out-of-date files: whether to delete or file away in archival folders with limited access controls. Consistent system reviews will assure that e-docs are filed correctly and help you notice areas in which future staff training may be required.

There is not a cookie-cutter solution for everyone because each company is unique in its structure and needs. To ascertain solutions for your business you should administer a comprehensive review of your operations and outline your needs and how best to meet them. Including your personnel in the creation of a more efficient system will make the execution of your new system easier and should increase everyone's confidence.


Click here to view my web site ACORD Forms.

Labels: ACCORD Forms, ACORD Forms, Agency Management System

posted by Wayne @ 11:21 AM

What To Do When There's No More Room On The ACORD Form?

I hear this question a lot. What am I supposed to do when there's not enough room on the ACORD Form to put everything I need?


Well, fortunately ACORD makes an extra form that you can attach for that. It's called "ADDITIONAL REMARKS SCHEDULE" form 101

So, whenever you need more room simply attach this form. The ACORD forms are getting so complex these days that there’s simply not enough room to put critical information.

Here’s a link to ACORD’s FIG file which is a PDF.  FIG is short for Form Information Guide. Basically it describes the fields and what data is proper for those fields.  101 FIG

Labels: What To Do When There's No More Room On The ACORD Form?

posted by Wayne @ 10:22 AM

Introduction to the Property and Casualty Business and ACORD Forms

Introduction to the Property and Casualty Business and ACORD Forms.

In this article I’d like to talk about the property and casualty insurance business. This is the arena where you go to insure your personal property like your automobile, home, motorcycle, recreational vehicle or jewelry for instance. Also commercial businesses insure their property and a host of other things like worker compensation. Worker compensation is where the businesses insure themselves against on the job injury of their employees. They may also insure a fleet of vehicles, or inventory of their merchandise.

Then theirs a lot of certificates of insurance, insurance binders and notice forms that independent insurance agents use regularly. A certificate of insurance is proof that you actually have a valid current insurance policy with adequate coverage. A lien holder like a commercial bank may require a contractor for example to show evidence that they actually have the appropriate amount of coverage since the bank has a vested interest in the property. In the insurance business the bank would be referred to as a Holder.

Business must protect themselves from all kinds of dangers. If someone is injured while on their property they may be liable and are subject to claims filed against them. So they purchase insurance from an agent then the agent has to complete the appropriate forms to protect their business from law suits.

These ACORD forms are then sent to a carrier for submission. The carrier then process the forms to bind the policy, settle claims and such as that.

Each State in the United States of America has its own set of laws so theirs an appropriate ACORD forms that’s legal in each and every state. Some forms are standard across the country like the certificate of insurance form number 25 but others require their own version. For instance, the personal auto form number 90, there is one of them for every state due to the different laws in each state. Now you see why there are so many ACORD forms! It’s a daunting task to keep these forms current seeing how often the laws change.

Independent insurance agents all over the country must deal with a number of different items that they insure. In the industry that’s known as a risk. It’s really complicated and they have over seven hundred forms that they need when doing the paperwork on each item. For instance, when you insure your car the agent has to complete an application form then they need to print an auto id card. If you’re involved in an accident then they have to complete a claim form. So, you can imagine how many forms they have to keep track of. In fact they have a collection of over seven hundred forms at their disposal.

These forms are produced by a non profit organization called ACORD. They license their forms to software vendors for distribution to the agents. You can get more information by clicking on one of the links in this article; there you’ll find samples and instructions on how to complete the forms. Also, training videos are posted so it’s a great over all learning experience.

Forms Boss is the best software for managing ACORD forms.  Our program will track clients, prospects as well as create any one of over seven hundred ACORD forms.  We’ve automated the process to save time and money. Plus, it’s really simple and easy to use. 

Check us out by clicking here.

Labels: Introduction to the Property and Casualty Business and ACORD Forms

posted by Wayne @ 7:43 PM

ACORD Forms: How to complete an Evidence of Commercial Property Insurance Instructions 28

ACORD 28 (2006/07) 1 of 10 Universal wording updates to improve clarity and intent were made to all FIG text for this form on 05/29/2009.

Section Name Field Name Field and/or Section Description
TITLE ACORD 28 (2006/07) Evidence of Commercial Property Insurance The title of the form. ACORD 28, Evidence of Commercial Property Insurance, provides a coverage statement for mortgagees, additional insureds and loss payees who provide mortgages or loans on real property or business personal property insured under a Commercial Lines policy, and are named in the policy. Insurance coverage on large commercial property can have many variables. Coverages, coinsurance percentages, deductibles and other details can vary widely and are important considerations to mortgagees and other lenders. In addition, The Terrorism Risk Insurance Act and the recent increase in exposure to mold and fungus losses have resulted in a greater need to know more about the specific terms of the insurance contract. ACORD 28 provides check boxes and pre-printed text to communicate important insurance details. The intent is to minimize follow-up conversations and correspondence with respect to information that is required in most cases involving large commercial real estate. ACORD 28 provides information about coverages currently in force on a policy. IMPORTANT
TITLE Use ACORD 27, Evidence of Property Insurance, to provide information to mortgagees and loss payees who provide mortgages or loans on residential property, personal property or small commercial properties where less detail is required by the mortgagee or loss payee. 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.
IDENTIFICATION SECTION Date
IDENTIFICATION SECTION Producer Name, Contact Person and Address 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
IDENTIFICATION SECTION Producer Name, Contact Person and Address Enter text: The name of the individual at the producer's establishment that is the primary contact.
ACORD 28 (2006/07) 2 of 10
Section Name Field Name Field and/or Section Description
IDENTIFICATION SECTION Producer Name, Contact Person and Address Enter text: The mailing address line one of the producer/agency.
IDENTIFICATION SECTION Producer Name, Contact Person and Address Enter text: The mailing address line two of the producer/agency.
IDENTIFICATION SECTION Producer Name, Contact Person and Address Enter text: The mailing address city name of the producer/agency.
IDENTIFICATION SECTION Producer Name, Contact Person and Address Enter code: The mailing address state or province code of the producer/agency.
IDENTIFICATION SECTION Producer Name, Contact Person and Address Enter code: The mailing address postal code of the producer/agency.
IDENTIFICATION SECTION Phone (A/C, No, Ext) Enter number: The producer's contact person's phone number. If applicable, include the area code and extension.
IDENTIFICATION SECTION Fax (A/C, No) Enter number: The fax number of the producer/agency.
IDENTIFICATION SECTION E-Mail Address Enter text: The producer's contact person e-mail address.
IDENTIFICATION SECTION Code Enter code: The identification code assigned to the producer (e.g. agency or brokerage firm) by the insurer.
IDENTIFICATION SECTION Subcode Enter code: The identification code assigned by the insurer to the sub-producer (e.g. person) within a producer's office (e.g. agency or brokerage).
IDENTIFICATION SECTION Agency Customer ID Enter identifier: The customer's identification number assigned by the producer (e.g. agency or brokerage).
IDENTIFICATION SECTION Named Insured and Address Enter text: The named insured(s) as it/they will appear on the policy declarations page.
IDENTIFICATION SECTION Enter text: The named insured's mailing address line one.
IDENTIFICATION SECTION Enter text: The named insured's mailing address line two.
IDENTIFICATION SECTION Enter text: The named insured's mailing address city name.
IDENTIFICATION SECTION Enter code: The named insured's mailing address state or province code.
IDENTIFICATION SECTION Enter code: The named insured's mailing address postal code.
IDENTIFICATION SECTION Additional Named Insured(s) Enter text: The named insured(s) as it/they will appear on the policy declarations page.
ACORD 28 (2006/07) 3 of 10
Section Name Field Name Field and/or Section Description
IDENTIFICATION SECTION Company Name and Address Enter text: The insurer's full legal company name(s) as found in the file copy of the policy. Use the actual name of the company within the group to which the policy has been issued. This is not the insurer's group name or trade name.
IDENTIFICATION SECTION Enter text: The first line of the insurer's mailing address.
IDENTIFICATION SECTION Enter text: The second line of the insurer's mailing address.
IDENTIFICATION SECTION Enter text: The city of the insurer's mailing address.
IDENTIFICATION SECTION Enter code: The state or province of the insurer's mailing address.
IDENTIFICATION SECTION Enter code: The postal code of the insurer's mailing address.
IDENTIFICATION SECTION NAIC No. Enter code: The identification code assigned to the insurer by the NAIC.
IDENTIFICATION SECTION Policy Type Enter text: The type of policy issued to the insured (e. g., personal auto, truckers, garage liability, commercial property, builders risk, etc.).
IDENTIFICATION SECTION Loan Number Enter identifier: The loan number, account number or other controlling number that the additional interest may have assigned the insured.
IDENTIFICATION SECTION Policy Number Enter identifier: The identifier assigned by the insurer to the policy, or submission, being referenced exactly as it appears on the policy, including prefix and suffix symbols. If required for self-insurance, the self-insured license or contract number.
IDENTIFICATION SECTION Effective Date Enter date: The effective date of the policy. The date that the terms and conditions of the policy commence.
IDENTIFICATION SECTION Expiration Date Enter date: The date on which the terms and conditions of the policy will expire.
IDENTIFICATION SECTION Continued Until Terminated if Checked Check the box (if applicable): Indicates the policy was issued on a continuous basis.
IDENTIFICATION SECTION This Replaces Prior Evidence Dated Enter date: The date the prior Evidence of Property Insurance, which this form replaces, was issued to this additional interest.
PROPERTY INFORMATION Building (checkbox) Check the box (if applicable): Indicates that Building Coverage applies.
PROPERTY INFORMATION Business Personal Property Check the box (if applicable): Indicates that Business Personal Property Coverage applies.
PROPERTY INFORMATION Location/Description Enter text: The first address line of the physical location.
ACORD 28 (2006/07) 4 of 10
Section Name Field Name Field and/or Section Description
PROPERTY INFORMATION Enter text: The second address line of the physical location.
PROPERTY INFORMATION Enter text: The city of the physical location.
PROPERTY INFORMATION Enter code: The state or province of the physical location.
PROPERTY INFORMATION Enter code: The postal code of the physical location.
PROPERTY INFORMATION Enter text: The description of the location used to differentiate locations such as vacant land, apartment buildings, townhouses, single family dwellings, farms. Provide the number of acres if farm land.
COVERAGE INFORMATION Basic Check the box (if applicable): Indicates the type of policy/perils insured is basic.
COVERAGE INFORMATION Broad Check the box (if applicable): Indicates the type of policy/perils insured is broad.
COVERAGE INFORMATION Special Check the box (if applicable): Indicates the type of policy/perils insured is special.
COVERAGE INFORMATION Other Peril Check the box (if applicable): Indicates the type of policy/perils insured is other than those listed.
COVERAGE INFORMATION Describe Other Peril Enter text: The description of the type of policy issued to the insured.
COVERAGE INFORMATION Commercial Property Coverage Amount of Insurance Enter limit: The limit applicable to the commercial property coverage.
COVERAGE INFORMATION Deductible Enter deductible: The deductible applicable to the commercial property coverage.
COVERAGE INFORMATION Business Income Check the box (if applicable): Indicates business income coverage applies. As used here, if the mortgage or loan requires Business Income coverage, indicate the applicable limit, or the number of months of coverage if coverage is provided on an actual loss sustained basis.
COVERAGE INFORMATION Rental Value Check the box (if applicable): Indicates rental value coverage applies. As used here, if the mortgage or loan requires either Rental Value coverage, indicate the applicable limit, or the number of months of coverage if coverage is provided on an actual loss sustained basis.
COVERAGE INFORMATION Business Income Or Rental Value -Yes Check the box (if applicable): Indicates business income or rental value coverage exists.
ACORD 28 (2006/07) 5 of 10
Section Name Field Name Field and/or Section Description
COVERAGE INFORMATION Business Income Or Rental Value Limit Enter limit: The limit applicable to the business income or rental value coverage.
COVERAGE INFORMATION Actual Loss Sustained Checkbox Check the box (if applicable): Indicates the coverage is on an actual loss sustained basis.
COVERAGE INFORMATION Actual Loss Sustained Number Of Months Enter number: The number of months of coverage.
COVERAGE INFORMATION Business Income Or Rental Value -No Check the box (if applicable): Indicates business income or rental value coverage does not exists.
COVERAGE INFORMATION Business Income Or Rental Value -NA Check the box (if applicable): Indicates business income or rental value coverage is not applicable.
COVERAGE INFORMATION Blanket Coverage YES Check the box (if applicable): Indicates blanket coverage exists. As used here, if yes, indicate value(s) reported on properties identified in the Property Information section.
COVERAGE INFORMATION If YES, Indicate value(s) reported on property identified above Enter amount: The value for each property in accordance with the valuation method and the subject of insurance.
COVERAGE INFORMATION Blanket Coverage No Check the box (if applicable): Indicates blanket coverage does not exist.
COVERAGE INFORMATION Blanket Coverage N/A Check the box (if applicable): Indicates blanket coverage is not applicable.
COVERAGE INFORMATION Terrorism Coverage YES Check the box (if applicable): Indicates terrorism coverage exists. As used here, if yes, attach Disclosure Notice / DEC.
COVERAGE INFORMATION Terrorism Coverage No Check the box (if applicable): Indicates terrorism coverage does not exist.
COVERAGE INFORMATION Terrorism Coverage N/A Check the box (if applicable): Indicates terrorism coverage is not applicable.
COVERAGE INFORMATION Is there a terrorism-specific exclusion? Yes Check the box (if applicable): Indicates a terrorism exclusion applies.
COVERAGE INFORMATION Is there a terrorism-specific exclusion? No Check the box (if applicable): Indicates a terrorism exclusion does not exist.
COVERAGE INFORMATION Is there a terrorism-specific exclusion? N/A Check the box (if applicable): Indicates a terrorism exclusion is not applicable.
COVERAGE INFORMATION Is domestic terrorism excluded? Yes Check the box (if applicable): Indicates a domestic terrorism exclusion applies.
COVERAGE INFORMATION Is domestic terrorism excluded? No Check the box (if applicable): Indicates a domestic terrorism exclusion does not exist.
ACORD 28 (2006/07) 6 of 10
Section Name Field Name Field and/or Section Description
COVERAGE INFORMATION Is domestic terrorism excluded? N/A Check the box (if applicable): Indicates a domestic terrorism exclusion is not applicable.
COVERAGE INFORMATION Limited Fungus Coverage YES Check the box (if applicable): Indicates limited fungus coverage applies. As used here, if yes, indicate the limit for this coverage and the applicable deducible.
COVERAGE INFORMATION Limited Fungus Coverage Limit Enter limit: The limit applicable to limited fungus coverage.
COVERAGE INFORMATION Limited Fungus Coverage Deductible Enter deductible: The deductible applicable to limited fungus coverage.
COVERAGE INFORMATION Limited Fungus Coverage No Check the box (if applicable): Indicates limited fungus coverage does not exist.
COVERAGE INFORMATION Limited Fungus Coverage N/A Check the box (if applicable): Indicates limited fungus coverage is not applicable.
COVERAGE INFORMATION Fungus Exclusion YES Check the box (if applicable): Indicates a fungus exclusion applies. As used here, if yes, indicate the form number, the form date and the owner (name of organization) of the form.
COVERAGE INFORMATION Form Number Enter identifier: The number used by the insurer for this form.
COVERAGE INFORMATION Form Date Enter date: The edition date of the form.
COVERAGE INFORMATION Name of Organization Enter code: Indicates the entity that has copyright ownership of the form.
COVERAGE INFORMATION Fungus Exclusion No Check the box (if applicable): Indicates a fungus exclusion does not exist.
COVERAGE INFORMATION Fungus Exclusion N/A Check the box (if applicable): Indicates a fungus exclusion is not applicable.
COVERAGE INFORMATION Replacement Cost YES Check the box (if applicable): Indicates replacement cost coverage exists.
COVERAGE INFORMATION Replacement Cost No Check the box (if applicable): Indicates replacement cost coverage does not exist.
COVERAGE INFORMATION Replacement Cost N/A Check the box (if applicable): Indicates replacement cost coverage is not applicable.
COVERAGE INFORMATION Agreed Value YES Check the box (if applicable): Indicates a valuation type of agreed amount exists.
COVERAGE INFORMATION Agreed Value No Check the box (if applicable): Indicates a valuation type of agreed amount does not exist.
ACORD 28 (2006/07) 7 of 10
Section Name Field Name Field and/or Section Description
COVERAGE INFORMATION Agreed Value N/A Check the box (if applicable): Indicates a valuation type of agreed amount is not applicable.
COVERAGE INFORMATION Co-insurance YES Check the box (if applicable): Indicates a coinsurance percentage exists. As used here, if yes, indicate percent.
COVERAGE INFORMATION Co-insurance Percent Enter percentage: The Coinsurance Percentage is the percentage of the total value of the subject of insurance being insured. If the amount of insurance falls below this percentage, the insured must share in the amount of the loss. This field should be completed even when writing agreed amount coverage.
COVERAGE INFORMATION Co-insurance No Check the box (if applicable): Indicates a coinsurance percentage does not exist.
COVERAGE INFORMATION Co-insurance N/A Check the box (if applicable): Indicates a coinsurance percentage is not applicable.
COVERAGE INFORMATION Equipment Breakdown (If applicable) YES Check the box (if applicable): Indicates equipment breakdown coverage exists. As used here, if yes, indicate the limit for this coverage and the applicable deductible.
COVERAGE INFORMATION Equipment Breakdown Limit Enter limit: The limit applicable to equipment breakdown coverage.
COVERAGE INFORMATION Equipment Breakdown Deductible Enter deductible: The deductible applicable to equipment breakdown coverage.
COVERAGE INFORMATION Equipment Breakdown No Check the box (if applicable): Indicates equipment breakdown coverage does not exist.
COVERAGE INFORMATION Equipment Breakdown N/A Check the box (if applicable): Indicates equipment breakdown coverage is not applicable.
COVERAGE INFORMATION Ordinance or Law - Coverage for loss to undamaged portion of building YES Check the box (if applicable): Indicates building ordinance or law undamaged portion of building coverage exists.
COVERAGE INFORMATION Ordinance or Law Coverage to undamaged portion of building No Check the box (if applicable): Indicates building ordinance or law undamaged portion of building coverage does not exist.
COVERAGE INFORMATION Ordinance or Law Coverage to undamaged portion of building N/A Check the box (if applicable): Indicates building ordinance or law undamaged portion of building coverage is not applicable.
COVERAGE INFORMATION Ordinance or Law Demolition Costs Yes Check the box (if applicable): Indicates building ordinance or law demolition costs coverage exists. As used here, if yes, indicate the limit for this coverage and the applicable deductible.
COVERAGE INFORMATION Ordinance or Law Demolition Costs Limit Enter limit: The limit applicable to building ordinance or law demolition costs coverage.
ACORD 28 (2006/07) 8 of 10
Section Name Field Name Field and/or Section Description
COVERAGE INFORMATION Ordinance or Law Demolition Costs Deductible Enter deductible: The deductible applicable to building ordinance or law demolition costs coverage.
COVERAGE INFORMATION Ordinance or Law Demolition Costs No Check the box (if applicable): Indicates building ordinance or law demolition costs coverage does not exist.
COVERAGE INFORMATION Ordinance or Law Demolition Costs N/A Check the box (if applicable): Indicates building ordinance or law demolition costs coverage is not applicable.
COVERAGE INFORMATION Ordinance or Law Increase Cost of Construction Yes Check the box (if applicable): Indicates building ordinance or law increased cost of construction coverage exists. As used here, if yes, indicate the limit for this coverage and the applicable deductible.
COVERAGE INFORMATION Ordinance or Law Increase Cost of Construction Limit Enter limit: The limit applicable to building ordinance or law increased cost of construction coverage.
COVERAGE INFORMATION Ordinance or Law Increase Cost of Construction Deductible Enter deductible: The deductible applicable to building ordinance or law increased cost of construction coverage.
COVERAGE INFORMATION Ordinance or Law Increase Cost of Construction No Check the box (if applicable): Indicates building ordinance or law increased cost of construction coverage does not exist.
COVERAGE INFORMATION Ordinance or Law Increase Cost of Construction N/A Check the box (if applicable): Indicates building ordinance or law increased cost of construction coverage is not applicable.
COVERAGE INFORMATION Earth Movement Yes Check the box (if applicable): Indicates earth movement coverage exists. As used here, if yes, indicate the limit for this coverage and the applicable deductible.
COVERAGE INFORMATION Earth Movement Limit Enter limit: The limit applicable to earth movement coverage.
COVERAGE INFORMATION Earth Movement Deductible Enter deductible: The deductible applicable to earth movement coverage.
COVERAGE INFORMATION Earth Movement No Check the box (if applicable): Indicates earth movement coverage does not exist.
COVERAGE INFORMATION Earth Movement N/A Check the box (if applicable): Indicates earth movement coverage is not applicable.
COVERAGE INFORMATION Flood Yes Check the box (if applicable): Indicates flood coverage exists. As used here, if yes, indicate the limit for this coverage and the applicable deductible.
COVERAGE INFORMATION Flood Limit Enter limit: The limit applicable to flood coverage.
COVERAGE INFORMATION Flood Deductible Enter deductible: The deductible applicable to flood coverage.
COVERAGE INFORMATION Flood No Check the box (if applicable): Indicates flood coverage does not exist.
ACORD 28 (2006/07) 9 of 10
Section Name Field Name Field and/or Section Description
COVERAGE INFORMATION Flood N/A Check the box (if applicable): Indicates flood coverage is not applicable.
COVERAGE INFORMATION Wind/Hail (If subject to different provisions) YES Check the box (if applicable): Indicates wind/hail coverage exists. As used here, if yes, indicate the limit for this coverage and the applicable deductible.
COVERAGE INFORMATION Wind/Hail If Different Provisions Limit Enter limit: The limit applicable to wind/hail coverage.
COVERAGE INFORMATION Wind/Hail If Different Provisions Deductible Enter deductible: The deductible applicable to wind/hail coverage.
COVERAGE INFORMATION Wind/Hail If Different Provisions No Check the box (if applicable): Indicates wind/hail coverage does not exist.
COVERAGE INFORMATION Wind/Hail If Different Provisions N/A Check the box (if applicable): Indicates wind/hail coverage is not applicable.
COVERAGE INFORMATION Permission to waive subrogation in favor of mortgage holder prior to loss Yes Check the box (if applicable): Indicates the permission to waive subrogation in favor of mortgage holder prior to loss is granted
COVERAGE INFORMATION Permission to waive subrogation in favor of mortgage holder prior to loss No Check the box (if applicable): Indicates the permission to waive subrogation in favor of mortgage holder prior to loss is not granted.
COVERAGE INFORMATION Permission to waive subrogation in favor of mortgage holder prior to loss N/A Check the box (if applicable): Indicates the permission to waive subrogation in favor of mortgage holder prior to loss is not applicable.
COVERAGE INFORMATION Coverage Other Description Enter text: The description of the coverage.
COVERAGE INFORMATION Coverage Other Yes Check the box (if applicable): Indicates the coverage described exists.
COVERAGE INFORMATION Coverage Other No Check the box (if applicable): Indicates the coverage described does not exist.
COVERAGE INFORMATION Coverage Other N/A Check the box (if applicable): Indicates the coverage described is not applicable.
COVERAGE INFORMATION Coverage Other Limit and/or Deductible Text Enter text: The additional information required for the coverage. This may include limits and deductibles.
ACORD 28 (2006/07) 10 of 10
Section Name Field Name Field and/or Section Description
CANCELLATION Number of Days Enter number: The 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 Mortgagee Checkbox Check the box (if applicable): Indicates the additional interest type is a mortgagee.
ADDITIONAL INTEREST Lender Loss Payable Checkbox Check the box (if applicable): Indicates the additional interest type is a lenders loss payable.
ADDITIONAL INTEREST Contract of Sale Checkbox Check the box (if applicable): Indicates the additional interest type is a contract of sale.
ADDITIONAL INTEREST Other Checkbox Check the box (if applicable): Indicates the additional interest is not any of the types listed on the form.
ADDITIONAL INTEREST Other Description Enter text: The description of the type of interest in the item.
ADDITIONAL INTEREST Name and Address Enter text: The additional interest's full name.
ADDITIONAL INTEREST Enter text: The additional interest's mailing address line one.
ADDITIONAL INTEREST Enter text: The additional interest's mailing address line two.
ADDITIONAL INTEREST Enter text: The additional interest's mailing address city name.
ADDITIONAL INTEREST Enter code: The additional interest's mailing address state or province code.
ADDITIONAL INTEREST Enter code: The additional interest's mailing address postal code.
ADDITIONAL INTEREST Lender Servicing Agent Name and Address Enter text: The additional interest's full name. As used here, this is the lender servicing agent.
ADDITIONAL INTEREST Enter text: The additional interest's mailing address line one. As used here, this is the lender servicing agent.
ADDITIONAL INTEREST Enter text: The additional interest's mailing address line two. As used here, this is the lender servicing agent.
ADDITIONAL INTEREST Enter text: The additional interest's mailing address city name. As used here, this is the lender servicing agent.
ADDITIONAL INTEREST Enter code: The additional interest's mailing address state or province code. As used here, this is the lender servicing agent.
ADDITIONAL INTEREST Enter code: The additional interest's mailing address postal code. As used here, this is the lender servicing agent.
ADDITIONAL INTEREST Authorized Representative Sign here: Accommodates the signature of the authorized representative (e.g. producer, agent, broker, etc.). by all companies to issue Certificates. This is required in most states.
REMARKS REMARKS Enter text: The Evidence Of Commercial Property Insurance general remarks.
Edition Date The edition identifier of the form including the form number and edition (the date is typically formatted YYYY/MM).

Click here to view my web site ACORD Forms.

Labels: How to complete an Evidence of Commercial Property Insurance Instructions 28

posted by Wayne @ 2:09 PM

ACORD Forms: How to complete a Cancellation Request/Policy Release 35

This guide provides basic instructions for completing the ACORD Cancellation Request/Policy Release form. It explains information the company needs to process the transaction.

This form is used as tangible evidence of the insured's instruction to cancel a contract. It can be used for either Personal or Commercial Lines, or as an enclosure to the returned original contract, when available.

* Method of cancellation and all calculations should be confirmed with the company before final settlement of the account with the insured. Caution should be exercised to ensure proper signature specifications are followed, as required by the company.

Insured entities must have an authorized signature and title where applicable. Individual companies may have specific requirements for additional information particularly in situations of "Policy Rewritten" or "Pro Rata" cancellations.

Verify that cancellation notice rights have not been extended to additional parties.

Premium financed policies should be discreetly handled to ensure proper transmittal of premium and information.


IDENTIFICATION SECTION

Date
Month/day/year on which the form was completed.

Producer

Name and address of the producer of record whose policy is being cancelled or released.

Phone (A/C, No, Ext)

Producer's telephone number.

Code

Identifying code assigned to your agency or brokerage firm by the insurance company receiving this form.

Subcode

If your agency uses a subcode identification system with the company, enter the appropriate code.

Agency Customer ID

Customer's identification number assigned by the agency.

Company Name and Address

Issuing company's name, NAIC code, and address shown on the policy being cancelled or released. Do not use group or trade name.

Policy Type

Specific type of insurance (e.g., Automobile Policy, Workers Compensation, Homeowners, etc.).

Insured Name and Address

Name, mailing address and ZIP code of the insured as it appears on the policy. If the policy is issued to multiple named insureds, and the space is not adequate to list them all, enter only the first named insured followed by "et al."


CANCELED POLICY INFORMATION

Policy Number

Policy Number exactly as it appears on the policy, including both prefix and suffix symbols.


Effective Date and Hour of Cancellation

List the effective date of the policy cancellation in month/day/year format. Enter the time including, AM or PM, that the policy cancellation takes effect.


Policy Term

List the full term effective and expiration dates as listed on the policy.


CANCELLATION REQUEST (Policy Attached)


If this form is being used to notify the carrier of policy cancellation and the insured's original copy of the policy is attached, check this box and return both this form and original policy to the company.



POLICY RELEASE (Complete Statement Section below)


Policy Release

Mark "X" in this block only if this document is used as a Policy Release (policy not attached).



Witness

When this document is used as a Policy Release, an insured should have a witness sign and date the form before returning it to the agent.



Signature of Named Insured

First named insured must sign and date this form when used as either a Cancellation Request or Policy Release.



Additional Interest

Provide the name and address of any Lien Holder, Mortgagee or Loss Payee. Identify this entity by marking "X" in the appropriate box.



The signature and title of an authorized representative of any additional interest indicated in the contract must be obtained if the document is used as a Policy Release. Space is provided for the corresponding signature date.



FOR AGENCY/COMPANY USE



Reason for Cancellation

Mark "X" in the appropriate block to indicate the reason for cancellation of the policy. Available options are:

Not Taken
Request of Insured
Rewritten (complete below)
Other (Identify)


If Rewritten is indicated, enter the new Company, Policy Number, and Inception Date in the spaces provided. If Other is indicated, identify the reason in the space provided.



Company

The name of the company that the rewritten policy has been placed with.



Policy Number

The new policy number for the rewritten policy.



Effective Date

The effective date of the rewritten policy.



Remarks



Method of Cancellation

Mark "X" in the appropriate box indicating method of cancellation. Available options are:

Flat
Short Rate
Pro Rata


Note: Individual companies may have specific requirements for additional information, particularly in situations of rewritten or pro-rata cancellations. The method of cancellation and all calculations should be confirmed with the company before final settlement of the account with the insured.

Full Term Premium

Premium for the full term (six months, annual, etc.) of the policy, including endorsements.



Unearned Factor

Unearned factor from either the short rate or pro-rata tables for the unearned period of time; from date of cancellation to date of policy expiration.



Return Premium

Gross return premium equals the unearned factor multiplied by the full term premium.



REMARKS



List any additional comments regarding the cancellation. Explanations should be made regarding back-dated cancellations or why premium is listed as being pro-rated instead of short-rated.

NAME AND ADDRESS - Request/ Release Distribution


Use these sections to list any additional distributions for this form, including the new agent of record, if any. Check the appropriate box for the corresponding address. The line within the name and address field is a margin setting used for window envelopes.

PRODUCER'S SIGNATURE
This form should be signed by the agent completing it.

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Labels: How to complete a Cancellation Request/Policy Release 35

posted by Wayne @ 12:59 PM

ACORD Forms: How to complete an Evidence of Commercial Property 28

ACORD 28 Instructions

ACORD 28 (2006/07) 1 of 10 Universal wording updates to improve clarity and intent were made to all FIG text for this form on 05/29/2009.
Section Name Field Name Field and/or Section Description
TITLE ACORD 28 (2006/07) Evidence of Commercial Property Insurance The title of the form. ACORD 28, Evidence of Commercial Property Insurance, provides a coverage statement for mortgagees, additional insureds and loss payees who provide mortgages or loans on real property or business personal property insured under a Commercial Lines policy, and are named in the policy. Insurance coverage on large commercial property can have many variables. Coverages, coinsurance percentages, deductibles and other details can vary widely and are important considerations to mortgagees and other lenders. In addition, The Terrorism Risk Insurance Act and the recent increase in exposure to mold and fungus losses have resulted in a greater need to know more about the specific terms of the insurance contract. ACORD 28 provides check boxes and pre-printed text to communicate important insurance details. The intent is to minimize follow-up conversations and correspondence with respect to information that is required in most cases involving large commercial real estate. ACORD 28 provides information about coverages currently in force on a policy. IMPORTANT
TITLE Use ACORD 27, Evidence of Property Insurance, to provide information to mortgagees and loss payees who provide mortgages or loans on residential property, personal property or small commercial properties where less detail is required by the mortgagee or loss payee. 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.
IDENTIFICATION SECTION Date
IDENTIFICATION SECTION Producer Name, Contact Person and Address 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
IDENTIFICATION SECTION Producer Name, Contact Person and Address Enter text: The name of the individual at the producer's establishment that is the primary contact.
ACORD 28 (2006/07) 2 of 10
Section Name Field Name Field and/or Section Description
IDENTIFICATION SECTION Producer Name, Contact Person and Address Enter text: The mailing address line one of the producer/agency.
IDENTIFICATION SECTION Producer Name, Contact Person and Address Enter text: The mailing address line two of the producer/agency.
IDENTIFICATION SECTION Producer Name, Contact Person and Address Enter text: The mailing address city name of the producer/agency.
IDENTIFICATION SECTION Producer Name, Contact Person and Address Enter code: The mailing address state or province code of the producer/agency.
IDENTIFICATION SECTION Producer Name, Contact Person and Address Enter code: The mailing address postal code of the producer/agency.
IDENTIFICATION SECTION Phone (A/C, No, Ext) Enter number: The producer's contact person's phone number. If applicable, include the area code and extension.
IDENTIFICATION SECTION Fax (A/C, No) Enter number: The fax number of the producer/agency.
IDENTIFICATION SECTION E-Mail Address Enter text: The producer's contact person e-mail address.
IDENTIFICATION SECTION Code Enter code: The identification code assigned to the producer (e.g. agency or brokerage firm) by the insurer.
IDENTIFICATION SECTION Subcode Enter code: The identification code assigned by the insurer to the sub-producer (e.g. person) within a producer's office (e.g. agency or brokerage).
IDENTIFICATION SECTION Agency Customer ID Enter identifier: The customer's identification number assigned by the producer (e.g. agency or brokerage).
IDENTIFICATION SECTION Named Insured and Address Enter text: The named insured(s) as it/they will appear on the policy declarations page.
IDENTIFICATION SECTION Enter text: The named insured's mailing address line one.
IDENTIFICATION SECTION Enter text: The named insured's mailing address line two.
IDENTIFICATION SECTION Enter text: The named insured's mailing address city name.
IDENTIFICATION SECTION Enter code: The named insured's mailing address state or province code.
IDENTIFICATION SECTION Enter code: The named insured's mailing address postal code.
IDENTIFICATION SECTION Additional Named Insured(s) Enter text: The named insured(s) as it/they will appear on the policy declarations page.
ACORD 28 (2006/07) 3 of 10
Section Name Field Name Field and/or Section Description
IDENTIFICATION SECTION Company Name and Address Enter text: The insurer's full legal company name(s) as found in the file copy of the policy. Use the actual name of the company within the group to which the policy has been issued. This is not the insurer's group name or trade name.
IDENTIFICATION SECTION Enter text: The first line of the insurer's mailing address.
IDENTIFICATION SECTION Enter text: The second line of the insurer's mailing address.
IDENTIFICATION SECTION Enter text: The city of the insurer's mailing address.
IDENTIFICATION SECTION Enter code: The state or province of the insurer's mailing address.
IDENTIFICATION SECTION Enter code: The postal code of the insurer's mailing address.
IDENTIFICATION SECTION NAIC No. Enter code: The identification code assigned to the insurer by the NAIC.
IDENTIFICATION SECTION Policy Type Enter text: The type of policy issued to the insured (e. g., personal auto, truckers, garage liability, commercial property, builders risk, etc.).
IDENTIFICATION SECTION Loan Number Enter identifier: The loan number, account number or other controlling number that the additional interest may have assigned the insured.
IDENTIFICATION SECTION Policy Number Enter identifier: The identifier assigned by the insurer to the policy, or submission, being referenced exactly as it appears on the policy, including prefix and suffix symbols. If required for self-insurance, the self-insured license or contract number.
IDENTIFICATION SECTION Effective Date Enter date: The effective date of the policy. The date that the terms and conditions of the policy commence.
IDENTIFICATION SECTION Expiration Date Enter date: The date on which the terms and conditions of the policy will expire.
IDENTIFICATION SECTION Continued Until Terminated if Checked Check the box (if applicable): Indicates the policy was issued on a continuous basis.
IDENTIFICATION SECTION This Replaces Prior Evidence Dated Enter date: The date the prior Evidence of Property Insurance, which this form replaces, was issued to this additional interest.
PROPERTY INFORMATION Building (checkbox) Check the box (if applicable): Indicates that Building Coverage applies.
PROPERTY INFORMATION Business Personal Property Check the box (if applicable): Indicates that Business Personal Property Coverage applies.
PROPERTY INFORMATION Location/Description Enter text: The first address line of the physical location.
ACORD 28 (2006/07) 4 of 10
Section Name Field Name Field and/or Section Description
PROPERTY INFORMATION Enter text: The second address line of the physical location.
PROPERTY INFORMATION Enter text: The city of the physical location.
PROPERTY INFORMATION Enter code: The state or province of the physical location.
PROPERTY INFORMATION Enter code: The postal code of the physical location.
PROPERTY INFORMATION Enter text: The description of the location used to differentiate locations such as vacant land, apartment buildings, townhouses, single family dwellings, farms. Provide the number of acres if farm land.
COVERAGE INFORMATION Basic Check the box (if applicable): Indicates the type of policy/perils insured is basic.
COVERAGE INFORMATION Broad Check the box (if applicable): Indicates the type of policy/perils insured is broad.
COVERAGE INFORMATION Special Check the box (if applicable): Indicates the type of policy/perils insured is special.
COVERAGE INFORMATION Other Peril Check the box (if applicable): Indicates the type of policy/perils insured is other than those listed.
COVERAGE INFORMATION Describe Other Peril Enter text: The description of the type of policy issued to the insured.
COVERAGE INFORMATION Commercial Property Coverage Amount of Insurance Enter limit: The limit applicable to the commercial property coverage.
COVERAGE INFORMATION Deductible Enter deductible: The deductible applicable to the commercial property coverage.
COVERAGE INFORMATION Business Income Check the box (if applicable): Indicates business income coverage applies. As used here, if the mortgage or loan requires Business Income coverage, indicate the applicable limit, or the number of months of coverage if coverage is provided on an actual loss sustained basis.
COVERAGE INFORMATION Rental Value Check the box (if applicable): Indicates rental value coverage applies. As used here, if the mortgage or loan requires either Rental Value coverage, indicate the applicable limit, or the number of months of coverage if coverage is provided on an actual loss sustained basis.
COVERAGE INFORMATION Business Income Or Rental Value -Yes Check the box (if applicable): Indicates business income or rental value coverage exists.
ACORD 28 (2006/07) 5 of 10
Section Name Field Name Field and/or Section Description
COVERAGE INFORMATION Business Income Or Rental Value Limit Enter limit: The limit applicable to the business income or rental value coverage.
COVERAGE INFORMATION Actual Loss Sustained Checkbox Check the box (if applicable): Indicates the coverage is on an actual loss sustained basis.
COVERAGE INFORMATION Actual Loss Sustained Number Of Months Enter number: The number of months of coverage.
COVERAGE INFORMATION Business Income Or Rental Value -No Check the box (if applicable): Indicates business income or rental value coverage does not exists.
COVERAGE INFORMATION Business Income Or Rental Value -NA Check the box (if applicable): Indicates business income or rental value coverage is not applicable.
COVERAGE INFORMATION Blanket Coverage YES Check the box (if applicable): Indicates blanket coverage exists. As used here, if yes, indicate value(s) reported on properties identified in the Property Information section.
COVERAGE INFORMATION If YES, Indicate value(s) reported on property identified above Enter amount: The value for each property in accordance with the valuation method and the subject of insurance.
COVERAGE INFORMATION Blanket Coverage No Check the box (if applicable): Indicates blanket coverage does not exist.
COVERAGE INFORMATION Blanket Coverage N/A Check the box (if applicable): Indicates blanket coverage is not applicable.
COVERAGE INFORMATION Terrorism Coverage YES Check the box (if applicable): Indicates terrorism coverage exists. As used here, if yes, attach Disclosure Notice / DEC.
COVERAGE INFORMATION Terrorism Coverage No Check the box (if applicable): Indicates terrorism coverage does not exist.
COVERAGE INFORMATION Terrorism Coverage N/A Check the box (if applicable): Indicates terrorism coverage is not applicable.
COVERAGE INFORMATION Is there a terrorism-specific exclusion? Yes Check the box (if applicable): Indicates a terrorism exclusion applies.
COVERAGE INFORMATION Is there a terrorism-specific exclusion? No Check the box (if applicable): Indicates a terrorism exclusion does not exist.
COVERAGE INFORMATION Is there a terrorism-specific exclusion? N/A Check the box (if applicable): Indicates a terrorism exclusion is not applicable.
COVERAGE INFORMATION Is domestic terrorism excluded? Yes Check the box (if applicable): Indicates a domestic terrorism exclusion applies.
COVERAGE INFORMATION Is domestic terrorism excluded? No Check the box (if applicable): Indicates a domestic terrorism exclusion does not exist.
ACORD 28 (2006/07) 6 of 10
Section Name Field Name Field and/or Section Description
COVERAGE INFORMATION Is domestic terrorism excluded? N/A Check the box (if applicable): Indicates a domestic terrorism exclusion is not applicable.
COVERAGE INFORMATION Limited Fungus Coverage YES Check the box (if applicable): Indicates limited fungus coverage applies. As used here, if yes, indicate the limit for this coverage and the applicable deducible.
COVERAGE INFORMATION Limited Fungus Coverage Limit Enter limit: The limit applicable to limited fungus coverage.
COVERAGE INFORMATION Limited Fungus Coverage Deductible Enter deductible: The deductible applicable to limited fungus coverage.
COVERAGE INFORMATION Limited Fungus Coverage No Check the box (if applicable): Indicates limited fungus coverage does not exist.
COVERAGE INFORMATION Limited Fungus Coverage N/A Check the box (if applicable): Indicates limited fungus coverage is not applicable.
COVERAGE INFORMATION Fungus Exclusion YES Check the box (if applicable): Indicates a fungus exclusion applies. As used here, if yes, indicate the form number, the form date and the owner (name of organization) of the form.
COVERAGE INFORMATION Form Number Enter identifier: The number used by the insurer for this form.
COVERAGE INFORMATION Form Date Enter date: The edition date of the form.
COVERAGE INFORMATION Name of Organization Enter code: Indicates the entity that has copyright ownership of the form.
COVERAGE INFORMATION Fungus Exclusion No Check the box (if applicable): Indicates a fungus exclusion does not exist.
COVERAGE INFORMATION Fungus Exclusion N/A Check the box (if applicable): Indicates a fungus exclusion is not applicable.
COVERAGE INFORMATION Replacement Cost YES Check the box (if applicable): Indicates replacement cost coverage exists.
COVERAGE INFORMATION Replacement Cost No Check the box (if applicable): Indicates replacement cost coverage does not exist.
COVERAGE INFORMATION Replacement Cost N/A Check the box (if applicable): Indicates replacement cost coverage is not applicable.
COVERAGE INFORMATION Agreed Value YES Check the box (if applicable): Indicates a valuation type of agreed amount exists.
COVERAGE INFORMATION Agreed Value No Check the box (if applicable): Indicates a valuation type of agreed amount does not exist.
ACORD 28 (2006/07) 7 of 10
Section Name Field Name Field and/or Section Description
COVERAGE INFORMATION Agreed Value N/A Check the box (if applicable): Indicates a valuation type of agreed amount is not applicable.
COVERAGE INFORMATION Co-insurance YES Check the box (if applicable): Indicates a coinsurance percentage exists. As used here, if yes, indicate percent.
COVERAGE INFORMATION Co-insurance Percent Enter percentage: The Coinsurance Percentage is the percentage of the total value of the subject of insurance being insured. If the amount of insurance falls below this percentage, the insured must share in the amount of the loss. This field should be completed even when writing agreed amount coverage.
COVERAGE INFORMATION Co-insurance No Check the box (if applicable): Indicates a coinsurance percentage does not exist.
COVERAGE INFORMATION Co-insurance N/A Check the box (if applicable): Indicates a coinsurance percentage is not applicable.
COVERAGE INFORMATION Equipment Breakdown (If applicable) YES Check the box (if applicable): Indicates equipment breakdown coverage exists. As used here, if yes, indicate the limit for this coverage and the applicable deductible.
COVERAGE INFORMATION Equipment Breakdown Limit Enter limit: The limit applicable to equipment breakdown coverage.
COVERAGE INFORMATION Equipment Breakdown Deductible Enter deductible: The deductible applicable to equipment breakdown coverage.
COVERAGE INFORMATION Equipment Breakdown No Check the box (if applicable): Indicates equipment breakdown coverage does not exist.
COVERAGE INFORMATION Equipment Breakdown N/A Check the box (if applicable): Indicates equipment breakdown coverage is not applicable.
COVERAGE INFORMATION Ordinance or Law - Coverage for loss to undamaged portion of building YES Check the box (if applicable): Indicates building ordinance or law undamaged portion of building coverage exists.
COVERAGE INFORMATION Ordinance or Law Coverage to undamaged portion of building No Check the box (if applicable): Indicates building ordinance or law undamaged portion of building coverage does not exist.
COVERAGE INFORMATION Ordinance or Law Coverage to undamaged portion of building N/A Check the box (if applicable): Indicates building ordinance or law undamaged portion of building coverage is not applicable.
COVERAGE INFORMATION Ordinance or Law Demolition Costs Yes Check the box (if applicable): Indicates building ordinance or law demolition costs coverage exists. As used here, if yes, indicate the limit for this coverage and the applicable deductible.
COVERAGE INFORMATION Ordinance or Law Demolition Costs Limit Enter limit: The limit applicable to building ordinance or law demolition costs coverage.
ACORD 28 (2006/07) 8 of 10
Section Name Field Name Field and/or Section Description
COVERAGE INFORMATION Ordinance or Law Demolition Costs Deductible Enter deductible: The deductible applicable to building ordinance or law demolition costs coverage.
COVERAGE INFORMATION Ordinance or Law Demolition Costs No Check the box (if applicable): Indicates building ordinance or law demolition costs coverage does not exist.
COVERAGE INFORMATION Ordinance or Law Demolition Costs N/A Check the box (if applicable): Indicates building ordinance or law demolition costs coverage is not applicable.
COVERAGE INFORMATION Ordinance or Law Increase Cost of Construction Yes Check the box (if applicable): Indicates building ordinance or law increased cost of construction coverage exists. As used here, if yes, indicate the limit for this coverage and the applicable deductible.
COVERAGE INFORMATION Ordinance or Law Increase Cost of Construction Limit Enter limit: The limit applicable to building ordinance or law increased cost of construction coverage.
COVERAGE INFORMATION Ordinance or Law Increase Cost of Construction Deductible Enter deductible: The deductible applicable to building ordinance or law increased cost of construction coverage.
COVERAGE INFORMATION Ordinance or Law Increase Cost of Construction No Check the box (if applicable): Indicates building ordinance or law increased cost of construction coverage does not exist.
COVERAGE INFORMATION Ordinance or Law Increase Cost of Construction N/A Check the box (if applicable): Indicates building ordinance or law increased cost of construction coverage is not applicable.
COVERAGE INFORMATION Earth Movement Yes Check the box (if applicable): Indicates earth movement coverage exists. As used here, if yes, indicate the limit for this coverage and the applicable deductible.
COVERAGE INFORMATION Earth Movement Limit Enter limit: The limit applicable to earth movement coverage.
COVERAGE INFORMATION Earth Movement Deductible Enter deductible: The deductible applicable to earth movement coverage.
COVERAGE INFORMATION Earth Movement No Check the box (if applicable): Indicates earth movement coverage does not exist.
COVERAGE INFORMATION Earth Movement N/A Check the box (if applicable): Indicates earth movement coverage is not applicable.
COVERAGE INFORMATION Flood Yes Check the box (if applicable): Indicates flood coverage exists. As used here, if yes, indicate the limit for this coverage and the applicable deductible.
COVERAGE INFORMATION Flood Limit Enter limit: The limit applicable to flood coverage.
COVERAGE INFORMATION Flood Deductible Enter deductible: The deductible applicable to flood coverage.
COVERAGE INFORMATION Flood No Check the box (if applicable): Indicates flood coverage does not exist.
ACORD 28 (2006/07) 9 of 10
Section Name Field Name Field and/or Section Description
COVERAGE INFORMATION Flood N/A Check the box (if applicable): Indicates flood coverage is not applicable.
COVERAGE INFORMATION Wind/Hail (If subject to different provisions) YES Check the box (if applicable): Indicates wind/hail coverage exists. As used here, if yes, indicate the limit for this coverage and the applicable deductible.
COVERAGE INFORMATION Wind/Hail If Different Provisions Limit Enter limit: The limit applicable to wind/hail coverage.
COVERAGE INFORMATION Wind/Hail If Different Provisions Deductible Enter deductible: The deductible applicable to wind/hail coverage.
COVERAGE INFORMATION Wind/Hail If Different Provisions No Check the box (if applicable): Indicates wind/hail coverage does not exist.
COVERAGE INFORMATION Wind/Hail If Different Provisions N/A Check the box (if applicable): Indicates wind/hail coverage is not applicable.
COVERAGE INFORMATION Permission to waive subrogation in favor of mortgage holder prior to loss Yes Check the box (if applicable): Indicates the permission to waive subrogation in favor of mortgage holder prior to loss is granted
COVERAGE INFORMATION Permission to waive subrogation in favor of mortgage holder prior to loss No Check the box (if applicable): Indicates the permission to waive subrogation in favor of mortgage holder prior to loss is not granted.
COVERAGE INFORMATION Permission to waive subrogation in favor of mortgage holder prior to loss N/A Check the box (if applicable): Indicates the permission to waive subrogation in favor of mortgage holder prior to loss is not applicable.
COVERAGE INFORMATION Coverage Other Description Enter text: The description of the coverage.
COVERAGE INFORMATION Coverage Other Yes Check the box (if applicable): Indicates the coverage described exists.
COVERAGE INFORMATION Coverage Other No Check the box (if applicable): Indicates the coverage described does not exist.
COVERAGE INFORMATION Coverage Other N/A Check the box (if applicable): Indicates the coverage described is not applicable.
COVERAGE INFORMATION Coverage Other Limit and/or Deductible Text Enter text: The additional information required for the coverage. This may include limits and deductibles.
ACORD 28 (2006/07) 10 of 10
Section Name Field Name Field and/or Section Description
CANCELLATION Number of Days Enter number: The 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 Mortgagee Checkbox Check the box (if applicable): Indicates the additional interest type is a mortgagee.
ADDITIONAL INTEREST Lender Loss Payable Checkbox Check the box (if applicable): Indicates the additional interest type is a lenders loss payable.
ADDITIONAL INTEREST Contract of Sale Checkbox Check the box (if applicable): Indicates the additional interest type is a contract of sale.
ADDITIONAL INTEREST Other Checkbox Check the box (if applicable): Indicates the additional interest is not any of the types listed on the form.
ADDITIONAL INTEREST Other Description Enter text: The description of the type of interest in the item.
ADDITIONAL INTEREST Name and Address Enter text: The additional interest's full name.
ADDITIONAL INTEREST Enter text: The additional interest's mailing address line one.
ADDITIONAL INTEREST Enter text: The additional interest's mailing address line two.
ADDITIONAL INTEREST Enter text: The additional interest's mailing address city name.
ADDITIONAL INTEREST Enter code: The additional interest's mailing address state or province code.
ADDITIONAL INTEREST Enter code: The additional interest's mailing address postal code.
ADDITIONAL INTEREST Lender Servicing Agent Name and Address Enter text: The additional interest's full name. As used here, this is the lender servicing agent.
ADDITIONAL INTEREST Enter text: The additional interest's mailing address line one. As used here, this is the lender servicing agent.
ADDITIONAL INTEREST Enter text: The additional interest's mailing address line two. As used here, this is the lender servicing agent.
ADDITIONAL INTEREST Enter text: The additional interest's mailing address city name. As used here, this is the lender servicing agent.
ADDITIONAL INTEREST Enter code: The additional interest's mailing address state or province code. As used here, this is the lender servicing agent.
ADDITIONAL INTEREST Enter code: The additional interest's mailing address postal code. As used here, this is the lender servicing agent.
ADDITIONAL INTEREST Authorized Representative Sign here: Accommodates the signature of the authorized representative (e.g. producer, agent, broker, etc.). by all companies to issue Certificates. This is required in most states.
REMARKS REMARKS Enter text: The Evidence Of Commercial Property Insurance general remarks.
Edition Date The edition identifier of the form including the form number and edition (the date is typically formatted YYYY/MM).

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Labels: How to complete an Evidence of Commercial Property 28

posted by Wayne @ 11:35 AM

ACORD Forms: How to Complete a Garage and Dealers Section 128

Garage and Dealers Section 128

This guide provides the user with basic instructions for completing the
ACORD Garage & Dealers Section. This form has been designed to
handle the basic underwriting needs for automobile service operations
and automobile dealers.

Space is provided to enter driver information for up to eight drivers. For
additional drivers, ACORD 163, Driver Information Schedule, can be
attached.

Insurance coverage, "no fault" and uninsured/underinsured motorists
coverages in particular, varies widely from state to state. In addition,
there are numerous state-specific requirements that apply to Garage and
Dealers applications. ACORD 128 cannot address these various unique
specifications. Therefore, state specific forms, ACORD 138, have been
developed to respond to these requirements. Use the ACORD 138 for
your state to provide coverages/limits information, as well as the
required disclosure and other data unique to the state. See the State
Forms section of this Guide for more information.

This form was alsodesigned to be used in conjunction with the
Commercial Insurance Application - Applicant Information Section
(ACORD 125) and the Vehicle Schedule (ACORD 129). Please turn to
the chapters on these forms for specific information on completing
them.

Many states require supplements to all auto applications, to provide
specific coverage explanations or to allow applicants to accept or reject
certain coverages. In some cases, the applicant must be allowed to select
among various options. In others, laws or regulations require disclosure
of information pertinent to auto insurance.

ACORD has provided the necessary supplements in most states. Refer
to the State Forms section of this Guide.

IDENTIFICATION SECTION

Much of the information for the Identification Section should match the data found within the
Applicant Information Section of ACORD 125. Nevertheless, it is still important to complete it.
Many companies separate the applications by line of business for rating purposes. Not completing
this portion of the application makes it difficult to keep track of the full account.

Date
Month/day/year on which the form is completed.

Agency
Agency's name, address and telephone number.

Applicant (First Named Insured)
First Named Insured as it appears on the ACORD 125.

Proposed Eff. Date
Enter the Effective date on which the terms and conditions of the policy will commence.

Proposed Exp. Date
Enter the Expiration date on which the terms and conditions of the policy will terminate
unless renewed.

Billing Plan
Indicate whether the agency or the company (direct) will bill the insured or other payor for
the policy.

Payment Plan
Indicate the plan to be used to pay the company for the policy. Use the company's specific
designation for the plan where possible (e.g., Prepaid, Annual, Semi-annual, Bi-monthly,
40-30-30).

Audit
Use this field to indicate the audit term for policies that are subject to periodic audit. If the
audit period is known, enter the code:
A . . . . . . . . . . . . . . . . . . . . . . . . . . . . annual
S . . . . . . . . . . . . . . . . . . . . . . . . . . . . semi-annual
Q . . . . . . . . . . . . . . . . . . . . . . . . . . . . quarterly
M. . . . . . . . . . . . . . . . . . . . . . . . . . . . monthly
O . . . . . . . . . . . . . . . . . . . . . . . . . . . . other

BUSINESS/VEHICLE STORAGE INFORMATION
This section is used to identify the type of insurance necessary for the applicant.

Auto Service Operations or Trailer Sales
Place an "X" in all applicable boxes to identify the type of operations in which the applicant
is involved.

Auto Dealers
Indicate if the dealership is franchised, deals in one or more specific lines of cars such as
Ford or GM, or if it is a non-franchised dealer. Indicate the percentage of vehicle style in
relation to total inventory.

Vehicle Storage
Indicate where the applicant's vehicles are stored.

Location Number
Enter the location number as it relates to the numbers found on the ACORD 25. For each
location, identify where the vehicles are stored.

Building
Vehicles are stored within a building.

Standard Open Lot
The lot is enclosed by walls or fences at least six feet in height, with openings securely
locked when unattended.

Non-Standard Open Lot
The lot is either an open lot or an unroofed space and the building is not securely enclosed
or locked when unattended.

COVERAGES/LIMITS

Covered Auto Symbols
Garage or Dealers policies use numeric symbols on the policy declarations to indicate the
type(s) of vehicles for which coverage is in effect. Be sure to place an X in the appropriate
box for each type of coverage. Only those symbols specified for a coverage may be used.
Symbols 21 through 26 provide fleet automatic coverage. Symbol 21 includes Hired and
Non-Owned auto coverage. If symbol 21 is not used and Hired Auto (symbol 28) or Non-Owned
Auto (symbol 29) coverage is desired, those symbols must be checked.
The symbols indicate the automobiles to which each coverage applies. The symbol
"triggers" the coverage. For exact policy definitions of the symbols, please refer to the
company's policy declarations page.

Symbol 21 - Any Auto
Can only be used for Liability insurance and/or Medical Payments insurance. Its use
provides coverage for any auto the insured will have contact with, including owned & non-owned
& hired vehicles. It includes coverage for non-owned autos, no-fault, uninsured
motorists or physical damage insurance. Damage to customers' autos is provided by using
Symbol 30, Garage Keepers Insurance.

Symbol 22 - All Owned Autos
Provides coverage for owned autos only and includes automatic coverage for autos you
newly acquire. This symbol cannot be used to provide liability coverage for dealers, but can
be used to provide liability for non-dealers. It can also be used for dealers and non-dealers to
provide any of the physical damage coverages or uninsured motorist's insurance.

Symbol 23 - Owned Private Passenger Autos Only
Provides coverage for owned private passenger autos only and includes automatic coverage
for private passenger autos you newly acquire. It can be used for dealers and non-dealers to
provide uninsured motorist's insurance and physical damage coverages. It may also be used
to provide medical payments insurance for non-dealers.

Symbol 24 - Owned Autos Other Than Private Passenger
Provides coverage for owned autos other than private passenger autos and includes
automatic coverage for autos you newly acquire, other than private passenger autos. It is not
limited to trucks or truck tractors, but also includes taxis, motorcycles, emergency vehicles,
trailers and buses. Any vehicle which is not a private passenger auto fits within this symbol.

Symbol 25 - Owned Autos Subject to No-Fault Laws
Applies to owned autos where no-fault is required by law including automatic coverage for
autos you newly acquire.

Symbol 26 - Owned Autos Subject to Uninsured Motorist Laws
Applies to owned autos where there is a compulsory uninsured motorist's law including
automatic coverage for autos you newly acquire where rejection of UM is not permitted by
law.

Symbol 27 - Specifically Described Autos
Provides coverage for scheduled autos only with no automatic coverage for autos you newly
acquire. Use Vehicle Schedule, ACORD 129, to provide information on individual
vehicles.

Symbol 28 - Hired Autos Only
Provides coverage only for autos leased, hired, rented or borrowed by the named insured.
This does not include autos owned by employees or members of their families.

Symbol 29 - Non-Owned Autos Used in Garage Business
Provides liability coverage for autos not owned by the named insured but used in
connection with the garage business. This includes autos owned by employees.

Symbol 30 - Autos Left for Service/Repairs/Storage
Provides coverage for customer's autos which are in the care, custody, and control of the
named insured. It provides garage keepers insurance for dealers and non-dealers when autos
are left for service, repair or storage.

Symbol 31 - Autos On Consignment and Dealer Autos
Provides physical damage coverages for autos consigned to dealer or held for sale in
possession of non-dealer.

Symbol 32 - Company Use
This is a company specific code. It can be used to provide coverage when no other symbol
applies (e.g., to provide coverage for Long Term Leased Vehicles). It will be necessary to
write in this symbol if used.

Coverages & Limits - Use ACORD 138

AUTO DEALERS OPERATORS

The Insurance Services Office developed the Dealers Class Plan to rate liability and collision
coverages. The basis for rating involves assigning rating factors and rating units for employees and
non-employees.

Record by location the number of persons within each category. If rating the policy, refer to the
Commercial Lines Manual for additional information.

DEALERS PHYSICAL DAMAGE

Indicate if the autos to be covered are New or Used for each coverage and check the interest to be
insured.

SERVICE OR REPAIR SHOPS

Indicate Annual Gross Sales and the number of gallons of gasoline pumped per year.

NON-DEALERS PREMISES & OPERATIONS

Payroll is the basis for rating this coverage. Enter the location number as it appears on the ACORD
125, the estimated annual remuneration and number of employees at each location. See the
appropriate manual for the payroll limitations that apply.

DRIVER INFORMATION

This section is used to collect information on all the drivers that will be covered under this
account. The driver list should include any family member who will be driving company vehicles
and employees who regularly drive their own vehicles for company business.

Name
Enter the driver's full name. If the company requires the address, enter it as well.

Sex
Enter F for female, M for male.

Marital Stat
Enter the marital status for each driver. Examples:

S . . . . . . . . . . . . . . . . . . . . . . . . . . . . Single
M. . . . . . . . . . . . . . . . . . . . . . . . . . . . Married
D . . . . . . . . . . . . . . . . . . . . . . . . . . . . Divorced
SP . . . . . . . . . . . . . . . . . . . . . . . . . . . Separated
W. . . . . . . . . . . . . . . . . . . . . . . . . . . . Widowed

Date of Birth
Enter the driver's birth date.

Yrs Exp
Enter the number of years of driving experience for each driver.

Year Licensed
Enter the year in which the driver was first licensed.

Driver's License Number/Soc. Sec. #
Enter the complete driver's license number. If a license number is unavailable, enter the
driver's social security number.

State Lic.
Enter the state in which the license was issued.
Date Hire
Enter the date of hire for each driver.
Use Vehicle and %
Enter the vehicle number that this driver primarily uses and the percentage of driving done
by this driver in this vehicle.

GENERAL INFORMATION
Use the Remarks section to provide additional information for any questions answered with a "Yes"
response. The overview below lists the expected information that should be added to the remarks
section for "Yes" responses.

1. Does applicant rent, lease or loan vehicles to others?
List the frequency, who receives the vehicles and if this is part of the normal business
operations. Indicate if insurance is provided.
2. Does applicant pick-up or deliver customer's cars?
Indicate how many cars per day, and how the employee commutes to the location.

3. Does pick-up or delivery exceed 50 miles?
Indicate the radius of this operation if it exceeds 50 miles, and how often.

4. Is tire recapping or retreading performed?
List the percentage of gross sales this operation represents. Indicate if the applicant sends
out for retreads, or if the applicant performs the operation.

5. Does applicant own or sponsor a car for racing?
Provide a description of the car. Indicate how frequently the car is raced, who drives the car
and how the car is transported.

6. Does applicant handle butane, propane or other gases?
State what type of storage facilities are used, what gases are involved and if they are for sale
to the general public.

7. Are any vehicles furnished for groups or organizations?
Identify the group (school, hospital, church, or civic organization) to which the vehicle is
loaned. Indicate if there is a charge.

8. Does applicant perform spray painting or welding?
Indicate how frequently this type of operation is performed, and if the applicant has
approved booths or ventilated spray areas. Describe the type of welding or painting job
handled and where in the building each job is located.

9. Does applicant drive away or haul away vehicles from factory distributing
point or other dealers?
Describe circumstances causing drive-aways. Indicate if this is a regular operation, how
many cars are involved, and give the radius of operation.

10. Does applicant dismantle autos or have salvage operation?
Describe this type of operation completely. If there is a salvage operation on premises, so
indicate.

11. Does applicant use tow trucks?
Indicate how many trucks are owned or used by the applicant and describe towing
operations. These trucks may be listed on ACORD 129 Vehicle Schedule and attached to
the Garage Section.

12. Do employees regularly use their own autos on company business?
List who, what vehicle and for what operations.

13. Does applicant park customers' vehicles on public streets or off
premises?
Describe any type of off-premises parking of vehicles.

14. Is a charge made for parking?
Indicate how much is charged, how many attendants are on duty, and the hours of
operation. Indicate if employees drive vehicles or if customers self-park.

15. Any private protection systems?
Describe all such systems in detail.

16. Is applicant involved in any "non-garage" operations?
If a retail operation, mini-mart, liquor store, or other operation is run on the premises, list
the operation and annual gross sales from this portion of the business. Indicate if there is
any insurance for this operation.

17. Does applicant perform any road emergency services?
Indicate if the applicant is on call for any highway or other emergencies, and if towing
operations are available around the clock.

18. Any drivers with convictions for moving traffic violations?
Give driver name and number, date, type and place for each conviction. Enter the number
of years reviewed, in accordance with the company's and state's requirements.

ADDITIONAL INTEREST

Use this section to collect information on any additional interest or receiver of Certificates of
Insurance.

Interest
Check all appropriate boxes that apply to the additional interest. If the interest is other
than the listed options, check the last box and list the interest type after it.

Name and Address
List the additional interest's name and mailing address.

Interest in Item
Use this section to indicate what the additional interest has an interest in. Examples:
For a Mortgagee, list the location and building number.
For an automobile lienholder, list the vehicle number.

If the additional interest has an interest in multiple items, such as a lienholder on multiple
vehicles, list all of the numbers associated with the additional interest.

Certificate Holder
If a Certificate of Insurance is required, check this box.

Reference Number
List any reference number, such as a loan number, that may be beneficial in tying the
additional interest to item.

REMARKS
Use this section to provide any additional information required for underwriting or rating.

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Labels: How to Complete a Garage and Dealers Section 128

posted by Wayne @ 10:35 AM