How to complete the Applicant Information Section of the ACORD 125
The Applicant Information section repeats itself three times at the bottom of the first page of the ACORD 125.
The second and third time are for any additional legal names for your customer. This would be likely to be the result of your customer owning subsidiary companies.
Please refer back to the information in this section for how to fill in the same named fields for a second or third legal entity.
I will work from the left to the right and from the top to the bottom.
NAME: Enter the full legal name and address as your customer will need it to be shown in a certificate of insurance.
Example;
Atlatl, Inc.
P.O. Box 2936
Durham, NC 27705-2936
GL CODE: This is the General Liability code. ISO - Insurance Services Office created these codes for use in rating general liability insurance.
Your carrier will have a list of all these codes. If you use a commercial lines rating software program, that program should have all these codes.
I have found two sources of these codes online at the following links...
https://www.faia.com/core/contentmanager/uploads/FIRL/Rapid%20Reference/Commercial%20General%20Liability%20Classifications%20%E2%80%93%20Numerical%20Listing.pdf
http://www.htbailey.com/tools/class_codes_listing.htm
SIC: Standard Industry Classification Code. You can find these at this link...
https://www.osha.gov/pls/imis/sicsearch.html
NAICS - The good old North American Industry Classification System codes. My Mother used to read these to me at bedtime. You can find them at this link...
https://www.census.gov/eos/www/naics/
FEIN or SOC SEC#: FEIN is the federal employer ID number. The Federal Tax ID number. Your customer will have this unless they are doing business as an individual. It will be on their federal tax returns if nowhere else.
SOC SEC# is the customers social security number. If they do not have a Federal Tax ID number because they are doing business as an individual, you need to use this number.
BUSINESS PHONE #: The main business phone number for your customers main office.
WEBSITE ADDRESS: This will be for the main website for your customer's business. Many businesses have more than one website. They may have websites for each individual product or service they sell. You should list these websites main addresses in the remarks section.
TYPE OF BUSINESS LEGAL ENTITY
Mark the ONE box which is the legal entity your customer has set up. Your customer will know this. If they do not, first I would worry about them. Second, I would go to Secretary of State's website for the state they are in and look them up by name. It will show the legal structure.
The choices are:
CORPORATION
INDIVIDUAL
JOINT VENTURE
LLC - this stands for Limited Liability Corporation. If they are an LLC you need to enter the number of members and managers.
NOT FOR PROFIT
PARTNERSHIP
SUBCHAPTER "S" CORPORATION
TRUST
OTHER - enter what other type the business is.
I hope this helps you learn how to complete the ACORD 125 commercial insurance application applicant information section.
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