How to Complete the ACORD 140 Additional Coverage Section
This section covers a lot of ground. I am going to break this up into three separate posts. This first post covers additional coverage, Options, Restrictions and Endorsements.
SPOILAGE COVERAGE
Here is a link to the ISO coverage form CP 04 40 06 07 . This will give you a very good idea of what is covered under this endorsement.
Put a Y or an N in the box on the form. If you enter an N because you are not including this coverage, then you will not complete any of the fields to the right in this row.
If you enter a Y for YES....
DESCRIPTION OF PROPERTY COVERED - enter a brief test description such as "Food in refrigeration units"
LIMIT $ - Enter the dollar amount of coverage.
DEDUCTIBLE $ - Enter the dollar amount of the deductible for this coverage.
REFRIG MAINT AGREEMENT (Y/N) - This is refrigeration maintenance agreement. Yes or No does the insured have one?
OPTIONS - Check the boxes for all included coverage. You can have some, all or none.
BREAKDOWN OF CONTAMINATION
POWER OUTAGE
SELLING PRICE
OTHER - you describe.
SINKHOLE COVERAGE
IRMI has a good definition of this coverage HERE.
Notice this coverage is Required in Florida.
Check one of the two boxes...
ACCEPT COVERAGE
REJECT COVERAGE
If coverage is accepted...
LIMIT $ - enter the dollar amount of coverage for this Subject of Insurance.
PROPERTY HAS BEEN DESIGNATED AN HISTORICAL LANDMARK - check this box if that is correct. You can use the blank space in this area to elaborate on that if needed.
# OF OPEN SIDES ON STRUCTURE - enter number.
I hope this helps you learn how to complete the ACORD 140 additional coverage section,
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