ACORD 140 Premises Information

How to Complete the ACORD 140 Premises Information Section

PREMISES INFORMATION

The ACORD 140 form is designed for two locations. If you are applying for coverage for more than two locations you need to complete an ACORD 140 for each location.

Just to the left of the section title "PREMISES INFORMATION" are 4 data fields you need to answer.

PREMISES # - start with number 1 and progress sequentially unless your customer has their own numbering system it is helpful to match.

STREET ADDRESS - this should include the city, state and Zip.

BUILDING # - any given premises may have more than one building. Unless you are matching a numbering scheme used by your insured, just start with number 1 and progress in order 1, 2, 3 etc.

BLDG DESCRIPTION - a general text free form entry field. Enter things like "5 story red building"

SUBJECT OF INSURANCE - enter Building if the building is to insured. Enter Contents if contents are to be insured. Enter Extra Expense or Business Income if those  are to be insured, etc.

Enter one item per line since Building and Contents would most likely have different limits of coverage.

AMOUNT - enter the dollar amount of coverage for the Subject of Insurance listed in this line.

COINS% - Co-insurance percentage. This is percentage of the value of the Subject of Insurance which is being insured. A normal amount is 80%. If the amount of insurance falls below this percentage amount your insured will be required to participate in paying any claims. Learn more about co-insurance HERE.

VALUATION - Indicate the method which will be used to determine the amount paid on a claim. Valuation methods are: ACV- Actual Cash Value RC- Replacement Cost AA- Agreed Amount MV- Market Value

CAUSES OF LOSS - this would be the type of form the coverage will use. Example Basic, Broad Form, Special Risk, etc.

INFLATION GUARD % - list both the percent amount and the term. Example 5% per year. Inflation guard automatically increases the amount of insurance by this percentage each year regardless of actual market conditions. You need to stay informed on the local market conditions to be certain your customer is not too dependent on this and left under insured.

DED - the deductible amount for this coverage.

BLKT # - this is only completed if this Subject of Insurance is included under a Blanket policy.

FORMS AND CONDITIONS APPLY - enter all coverage forms numbers and special condition which apply to the subject of this insurance.

ADDITIONAL INFORMATION

Check either of the boxes if that coverage is being included.

BUSINESS INCOME / EXTRA EXPENSE - Attach ACORD 810

VALUE REPORTING INFORMATION - Attach ACORD 811

Notice that if either coverage is being requested you need to complete an additional ACORD form as part of this application.



I hope this helps you learn how to complete the ACORD 140 premises information section.


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