Friday, July 18, 2014

ACORD 146 Equipment Floater Section - Inland Marine

How to Complete the ACORD 146  Territory and Type of Operation and Coverage Section




TERRITORY OF OPERATION

List the normal location of the listed equipment. List job sites or specific addresses if at all possible.

TYPE OF OPERATION

List the type of work done by the insured. This question has already been asked in the ACORD 125, so you may simply answer by saying "Refer to ACORD 125 form attached"

If you need extra space to describe the nature of work done by your insured you should use the ACORD 101 Additional Remarks Section.

COVERAGE / DEDUCTIBLE

The following is an exact quote from the ACORD FIG on this field... ( I did correct the spelling of appropriate - they had it spelled as "apporopriate". We all make these mistakes. I hope no one correct my spelling publicly.)

"List the form of coverage desired and all appropriate deductibles in the space provided.

Indicate if the Floater is to be written on a Scheduled or Blanket basis. If scheduled, list all the items. Specify if All Risk or Named Perils.

Enter any other options chosen as Replacement Cost or Actual Cash Value and the desired deductible. Deductibles may be written on a "dollar amount" or "percentage" basis.

Specify how the deductible is to be applied if not familiar with each company's policy (e.g., Contractors' Equipment, Commercial Articles Floater or Musical Instrument Dealers)."


I hope this helps you learn how to complete the ACORD 146.


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