How to Complete the ACORD 140 Property Section

ACORD 140 Property Section

The ACORD 140 is attached or added to the ACORD 125 when the coverage for which you are applying is commercial property insurance.

AGENCY CUSTOMER ID: - this will be the ID number for this customer from your agency management system. Older agency management systems still use this because they are stuck with a very old data base structure.

DATE: In the top right hand corner of the form you should enter the date you are completing this form and sending it to your underwriters.


AGENCY / CARRIER / POLICY / APPLICANT INFORMATION

AGENCY: This is your agency's name.

CARRIER: This is the carrier to whom you are sending the application. If you are sending the application to more than one carrier, you may leave this blank so you don't alert each carrier to their competition.

NAIC CODE:  NAIC stands for the National Association of Insurance Commissioners.


Here is their website home page...

http://www.naic.org/index.htm

You can learn more at this earlier post we made - http://simply-easier-acord-forms.blogspot.com/2014/03/what-is-naic-code.html

POLICY NUMBER: If you are sending in a new application you will not have a policy number so you will leave this blank.

If you are sending in a renewal application this will be the policy number for this policy's current term.

EFFECTIVE DATE: This would be the date you want this policy to begin.

NAMED INSURED: This is the applicant name from the ACORD 125.

I hope this helps you learn how to complete the ACORD 140 commercial property section.


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