Instructions for ACORD 24 Type of Coverage

ACORD 24 Type of Coverage and Covered Property

ACORD 24 Certificate of Property Insurance Instructions

TYPE OF INSURANCE

PROPERTY - Check the check box to the left of the CAUSES OF LOSS text if that is the coverage provided.

DEDUCTIBLES - enter the dollar amount or percentage of the deductible in the space to the right of the CAUSE OF LOSS if there is a deductible. Enter both the building and the contents (personal property) deductibles separately even if they are the same.

CAUSES OF LOSS

BASIC
BROAD
SPECIAL

These three items are mutually exclusive. Only check one.

EARTHQUAKE
WIND
FLOOD

These are all stand alone coverages not included in the three coverages listed above.

BLANK ROWS - these two rows are for you to list any other covered causes of loss included in this policy.


INLAND MARINE

CAUSES OF LOSS - There are only two check boxes available. The first should be checked if this is a NAMED PERILS policy. Many Inland Marine policies are nonstandard manuscript forms. If that describes this policy check the second check box and enter a text description to the right of the box.


CRIME

Crime gives you a check box but no Cause of Loss choices. If you are providing Crime coverage you will have to enter a text description of the policy type.


BOILER MACHINERY / EQUIPMENT BREAKDOWN

If you are providing either of these coverages I am taking a moment here to congratulate you. Only a small percentage of insurance agents understand these coverages enough to offer them. That is a shame because they are very valuable protections. Did you know Equipment Breakdown coverage can cover a copy machine, a desktop computer, the coffee maker, even a typewriter if anyone still has one?

All you need to do here is check the check box if you are providing this coverage.


POLICY NUMBER

ACORD 24 Certtificate of Property Insurance Instructions

For each Type of Insurance your have indicated you are providing in the Type of Insurance column to the left of this column you should enter the full policy number.

In the section next to INLAND MARINE you are also asked to enter a text description of the TYPE OF POLICY. This would be something along the lines of Jewelry, Fine Arts, Furs, Cameras, Musical Instruments, Guns, etc.


POLICY EFFECTIVE AND EXPIRATION DATE

Instructions for ACORD 24 Certificate of Property Insurance

For each policy listed on the document enter the policy effective and expiration date.

Enter them in this format...

01/01/2015 instead of January 1, 2015.

It is a computer system friendly format.


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