ACORD 29 Policy Information Section
The ACORD 29 Evidence of Flood Insurance form has three policy sections...
- Primary Policy
- Excess Policy #1
- Excess Policy #2
You will complete the two excess policy information sections exactly the same as the primary section - if you have excess policies - so I will not cover them separately. There are a few additional questions in the EXCESS POLICY sections and I will discuss those.
COVERAGE / RISK INFORMATION
NOTE: Look to the far right hand side of the form on the line with the title of this section "COVERAGE / RISK INFORMATION" and you will see this...
"*12:01 A.M. LOCAL TIME AT THE INSURED PROPERTY LOCATION"
This, of course, is the standard time for all property coverage effective and expiration dates unless you enter another time.
PRIMARY POLICY
POLICY NUMBER - the policy number for this issued policy. If the policy is bound but has not yet had a policy number assigned I suggest you enter the word "BOUND"
EFFECTIVE DATE - the date this policy's coverage will begin. See note on effective time above.
EXPIRATION DATE - the date this policy's coverage will end, cease or stop. See note on expiration date time above.
INS LTR - this means Insurer Letter. Look up in the second section down on the far right hand side of this form. You entered the carrier's names next to a corresponding letter - INSURER A, INSURER B, etc.
Enter this corresponding letter.
COVERAGE - this is a column heading for the two lines below. the first line is BUILDING. The second line is CONTENTS.
DEDUCTIBLE - this is a column heading for the two lines below. Enter the appropriate building and contents deductibles. If you do not have building or contents coverage, leave the space blank.
TOTAL AMOUNT OF INSURANCE - Enter the Total limit of insurance under this policy for building and contents. If you do not have both of those coverages on this policy, leave the limits blank as appropriate.
MARKET - check the appropriate box for the program this policy falls under.
NFIP is the National Flood Insurance Program. Learn more about this program at these two links...
WYO is the Write Your Own flood insurance program. Learn more about this program at the two links below...
PRIVATE / ALT. MARKET - This would be any policy not written int the NFIP or the WYO programs.
POLICY FORM - check the box next to the coverage form used for this policy.
DWELLING FORM
GENERAL PROPERTY FORM
RESIDENTIAL CONDO BLDG ASSOCIATION POLICY FORM
PRODUCT TYPE - check the box next to the product type this policy is written under.
STANDARD POLICY
PREFERRED RISK POLICY
BLANK NEXT TO BOX - enter a text description of this product type
PREFERRED RISK POLICY ELIGIBILITY EXTENSION
GROUP FLOOD INSURANCE POLICY
MORTGAGE PORTFOLIO PROTECTION PROGRAM POLICY
EXCESS POLICY
The Excess Policy sections do have one check box the primary policy section does not have.
The very first item is a check box asking...
INDICATES EXCESS POLICY IS A "FOLLOWING FORM" POLICY TYPE
Basically a "Following Form" excess policy states that it follows all the terms and conditions of the primary policy underneath it.
IRMI has a good definition of Following Form Excess Policies here...
The last line in each EXCESS POLICY Section contains these four additional questions...
BUSINESS INCOME - check this box if this policy includes coverage for business income.
EXTRA EXPENSE - check this box if this policy contains coverage for extra expense.
ADDITIONAL LIVING EXPENSE If "YES", LIMIT: $ - Check this box if this policy covers additional living expense and enter the dollar amount of the limit.
ACTUAL LOSS SUSTAINED # OF MONTHS - check this box if this policy includes coverage for actual loss sustained. If the policy does include this coverage enter the number of months of coverage provided in this policy.
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