ACORD 75 Insurance Binder Coverage Section Instructions - Part 1

Instructions for Coverage Section of ACORD 75

ACORD 75 Instructions

PROPERTY COVERAGE

TYPE OF INSURANCE

Check the check box for either BASIC, BROAD or SPECIAL CAUSES OF LOSS. These are mutually exclusive.

For other types of property coverage check one of the check boxes next to the blank CAUSES OF LOSS lines. Then type in the Cause of loss coverage. Examples may be HO-3, Boiler & Machinery, Open Cargo - any other property coverage.

COVERAGE / FORMS

Type in the Subjects of Insurance being covered. Include identifying address information.


DEDUCTIBLE

Enter the dollar or percentage amount of any deductible which may apply.

COINS% - Co-insurance percentage. Enter the required co-insurance percentage under this policy.

AMOUNT

Enter the amount of coverage.


GENERAL LIABILITY COVERAGE

How to Complete ACORD 75 Insurance Binder

GENERAL LIABILITY

Check the check box to the left of the line "COMMERCIAL GENERAL LIABILITY" if that coverage is being provided under this binder.

CLAIMS MADE or OCCUR

If this is a Claims Made policy check the box to the left of that text.

If this is an Occurrence policy, check the box to the left of that text.

Here is a link to a discussion of the difference between Claims Made and Occurrence...

http://simply-easier-acord-forms.blogspot.com/2014/03/claims-made-vs-occurrence-definitions.html


OTHER GENERAL LIABILITY COVERAGE

The last three lines and check boxes are for you to list any other general liability coverage provided under this binder.

COVERAGE / FORMS

For commercial lines coverage enter the general liability classification codes and code descriptions included in this binder.

Enter coverage form numbers and effective dates of forms.

RETRO DATE FOR CLAIMS MADE

If you have issued this binder indicating this is Claims Made coverage, enter the retro active date for claims. If there is no retro date enter "NONE".

LIMITS

Enter the dollar limits for:

• EACH OCCURRENCE
• DAMAGE TO RENTED PREMISES
• MED EXP (Any one person) - Medical Expenses
• PERSONAL & ADV INJURY - Personal Injury & Advertising Injury
• GENERAL AGGREGATE
• PRODUCTS - COMP/OP AGG - Products and Completed Operations Aggregate

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