Instructions ACORD 60US Terrorism Insurance Coverage
BASIC INFORMATION
This form is attached to the ACORD 125 and/or many other forms depending on the type of insurance for which this applicant is applying.
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| Instructions ACORD 60 US Terrorism Insurance Coverage |
AGENCY CUSTOMER ID
As with all ACORD forms with more than one page enter your agency customer ID so this page will be able to find the rest of this application if somewhere, somehow in that thing we call the business cycle they get separated from each other.
AGENCY
Enter your agency's name here.
APPLICANT / NAMED INSURED
Enter the same as the Name on the preceding documents in this application.
POLICY NUMBER
Enter the policy number if one exists. If no policy number has been assigned yet enter TBD for to be determined. If you have a binder number enter that here.
CARRIER
The insurance company underwriting this policy. This is the company listed on the DEC page of the policy.
NAIC NUMBER
NAIC stands for the National Association of Insurance Commissioners.
Here is their website home page...
http://www.naic.org/index.htm
They assign each insurance company a five digit code. You can search for any insurance company by name on their website at this page...
https://eapps.naic.org/cis/
POLICYHOLDER DISCLOSURE
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| How to complete the ACORD 60 US |
This section contains the actual coverage details. It references the Terrorism Risk Insurance ACT.
Here is a selection of very good, informative links about this act...
http://www.naic.org/cipr_topics/topic_tria.htm
http://www.treasury.gov/resource-center/fin-mkts/Pages/program.aspx
http://en.wikipedia.org/wiki/Terrorism_Risk_Insurance_Act
https://www.ncci.com/nccimain/industryinformation/terrorismwc/pages/tria-faq.aspx
You need to be familiar with this ACT. Notice the ACT does not cover all loses, only a percentage. The ACT also has a cap for all loses from a unique event. Once this cap is paid out your insured may have even more uncovered loses.
ACCEPTANCE OR REJECTION
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| Instructions ACORD 60US Terrorism Insurance Coverage |
Check the first box to accept coverage.
Enter the premium amount for the policy period.
Check the second box to reject coverage.
SIGNATURES
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| ACORD 60US |
Policyholder/Applicant's Signature - have the authorized representative or representatives sign.
Print Name - have the person who signed print their name.
Date - enter the date the person signed. It is best to have the signee enter the date.
Effective Date - enter the effective date of this coverage - it will normally be the same as the policy effective date.
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