ACORD 140 Rating Information Continued

How to Complete the ACORD 140 Rating Information

ACORD 140 RATING INFORMATION CONTINUED

This posts covers the questions in the last section shown below.

RIGHT EXPOSURE & DISTANCE - the question "Exposure" is asking you to briefly describe the occupancy or use of the property on this side of the Subject of Insurance and the distance to that property.

LEFT EXPOSURE - the question "Exposure" is asking you to briefly describe the occupancy or use of the property on this side of the Subject of Insurance and the distance to that property.

FRONT EXPOSURE - the question "Exposure" is asking you to briefly describe the occupancy or use of the property on this side of the Subject of Insurance and the distance to that property.

REAR EXPOSURE - the question "Exposure" is asking you to briefly describe the occupancy or use of the property on this side of the Subject of Insurance and the distance to that property.

BURGLAR ALARM TYPE - describe any existing burglar alarm.

CERTIFICATE # - if there is a burglar alarm, enter the alarm's certificate number. Attach a copy of the certificate if possible.

EXPIRATION DATE - the expiration date of the burglar alarm certificate.

Check all box descriptions burglar alarm...

CENTRAL STATION
LOCAL GONG
WITH KEYS

BURGLAR ALARM INSTALLED AND SERVICED BY - enter name and address of the company providing installation and service of existing alarms. This may be two separate companies.

EXTENT - Specify the designated extent of protection as described in the ISO crime rating manual.

GRADE - Enter the alarm grade as described in the ISO crime rating manual (e.g., AA, A, B, C).

#GUARDS / WATCHMAN - enter a numeric value. Enter zero if there are none.

Check the box relating to the Guards or watchmen and how they track their work.

CLOCK HOURLY
OTHER - you describe

PREMISES FIRE PROTECTION (Sprinklers, Standpipes, CO2 / Chemical Systems) - describe any existing on premises fire protection system.

% SPRINK - enter the percentage of the building which is covered by a sprinkler system.

FIRE ALARM MANUFACTURER - name of the manufacturer of on premises fire alarm systems.

Check the type of fire alarm system notification.

CENTRAL
LOCAL GONG


I hope this has helped you learn how to complete the ACORD 140 rating information.


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How to Complete the ACORD 140 Rating Information Section

ACORD 140 Rating Information Section

Yesterday we covered the Additional Coverage portion of this area. Today we cover the first half of the Rating Information sections below...

RATING INFORMATION

CONSTRUCTION TYPE - Enter the construction of the premises. Common construction classifications are: * Frame * Joisted Masonry * Non-Combustible * Masonry Non-Combustible * Modified Fire Resistive * Fire Resistive

DISTANCE TO HYDRANT  FIRE STAT - the last word is Station - Fire station. Enter the distance to the fire hydrant in feet. Enter the distance to the fire station in miles.

FIRE DISTRICT - the name of the Fire District. This is normally the name of the responding fire station.

CODE NUMBER - the code number for this Fire District. This is in your state manual. If you are using rating software, it should be in your rating software.

PROT CLASS - the Protection Class rating for this Fire District. This is set by the State. It will be in the State manual.

# STORIES - the number of stories in this building.

# BASEM'TS - the number of basements in this building

YR BUILT - the year the original building was built. If there have been material renovations use the Remarks section to explain the year and the extent of the renovations.

TOTAL AREA - If the entire building is being insured, this would be the total number of square feet in the entire building. If only the portion occupied, rented by or leased to your customer is being insured, list only that square footage.

BUILDING IMPROVEMENTS - for each of the following boxes check those which apply and if they apply enter the four digit year (ex: 2004) to the right of the check box.

WIRING YR
ROOFING YR
OTHER
PLUMBING YR
HEATING YR

BLDG CODE GRADE - Building Code Grade. Enter the ISO building code grade if one applies.

TAX CODE - enter city, county or state tax code from manual.

ROOF TYPE - Enter the material used to construct the roof. Examples: * Composition (fiberglass, asphalt, etc.) * Metal * Poured * Slate * Tile * Wood Shake/Shingle

WIND CLASS - check the box for the appropriate category.

RESISTIVE
SEMI-RESISTIVE
OTHER

This information will be included on the rate card information for specifically rated properties.

HEATING SOURCE INCL WOODBURNING STOVE OR FIREPLACE INSERT - check box if answer is Yes.

DATED INSTALLED - the date the wood stove or fireplace insert was installed.

MANUFACTURER - the name of the manufacturer of the wood stove or fireplace insert.

PRIMARY HEAT - check the box that applies. If you select the box with no text next to it, type in description.

BOILER
SOLID FUEL
OTHER

IF BOILER, IS INSURANCE PLACED ELSEWHERE? Y/N - Yes or No. If there is separate Boiler & Machinery coverage show carrier name and policy number.

SECONDARY HEAT

BOILER
SOLID FUEL
OTHER

IF BOILER, IS INSURANCE PLACED ELSEWHERE? Y/N - Yes or No. If there is separate Boiler & Machinery coverage show carrier name and policy number.



I hope this helps you learn how to complete the ACORD 140 rating information section.


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ACORD 140 Additional Coverages Section #1

How to Complete the ACORD 140 Additional Coverage Section

This section covers a lot of ground. I am going to break this up into three separate posts. This first post covers additional coverage, Options, Restrictions and Endorsements.

SPOILAGE COVERAGE

Here is a link to the ISO coverage form CP 04 40 06 07 . This will give you a very good idea of what is covered under this endorsement.

Put a Y or an N in the box on the form. If you enter an N because you are not including this coverage, then you will not complete any of the fields to the right in this row.

If you enter a Y for YES....

DESCRIPTION OF PROPERTY COVERED - enter a brief test description such as "Food in refrigeration units"

LIMIT $ - Enter the dollar amount of coverage.

DEDUCTIBLE $ - Enter the dollar amount of the deductible for this coverage.

REFRIG MAINT AGREEMENT (Y/N) - This is refrigeration maintenance agreement. Yes or No does the insured have one?

OPTIONS - Check the boxes for all included coverage. You can have some, all or none.

BREAKDOWN OF CONTAMINATION

POWER OUTAGE

SELLING PRICE

OTHER - you describe.


SINKHOLE COVERAGE

IRMI has a good definition of this coverage HERE.

Notice this coverage is Required in Florida.

Check one of the two boxes...

ACCEPT COVERAGE

REJECT COVERAGE

If coverage is accepted...

LIMIT $ - enter the dollar amount of coverage for this Subject of Insurance.

PROPERTY HAS BEEN DESIGNATED AN HISTORICAL LANDMARK - check this box if that is correct. You can use the blank space in this area to elaborate on that if needed.

# OF OPEN SIDES ON STRUCTURE - enter number.

I hope this helps you learn how to complete the ACORD 140 additional coverage section,



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ACORD 140 Premises Information

How to Complete the ACORD 140 Premises Information Section

PREMISES INFORMATION

The ACORD 140 form is designed for two locations. If you are applying for coverage for more than two locations you need to complete an ACORD 140 for each location.

Just to the left of the section title "PREMISES INFORMATION" are 4 data fields you need to answer.

PREMISES # - start with number 1 and progress sequentially unless your customer has their own numbering system it is helpful to match.

STREET ADDRESS - this should include the city, state and Zip.

BUILDING # - any given premises may have more than one building. Unless you are matching a numbering scheme used by your insured, just start with number 1 and progress in order 1, 2, 3 etc.

BLDG DESCRIPTION - a general text free form entry field. Enter things like "5 story red building"

SUBJECT OF INSURANCE - enter Building if the building is to insured. Enter Contents if contents are to be insured. Enter Extra Expense or Business Income if those  are to be insured, etc.

Enter one item per line since Building and Contents would most likely have different limits of coverage.

AMOUNT - enter the dollar amount of coverage for the Subject of Insurance listed in this line.

COINS% - Co-insurance percentage. This is percentage of the value of the Subject of Insurance which is being insured. A normal amount is 80%. If the amount of insurance falls below this percentage amount your insured will be required to participate in paying any claims. Learn more about co-insurance HERE.

VALUATION - Indicate the method which will be used to determine the amount paid on a claim. Valuation methods are: ACV- Actual Cash Value RC- Replacement Cost AA- Agreed Amount MV- Market Value

CAUSES OF LOSS - this would be the type of form the coverage will use. Example Basic, Broad Form, Special Risk, etc.

INFLATION GUARD % - list both the percent amount and the term. Example 5% per year. Inflation guard automatically increases the amount of insurance by this percentage each year regardless of actual market conditions. You need to stay informed on the local market conditions to be certain your customer is not too dependent on this and left under insured.

DED - the deductible amount for this coverage.

BLKT # - this is only completed if this Subject of Insurance is included under a Blanket policy.

FORMS AND CONDITIONS APPLY - enter all coverage forms numbers and special condition which apply to the subject of this insurance.

ADDITIONAL INFORMATION

Check either of the boxes if that coverage is being included.

BUSINESS INCOME / EXTRA EXPENSE - Attach ACORD 810

VALUE REPORTING INFORMATION - Attach ACORD 811

Notice that if either coverage is being requested you need to complete an additional ACORD form as part of this application.



I hope this helps you learn how to complete the ACORD 140 premises information section.


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How to Complete the ACORD 126 General Information Section

ACORD 126 General Information Section

The General Information questions begin on page 3 and continue on page 4 of the ACORD 126 Commercial General Liability Section.

As I am writing this on June 10, 2014 this section has 20 questions. All questions are set up as Yes or No answers first. Then, if you have any Yes answers you need to provide an explanation.

The explanation should begin in the free form text entry space in the box with the Question.

If you need more room use the Remarks section on page 4. Remember to begin your additional information in the Remarks section with the question number.

Beware of making the mistake of thinking you should answer all questions with a "No". For instance, the current question #19 asks whether there is a formal, written safety and security policy in effect. Answering this "No" will make this risk less attractive to your underwriter.

Take the time to read each question completely. I even read things like this out loud sometimes. It stops me from letting boredom allow my eyes to fog over and skip some things. If I am really having a hard time focusing I will read a few sentences backwards. That always helps me refocus. Plus sometimes it can make the sentence sound like Yoda is asking a question.

I hope this helps you learn how to complete the ACORD 126 General Information Section.

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How to Complete the ACORD 126 Additional Interest and Certificate Recipient Section

ACORD 126 Additional Interest and Certificate Recipient

If you have more than one Additional Interest or Certificate Recipient use the ACORD 45 form to list the others and attach that form to your application.

Not all fields apply to all insureds. Only complete the ones which do apply. This is very important as any Additional Interest is given many of the rights of the Insured. You do not want to give these rights by error.

INTEREST

Check the box which applies for this specific business entity.

ADDITIONAL INSURED - Good Definition HERE

EMPLOYEE AS LESSOR - If one of this business' employees is leasing property to this business

LIENHOLDER - a person who retains legal possession of a piece of property until the person to whom he/she has advanced money for use of the property has satisfactorily repaid the debt.

LOSS PAYEE - Good Definition HERE

MORTGAGEE - Good Discussion HERE

OTHER - List your own here

NAME ADDRESS

Enter the full name and address as they need to be shown on a certificate of insurance.

RANK

Additional Interest can have a priority of rights. A rank of 1 would indicate this Additional Interest would receive protection from the policy prior to payments being made on behalf of lower ranked Additional Interests.

CHECK BOX - EVIDENCE / CERTIFICATE 

ACORD advises you to put a check in the box if the Additional Interest Requires a Certificate. I suppose you need to add a Remark as to whether that is a Certificate or an Evidence of Insurance form.

Evidence means the Additional Interest requires an ACORD 27 or ACORD 28 Evidence of Insurance form to be issued.

REFERENCE  / LOAN #

Enter the loan number.

INTEREST IN ITEM NUMBER

LOCATION, BUILDING, ITEM, ITEM DESCRIPTION

The number to enter here is the number referencing this at other places in this application. For instance, Location refers to the location number listed in the PREMISES INFORMATION section at the top of this page.

ITEM DESCRIPTION

If there is no other reference number in this form or other forms which are part of this application, enter a description.


I hope this helps you learn how to complete the ACORD 126 Additional Interest and Certificate Recipient Section.