ACORD 131 Additional Exposures Part 2 Instructions

Instructions ACORD 131 Contractors Liability, Employers Liability and Incidental Malpractice Liability

CONTRACTORS LIABILITY

Instructions ACORD 131 Contractors Liability

All the questions are first answered as a Yes or NO question by putting a Y or N in the box on the far right hand column for each row.

If you answer YES to any of these questions you need to answer the questions in that row.

10 -  IS BRIDGE, DAM OR MARINE WORK PERFORMED?

11 - DESCRIBE TYPICAL JOBS PERFORMED  (ACORD 101 Additional Remarks Schedule may be attached if more space is required)

If there is a dramatically atypical job that is done from time to time I am sure the underwriters would like to know about that also.

12 - DESCRIBE AGREEMENT (ACORD 101 Additional Remarks Schedule may be attached if more space is required)

Include copies of agreements if possible - at least the pertinent parts.

13 - DOES APPLICANT OWN, RENT OR OTHERWISE USE CRANES. - I am fairly certain that if they own or rent cranes you should also explain how they are used by your customer.

14 - CARRY COVERAGES OR LIMITS LESS THAN APPLICANT? - If so list carriers, policies, effective dates and limits.


EMPLOYERS LIABILITY

How to complete the ACORD 131

All the questions are first answered as a Yes or NO question by putting a Y or N in the box on the far right hand column for each row.

If you answer YES to any of these questions you need to answer the questions in that row.

15 - IS APPLICANT SELF-INSURED IN ANY STATE?  - List states.

16 - SUBJECT TO: - check the boxes if the applicant is under the regulations or conditions of any of the following...

JONES ACT - Link to explanation of Jones Act...

http://en.wikipedia.org/wiki/Merchant_Marine_Act_of_1920

FELA - Federal Employees Liability Act. Here is a link...

http://en.wikipedia.org/wiki/Federal_Employers_Liability_Act

STOP GAP - Stop Gap Employers Liability. Here is a lin to a definition of this...

http://www.irmi.com/online/insurance-glossary/terms/s/stop-gap-endorsement.aspx


OTHER - enter and explain.


INCIDENTAL MALPRACTICE LIABILITY

Here is a link to a definition of Incidental Malpractice Liability

http://www.irmi.com/online/insurance-glossary/terms/i/incidental-malpractice.aspx

ACORD 131 Instructions for Incidental Malpractice Liability

All the questions are first answered as a Yes or NO question by putting a Y or N in the box on the far right hand column for each row.

If you answer YES to any of these questions you need to answer the questions in that row.

17 - IS A HOSPITAL OR FIRST AID FACILITY MAINTAINED? - I would be sure I understood what my underwriter considered a first aid facility. The best way to do that is to ask in writing so you can get a written response.

18 - ARE COVERAGES PROVIDED FOR DOCTORS / NURSES?

If Yes enter the carrier, effective dates, policy number and limits.

19 - INDICATE # of...

DOCTORS

NURSES

BEDS

Just type in the numbers. On the doctors and nurses I might also add a note about full time or part time.

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ACORD 146 Fraud Warning and Signature Section

How to Complete the ACORD 146 Signature Section

FRAUD WARNING

The top 3/4's of the 3rd page of the ACORD 146 for is a bunch of text about the criminal status of knowingly and with intent providing false information in these documents. It is a crime and a felony in many states.

The purpose of placing this on the form is either to advise you which states it is not a crime in so you can go to that state to complete the forms - I doubt that - or to impress upon you and your insured the importance of being honest, accurate and disclosing information fully.

Keep in mind that not only can Fraud lead to prison time and fines, it can also allow the carrier to deny payment for claims.


SIGNATURE

PRODUCER'S SIGNATURE - sign your name manually or electronically.

PRODUCER'S NAME (Please Print) - Print the name you just signed. If you are like me, your signature is more readable than your print.

STATE PRODUCER LICENSE NO (Required in Florida) - If you do not know this, ask other agents or the agency owner.

APPLICANT'S SIGNATURE - have your customer sign manually or electronically.

DATE - the date the document was signed by the applicant.

NATIONAL PRODUCER NUMBER - If you do not know this, ask other agents or the agency owner.


I hope this has helped you learn how to complete the ACORD 146 Signature Section.


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ACORD 146 Scheduled Equipment Section

How to Complete the ACORD 146 Scheduled Equipment Section

Page 2 of the ACORD 146 is nothing but a listing of scheduled equipment. There is room to list 15 items. If you need more room, just make more copies of this page of this form.

At the top of the page is a global question on Coinsurance. Normally this will be 80%, 90% or 100%.

This set of questions repeats 15 times.

# - Enter a unique number for each item. Start with 1 and go 2,3, etc unless you have a good reason not to do so.

TYPE - Describe the general type of equipment.

DESCRIPTION - Explain how the equipment is used.

ID # / SERIAL NO: - if the equipment has an ID number or serial number enter that here. Many companies use metal tags or RFID chips to track equipment. If there is no other ID number, use the number from the tag or chip.

NEW/USED - was this item purchased new or used.

DATE PURCHASED - month and year is good. Year if it has been around a while.

MANUFACTURER - the name of the company which built this piece of equipment.

MODEL - if there is a model for this equipment, similar to models for cars - i.e. Ford Mustang - enter that.

MODEL YEAR - what year was this equipment built?

CAPACITY - similar to gross vehicle weight. For instance a backhoe has a rated capacity for its bucket.

AMOUNT OF INSURANCE $ - the amount for which you are insuring this specific equipment. Policies can be written to cover ACV - actual cash value, stated amounts, replacement cost, etc. You need to insure the item for an amount based on the type of policy coverage you are providing.


I hope this helps you learn how to complete the ACORD 146 scheduled equipment section.



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How to Complete the ACORD 146 General Information Section

ACORD 146 General Information Section

There are only four general information questions. A very low number based on other forms reviewed.

Also there is no Remarks section in the ACORD 146 form. If you need space to elaborate use the ACORD 101 Additional Remarks form.

As with all general information sections in ACORD forms, the format is answer the questions first with a Y for YES or an N for NO in the left hand column. If any answers are YES, then add a text explanation in the space under the question.

EQUIPMENT RENTED, LOANED TO / FROM OTHERS WITH / WITHOUT OPERATORS?

If the applicant is involved in any sort of rental or loan agreement, explain the circumstances and the nature of the agreement, including who is carrying the insurance for the equipment.

IS APPLICANT OPERATING EQUIPMENT NOT LISTED HERE?

If Yes, identify the equipment and include information on who has the insurance on this equipment. If at all possible name the carrier, policy number and limits.

PROPERTY USED UNDERGROUND?

Also, is the equipment left underground when not in use. Explain location of use and storage.

ANY WORK DONE AFLOAT?

List the bodies of water - ex: Atlantic Ocean, Charleston Harbor, Lake Norman, Mississippi River, etc.

Describe work being done.

Is the equipment left afloat when not in use. How is it secured? Any alarms, guards, etc?


I hope this helps you learn how to complete the ACORD 146 general information section.


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ACORD 146 Additional Interest / Certificate Recipients

How to Complete the ACORD 146 Additional Interest / Certificate Recipients Section

There is room for three additional interests / certificate recipients on this form. If you  need more room use the ACORD 45 form.

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.

LOSS PAYEE - Good Definition HERE

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.

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.

REFERENCE  #

Enter any loan document reference number.

CERTIFICATE REQUIRED

Check this box if you need a certificate of insurance sent to this Interest.

ITEM DESCRIPTION

Enter a description of this item.

INTEREST IN ITEM NUMBER

LOCATION - The location number listed in the Equipment Storage section.

BUILDING - The building number listed in any other part of this form or the attached ACORD 125.

SCHEDULED ITEM NUMBER - The corresponding number shown in the schedule on page two for this item.

OTHER: anything else you thing is useful.


I hope this helps you learn how to complete the ACORD 146 Additional Interest / Certificate Recipient section.


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How to Complete the ACORD 146 Equipment Storage Section

ACORD 146 Equipment Storage and Unscheduled Equipment Section

EQUIPMENT STORAGE

This section is for locations as a whole. Two things about this...

1 - Nowhere does it ask the location address to correspond with the location number. You will be wise to add that information. Since this form does not have a Remarks section, I would use the ACORD 101 Additional Remarks Section.

2 - There is only room for three locations. If you need more room use the ACORD 101.

LOC# - Enter the location numbers sequentially starting with 1, 2 then 3, etc.

MO. IN STORAGE - Months in Storage. If less than one month enter one. Round up all partial months.

MAXIMUM VALUE

IN BUILDING - Enter the dollar amount of the maximum value kept in the building at this location.

OUTSIDE - Enter the dollar amount of the maximum value kept outside at this location.


TYPE OF SECURITY - Describe the type of security measures used at this location. Guards, Alarms, Cameras, Dogs, etc.


UNSCHEDULED EQUIPMENT

DESCRIPTION - This section is used to lists groups of similar items you do not list on the schedule on page 2 of this form. Normally these would be lower value items such as hand tools.

MAXIMUM ITEM - The maximum value of any individual item in the groups listed in the Description above. For instance, a really nice hammer might be $75.

AMT OF INSURANCE - Amount of insurance. The total amount of insurance on all items listed in the groups. So 100 hammers at $50 each - $5,000 of insurance.

% COINS - Percentage of coinsurance to apply to this coverage. In this case I would suggest 100%.


I hope this has helped you learn how to complete the ACORD 146 Equipment Storage Section


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ACORD 146 Equipment Floater Section - Inland Marine

How to Complete the ACORD 146  Territory and Type of Operation and Coverage Section

TERRITORY OF OPERATION

List the normal location of the listed equipment. List job sites or specific addresses if at all possible.

TYPE OF OPERATION

List the type of work done by the insured. This question has already been asked in the ACORD 125, so you may simply answer by saying "Refer to ACORD 125 form attached"

If you need extra space to describe the nature of work done by your insured you should use the ACORD 101 Additional Remarks Section.

COVERAGE / DEDUCTIBLE

The following is an exact quote from the ACORD FIG on this field... ( I did correct the spelling of appropriate - they had it spelled as "apporopriate". We all make these mistakes. I hope no one correct my spelling publicly.)

"List the form of coverage desired and all appropriate deductibles in the space provided.

Indicate if the Floater is to be written on a Scheduled or Blanket basis. If scheduled, list all the items. Specify if All Risk or Named Perils.

Enter any other options chosen as Replacement Cost or Actual Cash Value and the desired deductible. Deductibles may be written on a "dollar amount" or "percentage" basis.

Specify how the deductible is to be applied if not familiar with each company's policy (e.g., Contractors' Equipment, Commercial Articles Floater or Musical Instrument Dealers)."


I hope this helps you learn how to complete the ACORD 146.


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How to Complete the ACORD 146 Equipment Floater Section

ACORD 146 Equipment Floater Section

We get many calls asking for the Inland Marine ACORD form. There is no ACORD form called inland marine. There are several forms which provide inland marine coverage. This is the one we recommend most often.

You will attach the ACORD 146 to the ACORD 125.

BASIC ACCOUNT INFORMATION

Like all the forms you attach to the ACORD 125, the first page of this form begins with basic account information.

DATE: In the top right hand corner of the form you should enter the date you are completing this form and sending it to your underwriters.

AGENCY: This is your agency's name.

CARRIER: This is the carrier to whom you are sending the application. If you are sending the application to more than one carrier, you may leave this blank so you don't alert each carrier to their competition.

NAIC CODE:  NAIC stands for the National Association of Insurance Commissioners.

Here is their website home page...

http://www.naic.org/index.htm

You can learn more at this earlier post we made - http://simply-easier-acord-forms.blogspot.com/2014/03/what-is-naic-code.html

POLICY NUMBER: If you are sending in a new application you will not have a policy number so you will leave this blank.

If you are sending in a renewal application this will be the policy number for this policy's current term.

EFFECTIVE DATE: This would be the date you want this policy to begin.

APPLICANT / FIRST NAMED INSURED: This is the applicant name from the ACORD 125.

I hope this helps you learn how to complete the ACORD 146 equipment floater section.



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ACORD 140 Fraud Notices

Read the ACORD 140 Fraud Notices

The top of the final page in the ACORD 140 for is a bunch of text about the criminal status of knowingly and with intent providing false information in these documents. It is a crime and a felony in many states.

The purpose of placing this on the form is either to advise you which states it is not a crime in so you can go to that state to complete the forms - I doubt that - or to impress upon you and your insured the importance of being honest, accurate and disclosing information fully.

Not only can this lead to criminal conviction of you, but it can also lead to denial of insurance coverage and payment of claims.


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


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ACORD 140 Additional Premises Section

How to Complete the ACORD 140 Additional Premises Section

The Additional Premises Information is EXACTLY the SAME as the information collected on the first page for Premises Information.

See above how the sections line up.

You just need to refer back to the previous posts of the past 5 days to see how to complete these sections.

I will add links to those pages here later. I cannot do it yet because I am writing these posts in advance and will be on vacation when these are actually published. That means I have no final URL from which to link.


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


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ACORD 140 Remarks Section

How to Complete the ACORD 140 Remarks Sections

The ACORD 140 has three separate remarks sections - one on each page.

If you have remarks you need to add for items on page 1, I suggest you use the Remarks section on page 1 and then on page 3 for the overflow.

If you have remarks for items on page 2, I suggest you use the remarks section on page 2, then on page 3 for the overflow.

You should always reference the input title at the start of any remark. Example: if you are adding information on the BURGLAR ALARM TYPE, start your remark  with "Burglar Alarm Type" and then enter the additional information.

This is a free form text entry box where you can add any information you wish. I recommend you use it for things you may have put in your cover letter to the underwriter. That letter will likely get lost somewhere, but the application will remain for years.

Remember you can always use the ACORD 101 Additional Remarks for for more space.


I hope this helps you learn how to complete the ACORD 140 remarks sections.


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ACORD 140 Additional Interest

How to Complete the ACORD 140 Additional Section

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 Subject of Insurance.

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 28 Evidence of Insurance form to be issued.

REFERENCE  / LOAN #

Enter the loan number.

INTEREST IN ITEM NUMBER

LOCATION, BUILDING, ITEM CLASS, 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 140 Additional Interest.


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ACORD 45 Additional Interest Section

How to Complete the ACORD 45 Additional Interest Section

The Additional Interest Section repeats itself 5 times on the ACORD 45 form. The instructions are the same for each repetition.

As the forms states, 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

BREACH OF WARRANTY - Good Definition HERE

CO-OWNER - some one who is one of the owners of this insured business

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

LEASEBACK OWNER - After purchasing an asset, the owner enters a long-term agreement by which the property is leased back to the seller at an agreed rate.

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 Definition HERE

OWNER - The person or business which owns this business or item

REGISTRANT - This may be the person who registers a trademark, copyright or patent to be used by the insured. It could be the registrant of a web site URL being used by the insured.

TRUSTEE - A person appointed to manage the property of another.

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 BOXES - EVIDENCE / CERTIFICATE / POLICY / SEND BILL

All can be checked.

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

Certificate means the Additional Interest requires a Certificate of Insurance to be issued.

Policy means the Additional Interest requires a copy of the actual policy.

Send Bill means the Additional Interest wants a copy of the bill.


REFERENCE  / LOAN #

Enter the loan number.

LIEN AMOUNT

Enter the amount of the original lien, not the current balance.

INTEREST END DATE

Enter the date the loan, lien, interest expires.


PHONE (A/C, No., EXT) 

Enter the phone number for the person at this Additional Interest who should be contacted with any issues related to their Additional Interest.

A/C is area code. No. is number - as in 7 digit phone number. EXT is the phone extension, if any, for this person.

E-MAIL ADDRESS

Enter the e-mail address for the person at this Additional Interest who should be contacted with any issues related to their Additional Interest.

FAX (A/C, No.)

Enter the FAX number for the person at this Additional Interest who should be contacted with any issues related to their Additional Interest.


INTEREST IN ITEM NUMBER

LOCATION, BUILDING, VEHICLE, BOAT, AIRPORT, AIRCRAFT, ITEM CLASS, ITEM

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.


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How to Complete the ACORD 45 Additional Interest Form

ACORD 45 Additional Interest Section

This first lesson is short, but the second lesson seemed too long to combine. My goal is to not have more than five minutes of reading in any one post.

The top section of the ACORD 45 form asks basic questions which allow the form to be a part of the rest of the application. This is helpful if you are sending your underwriter a bunch of separate pieces of paper or separate PDFs.

If you are using our Cap Dat ACORD service you will combine all these forms into one larger form. This has the advantage of keeping all the documents together for your records and your underwriter. It also means the inputs in the section like the top section of the ACORD 45 will automatically pre-fill with data from the other forms.

AGENCY CUSTOMER ID: this is any internal agency customer ID number your agency management system may have assigned. Older agency management systems still use this type of out of date file structure. This does not have to be filled in.

DATE: Enter the date your are completing this form.

AGENCY: Enter your agency name. If you name is a common agency name - for instance Home Insurance - you should probably also enter your city and state.

CARRIER: The name of the insurance company to whom you are sending this application.

NAIC CODE:  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/

POLICY NUMBER: If the policy is a renewal or the policy number has already been assigned, enter that number here. If this is a request for a new business quote there will be no policy number, so leave this blank.

EFFECTIVE DATE: The date the coverage under this policy should begin.

NAMED INSURED: The name of the insured from the form to which this document is attached.

BOTTOM of FORM

The bottom section of this form is blank because there is not enough room to add another additional interest info block. You just leave this blank.

I hope this helps you learn how to complete the ACORD 45 Additional Interest Form.


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