Review of All ACORD 75 Insurance Binder Instructions Tutorials

Instructions for ACORD 75 and 76 Insurance Binders

Here are all the tutorials we have done on how to complete the ACORD 75 Insurance Binder and the ACORD 76 Binder Log...


Instructions for Agency, Carrier, Insured and Description of Operations Information

http://simply-easier-acord-forms.blogspot.com/2014/09/instructions-acord-75-insurance-binder.html


ACORD 75 Binder - Property Coverage and General Liability Coverage Section

http://simply-easier-acord-forms.blogspot.com/2014/09/acord-75-insurance-binder-coverage.html


ACORD 75 Binder - Vehicle Liability, Physical Damage and Garage Sections

http://simply-easier-acord-forms.blogspot.com/2014/10/acord-75-binder-instructions-coverages.html


ACORD 75 Binder - Excess Liability, Workers Comp and Special Conditions Sections

http://simply-easier-acord-forms.blogspot.com/2014/10/aocrd-75-binder-coverage-part-3-excess.html


ACORD 75 - Additional Interest, Mortgagee, Loss Payee and Signatures Sections

http://simply-easier-acord-forms.blogspot.com/2014/10/how-to-complete-acord-75-additional.html


ACORD 75 - Conditions

http://simply-easier-acord-forms.blogspot.com/2014/10/acord-75-insurance-binder-conditions.html


ACORD 76 - Insurance Binder Instructions

http://simply-easier-acord-forms.blogspot.com/2014/10/acord-76-binder-log-instructions.html

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ACORD 75 Insurance Binder Conditions

Conditions for the ACORD 75 Insurance Binder

AGENCY CUSTOMER ID

Before we get to the good stuff remember to enter your agency customer ID so this page will be able to find the rest of this binder if somewhere, somehow in that thing we call the business cycle they get separated from each other.


BASIC CONDITIONS

The first two paragraphs at the top of page two are the conditions which apply to every state unless modified by statements later on this page.

I noticed - you  may too - that some of the sections listed as applicable in a specific state are actually only a re-statement of a condition stated in this section.For instance Michigan says the binder may be cancelled by the insured. This section also says that. But we know government employees need work in Michigan, so I guess no harm no foul. I just appreciate being amused by the process . I hope you are also entertained.


STATE SPECIFIC TIME LIMITATIONS

The most common state specific condition relates to limits on the length of the Binder or the amount of time required for cancellations. I have underlined those in the above image. You can see a larger version of the image by clicking on it.

Read any condition applicable in your state and the state of your insured. You need to be certain to comply with these conditions.

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How to Complete ACORD 75 Additional Interest and Signatures

ACORD 75 Insurance Binder Instructions

NAME & ADDRESS

ACORD 75 Insurance Binder

NAME AND ADDRESS

Enter the complete name and address of any additional interest to this Binder.

TYPE OF INTEREST

Check the check box next to the appropriate type of interest. Use the 4th check box to indicate an interest not listed. Use the space to the right of the 4th check box to add a text description of that interest type.

• MORTGAGEE
• LOSS PAYEE
• ADDITIONAL INTEREST
• OTHER - describe

SIGNATURE

AUTHORIZED REPRESENTATIVE

This space should be signed either by a carrier representative - underwriter - or by a person specifically authorized by the Agency / Carrier contract. This will differ by carrier.

I strongly recommend you do not sign your name unelss you can show the document which grants you this authority.

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ACORD 75 Binder Coverage Part 3 Excess, Work Comp and Special Conditions

Instructions for ACORD 75 Binder

EXCESS LIABILITY

Instructions for ACORD 75 Binder of Insurance

TYPE OF INSURANCE - Check the box to indicate whether this is an UMBRELLA FORM or OTHER THAN UMBRELLA FORM.

COVERAGE / FORMS - list all coverage forms names, numbers and edition dates which will be present on the final policy.

RETRO DATE FOR CLAIMS MADE: - If this is a Claims Made form it will normally have a retro-active date prior to which claims will not be covered. Enter that date here.

If there is no Retro active date enter the word NONE.

LIMITS - Enter a limit for each of the following...

• EACH OCCURRENCE
• AGGREGATE
• SELF-INSURED RETENTION

WORKER'S COMPENSATION

Insurance Binder Workers Compensation Instructions

TYPE OF INSURANCE - There is nothing to put in this column.

COVERAGE / FORMS - list all coverage forms names, numbers and edition dates which will be present on the final policy.

LIMITS

In almost all cases you will check the check box next to the words PER STATUTE.

E.L. EACH ACCIDENT - E. L. stands for Employer's Liability Limits.

E. L DISEASE - EA EMPLOYEE - This stands for Employer's Liability for Disease - Each Employee

E.L. DISEASE - POLICY LIMIT - Stands for Employer's Liability for Disease - Policy Limit



SPECIAL CONDITIONS / OTHER COVERAGES  

ACORD 75 Insurance Binder Instructions

Add any additional description of coverage provided that has no specific mention in the rest of the form.

You can also use this space to reference other Binders, acknowledge payment receipt, etc.

LIMITS - Enter any fees, taxes or the estimated total premium if you know this information.



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ACORD 75 Binder Instructions - Coverages Part 2

ACORD 75 Insurance Binder Vehicle Coverages

VEHICLE LIABILITY

Instructions ACORD 75 Insurance Binder

VEHICLE LIABILITY - Check any and all check boxes for coverage provided by this policy.

ANY AUTO
ALL OWNED AUTOS
SCHEDULED AUTOS
HIRED AUTOS
NON-OWNED AUTOS
Two Blank lines for you to list other specific coverage.

When completing a binder you only need to know which coverage is actually provide by the policy. For a more detailed description of these coverages and terms you can refer to our tutorials on the ACORD 127 Commercial Auto.


COVERAGE / FORMS - List the specific policy forms numbers to be used in the policy. Include the effective dates of these forms.

LIMITS - Enter the dollar amount of the limits provided by this policy.

If you enter Combined Single Limits you will not enter Bodily Injury or Property Damage Limits. These are mutually exclusive.


VEHICLE PHYSICAL DAMAGE

How to Complete the ACORD 75 Insurance Binder

VEHICLE PHYSICAL DAMAGE

Check the Check box for COLLISION and/or OTHER THAN COLLISION if that coverage is provided for any vehicles covered by this binder.

Enter the collision DEDUCTIBLE amount next to the text COLLISION.

Enter the other than collision DEDUCTIBLE amount next to the text for OTHER THAN COLLISION.

If ALL VEHICLES are covered for physical damage check the box next to that text in the column labeled COVERAGE / FORMS.

If only some SCHEDULED VEHICLES are covered for physical damage check the box next to that text in the column labeled COVERAGE / FORMS. If scheduled vehicles are covered you should attached a document or spreadsheet listing those scheduled vehicles.

OTHER THAN COLLISION used to be called COMPREHENSIVE.

COVERAGE / FORMS - Enter the specific coverage forms and edition dates which will be on the policy.

If coverage is based on the ACTUAL CASH VALUE of the vehicles check that box in the LIMITS column.

If coverage is based on a STATED AMOUNT for the vehicles check that box in the LIMITS column and enter the dollar amount to the right of the STATED AMOUNT text. If you have more than one vehicle you will need to provide a schedule of vehicles with the stated amount showing for each vehicle.

There is a third check box and room for text coverage description and limit. This would be used for instance if NEW CAR REPLACEMENT coverage was being provided.


GARAGE LIABILITY

ACORD 75 Binder for Garage Liability

GARAGE LIABILITY - If coverage applies to ANY AUTO check that check box. If not check one or more of the next two check boxes and enter the text description of the coverage. EX: Garagekeepers Legal

COVERAGE / FORMS - List the form coverage form names and numbers and edition dates which will be a part of the policy issued for this binder.

LIMITS - Enter the limits of liability coverage provided by this binder.



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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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Instructions ACORD 75 Insurance Binder

How to Complete The ACORD 75 Insurance Binder

Instructions for ACORD 75 Insurance Binder

An insurance binder is a legal document issued by either the agent or the carrier which records the basic information about a pending insurance policy contract. The binder is normally issued when proof of coverage for the insured is required but time does not allow the issuance of the policy quickly enough.

Binder differ from Certificates and/or Evidence of insurance forms. When a Binder is issued an actual insurance contract is created. Certificates and Evidence forms only warrant they such coverage exists.

There is a good document on this subject at the link below...

http://resourcepro.com/iac/documents/Certificates%20of%20Insurance,%20Binders%20and%20Evidences%20of%20Insurance%20-%20What%20is%20the%20Difference.pdf


DATE and AGENCY INFO

DATE - enter the date this form is being completed.

AGENCY - Enter your insurance agency's full name and address.

PHONE (A/C, No, EXT) - Enter the your agency's phone number. A/C stands for area code. "No" stands for number. EXT stands for extension.

FAX - enter your insurance agency's fax number. A/C stands for Area Code. "No" stands for number.

CODE - The ID number assigned to your agency by the insurance carrier listed on this binder.

SUB-CODE - If your agency uses a sub-code to identify specific agents with this carrier, enter that code here.

AGENCY CUSTOMER ID - this is the customer ID number your agency or your agency management system assigned to this customer. If your agency does not do this, leave this blank.



CARRIER and BINDER INFORMATION

How to Complete the ACORD 75 Insurance Binder

COMPANY - the name of the insurance carrier providing the insurance contract created by this binder.

BINDER # - this can be created by either the agent or the carrier. This binder and binder number should be tracked using the ACORD 76 Binder Log.

EFFECTIVE DATE - this is the date the coverage created by this contract begins. It will normally be the same as the effective date of the insurance policy.

EFFECTIVE TIME - Indicate whether the time is A.M or P.M. If your binder is effective on a day later than the day your are completing this binder, the effective time would normally be 12:01 AM on that date.

If your binder is to go into effect immediately, enter the actual time you complete this document.

EXPIRATION DATE - this is the day the insurance contract created by this binder ends. Some states limit the amount of time a binder can be in force. See these limits on the second page of the ACORD 75 form.

EXPIRATION TIME - Indicate 12:01 AM or Noon, or whatever time your specific state law dictates.

THIS BINDER IS ISSUED TO EXTEND COVERAGE IN THE ABOVE NAMED COMPANY PER EXPIRING POLICY # - enter the policy number of the existing policy for this company for these coverages.


INSURED INFO and DESCRIPTION OF OPERATIONS

ACORD 75 Insurance Binder Instructions

INSURED NAME AND ADDRESS - enter the complete name and address as it is to appear on the issued policy.

DESCRIPTION OF OPERATIONS / VEHICLES / PROPERTY ( Including Location) - enter general description of operations. Enter list of vehicles including VIN Numbers. Enter physical addresses.

If more space is needed attach a Word document or spreadsheet.



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