ACORD 29 Evidence of Flood Insurance Remarks, Cancellation and Additional Interest Section

Instructions for ACORD 29 Remarks, Cancellation and Additional Interest

REMARKS

The Remarks section of the ACORD 29 is very small. Of course about the only thing you might need it for is to expand on the Description and Location of the property / properties.

If you need more room use the ACORD 101 Additional Remarks Schedule.

CANCELLATION

There is nothing for you to enter in the cancellation section. But you do need to know what it says. Basically many insured's would ask the agent to use Evidence of Insurance forms to commit to a cancellation notice beyond what the policy itself grants. This can no longer be done through an Evidence of Insurance form.

ADDITIONAL INTEREST

NAME AND ADDRESS - Enter the name and address of this insured exactly as it is shown on the policy.

LOAN NUMBER - Enter the loan number or account number for the loan this additional interest has with this insured.

TYPE OF INTEREST

Check the check box next to the appropriate description of this additional interest legal relationship with this insured. These are mutually exclusive. Check only one. The options are...

MORTGAGE
LOSS PAYEE
UNIT OWNERS MORTGAGEE ( Does not imply interest)
ADDITIONAL INSURED
BLANK next to check box. Enter a text description of the interest.

NAMED ON POLICY (Check all that apply)

Check the appropriate check box next to each  policy type for which policy this Additional applies. You can check them all. The options are...

PRIMARY
EXCESS POLICY 1
EXCESS POLICY 2


I hope this series of posts have helped you learn how to complete the ACORD 29 Evidence of Flood Insurance form.

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Instructions for the ACORD 29 Evidence of Flood Insurance

ACORD 29 Policy Information Section

The ACORD 29 Evidence of Flood Insurance form has three policy sections...

1. Primary Policy
2. Excess Policy #1
3. Excess Policy #2

You will complete the two excess policy information sections exactly the same as the primary section - if you have excess policies -  so I will not cover them separately. There are a few additional questions in the EXCESS POLICY sections and I will discuss those.

COVERAGE  / RISK INFORMATION

NOTE: Look to the far right hand side of the form on the line with the title of this section "COVERAGE / RISK INFORMATION" and you will see this...

"*12:01 A.M. LOCAL TIME AT THE INSURED PROPERTY LOCATION"

This, of course, is the standard time for all property coverage effective and expiration dates unless you enter another time.

PRIMARY POLICY

POLICY NUMBER - the policy number for this issued policy. If the policy is bound but has not yet had a policy number assigned I suggest you enter the word "BOUND"

EFFECTIVE DATE - the date this policy's coverage will begin. See note on effective time above. 

EXPIRATION DATE - the date this policy's coverage will end, cease or stop. See note on expiration date time above.

INS LTR - this means Insurer Letter. Look up in the second section down on the far right hand side of this form. You entered the carrier's names next to a corresponding letter - INSURER A, INSURER B, etc.

Enter this corresponding letter.

COVERAGE - this is a column heading for the two lines below. the first line is BUILDING. The second line is CONTENTS. 

DEDUCTIBLE - this is a column heading for the two lines below. Enter the appropriate building and contents deductibles. If you do not have building or contents coverage, leave the space blank.

TOTAL AMOUNT OF INSURANCE - Enter the Total limit of insurance under this policy for building and contents. If you do not have both of those coverages on this policy, leave the limits blank  as appropriate.

MARKET - check the appropriate box for the program this policy falls under.

NFIP is the National Flood Insurance Program. Learn more about this program at these two links...

http://www.fema.gov/national-flood-insurance-program

https://www.floodsmart.gov/floodsmart/pages/about/nfip_overview.jsp

WYO is the Write Your Own flood insurance program. Learn more about this program at the two links below...

http://www.fema.gov/national-flood-insurance-program/what-write-your-own-program

https://www.fema.gov/wyo_company

PRIVATE / ALT. MARKET - This would be any policy not written int the NFIP or the WYO programs.

POLICY FORM - check the box next to the coverage form used for this policy.

DWELLING FORM

GENERAL PROPERTY FORM

RESIDENTIAL CONDO BLDG ASSOCIATION POLICY FORM

PRODUCT TYPE - check the box next to the product type this policy is written under.

STANDARD POLICY

PREFERRED RISK POLICY

BLANK NEXT TO BOX - enter a text description of this product type

PREFERRED RISK POLICY ELIGIBILITY EXTENSION

GROUP FLOOD INSURANCE POLICY

MORTGAGE PORTFOLIO PROTECTION PROGRAM POLICY

EXCESS POLICY

The Excess Policy sections do have one check box the primary policy section does not have.

The very first item is a check box asking...

INDICATES EXCESS POLICY IS A "FOLLOWING FORM" POLICY TYPE

Basically a "Following Form" excess policy states that it follows all the terms and conditions of the primary policy underneath it.

IRMI has a good definition of Following Form Excess Policies here...

http://www.irmi.com/online/insurance-glossary/terms/e/excess-liability-follow-form-policy.aspx

The last line in each EXCESS POLICY Section contains these four additional questions...

BUSINESS INCOME - check this box if this policy includes coverage for business income.

EXTRA EXPENSE - check this box if this policy contains coverage for extra expense.

ADDITIONAL LIVING EXPENSE If "YES", LIMIT: $ - Check this box if this policy covers additional living expense and enter the dollar amount of the limit.

ACTUAL LOSS SUSTAINED  # OF MONTHS - check this box if this policy includes coverage for actual loss sustained. If the policy does include this coverage enter the number of months of coverage provided in this policy.

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Instructions for the ACORD 29 Property, Coverage and Risk Information

How to Complete the ACORD 29 Property, Coverage and Risk Sections

ACORD 29 Evidence of Flood Insurance Form

PROPERTY INFORMATION

ACORD 29 Property / Coverage and Risk Section

LOCATION / DESCRIPTION

Enter the physical address of the property for which this form is showing evidence of insurance.

If additional detail is needed to explain the exact location, enter text to do that.

If you need more space use the REMARKS section.

If that is still not enough use the ACORD 101 Additional Remarks form.

NOTE: You should be familiar with the wording in all capital letters below the location fields. Especially the part that says "Limits Shown may have been reduced by paid claims."

COVERAGE / RISK INFORMATION

DATE OF CONSTRUCTION

Enter the date the building was originally built.

CURRENT FLOOD ZONE

Enter the code from the Flood Insurance Rate Map - FIRM - for this location.

This question and the next question should use the FEMA Flood Map Service at this link...

https://msc.fema.gov/portal

FLOOD RISK / RATED ZONE

Enter the code for the Zone.

Learn more about this at the link below...

https://www.floodsmart.gov/floodsmart/pages/flooding_flood_risks/defining_flood_risks.jsp

GRANDFATHERED Y/N

Entering a Y indicates this building is Grandfathered for flood coverage. Enter an N for no if it is not.

BUILDING OCCUPANCY TYPE

Check the appropriate box..

• Single Family
• 2 - 4 Family
• Other Residential
• Non-Residential
• Blank - define yourself next to check box

CONTENTS COVERAGE TYPE

Enter the appropriate type by checking the corresponding check box.

• Residential
• Non- Residential
• Blank - define yourself next to check box

REPLACEMENT COST $

Enter the amount it would cost to build this building with same materials and construction quality new today.

CONDOMINIUM COVERAGE IS FOR (Check One)

Put a check or an "x" in the appropriate check box.

• Unit Owner
• Association Building

# UNITS

Enter the number of units  - condos - in this building.

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How to Complete the ACORD 29 Evidence of Flood Insurance

ACORD 29 Agency, Insured and Carrier Information

The ACORD 29 Evidence of Flood Insurance starts with the date field in the top right hand corner of the form. This should be the date you are completing this form.

The next item to note is the BOLD PRINT in the top box on the form. This form is not a part of the policy. As such it cannot be used to modify any portion of the policy or give any rights to any party not provided by the actual policy.

INSURANCE AGENT / PRODUCER

Enter the Agency name and address. You should enter your name - the producer - in the form of ATTN: John Agent,


CONTACT NAME

The name of the agent or CSR this insured will work with.

PHONE (A/C, No, EXT)

The phone number for the contact person. A/C stands for area code. No stands for number. EXT means the contacts phone extension if they have one.

FAX (A/C, No)

The FAX number for the contact person. A/C stands for area code. No stands for number.

E-MAIL ADDRESS

The email address for the contact person.

PRODUCER CUSTOMER ID #

If your agency still assigns customer ID numbers, enter that here.

NAMED INSURED AND ADDRESS

Enter the insured's name exactly as it appears on the policy dec page.

INSURER(S) AFFORDING COVERAGE

INSURER A, B and C

Enter the name of the insurance company which will be on the policy declaration page. This is not the holding company group name - ex: The Travelers - but the specific company in the group - ex: Oak River Insurance.

NAIC#

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/


EVIDENCE NUMBER

If you assign an evidence number to each document you would enter that number here.

REVISION NUMBER

If you assign a revision number to each document enter that number here.

PAGE COUNT

Total number of pages included with this document. If only one page enter 1 of 1.

You may have more than one page because you may need extra space for remarks, etc.

THIS REPLACES PRIOR EVIDENCE DATED

If this form is replacing a previously issued Evidence of Flood Insurance form, enter the date the most recent previous form was issued.

This would always be the case at renewal.

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