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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