ACORD 28 Evidence of Commercial Property Insurance

How to Complete the ACORD 28 Evidence of Property Insurance

Producer, Insured, Carrier and Policy Information

The ACORD 28 is for commercial property insurance what the ACORD 25 is for liability insurance.

Be sure to read the bold print in the top box of this form. The Evidence of Commercial Property Insurance is informational only. It does not modify the policy. It does not give any rights or additional interest to any party.

In this post we will cover the inputs you need for the sections highlighted below.

DATE

Enter the date you are completing this form.

AGENCY INFO

PRODUCER NAME, CONTACT PERSON AND ADDRESS - enter Agency name as the Producer name. Enter your name as the contact person.

PHONE (A/C No. EXT) - A/C means area code. No. means phone number other than the area code. EXT means your personal extension.

Example:   919-384-0514 ext 17

FAX (A/C, No.) A/C means area code. No. means phone number other than the area code.

E-MAIL ADDRESS - your work email address. You should never use your personal email address for work related communications. This exposes you to many legal issues to which you do not ever want or need to be exposed.

CODE - This is your agency code for the specific carrier to which you are sending this application. This can be left blank often.

SUB CODE - This is your specific producer code for the carrier to whom you are sending this application. The reason for the agency code and the sub code is for the carrier to present commission reports broken down this way. Your carrier may or may not have that capability.

AGENCY CUSTOMER ID# - If you have an old agency management system you may still need to track that systems customer ID number. You should get a newer system that manages data better.


INSURED INFO

NAMED INSURED AND ADDRESS - Enter the name the way the lending institution will need to see it. Probably this means matching the way it is listed on any loan documents.

ADDITIONAL NAMED INSURED(S) - Name only, not address.


COMPANY AND POLICY INFO

COMPANY NAME AND ADDRESS - enter the company masthead name, not necessarily the same as the company group name. Example: The Travelers is a group of companies - a holding company. Oak River Insurance Co is a masthead name - an actual insurance company who will be shown as the insurer on the policy.

NAIC NO. - 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 TYPE - commercial property, builders risk, etc.

LOAN NUMBER - the account number or loan number the lending institution uses to identify this customer.

POLICY NUMBER - If the policy has been issued or had the number assigned you will enter that here. If not, leave this blank.

EFFECTIVE DATE - the day, month and year this policy's coverage is to begin.

EXPIRATION DATE - the day, month and year this policy's coverage ends. For an annual policy this would be the same date the following year.

Example - effective date 10/01/2014  would have an expiration date of 10/01/2015.

CONTINUED UNTIL TERMINATED IF CHECKED - check this if the policy has been issued on a conditional basis.

THIS REPLACES PRIOR EVIDENCE DATED - Enter the date of any Evidence document which may have already have been issued.


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