Monday, September 29, 2014

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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Friday, September 19, 2014

ACORD 81 Instructions Table of Contents Personal Inland Marine Application

Table of Contents for ACORD 18 Instructions


Instructions ACORD 81 Personal Inland Marine

Here are links to each and every tutorial we have published for instruction on how to complete the ACORD 81 Personal Inland Marine Application...


Agency and Carrier Information

http://simply-easier-acord-forms.blogspot.com/2014/09/instructions-for-acord-81-personal.html


Applicant and Location Information

http://simply-easier-acord-forms.blogspot.com/2014/09/how-to-complete-acord-81-personal.html


Coverage Information and Property Class

http://simply-easier-acord-forms.blogspot.com/2014/09/instructions-for-acord-81-coverage-info.html


Safe and Vault Information

http://simply-easier-acord-forms.blogspot.com/2014/09/acord-81-instructions-safe-vault.html


Loss History, Payment Plan and Additional Interest Instructions

http://simply-easier-acord-forms.blogspot.com/2014/09/acord-81-loss-history-payment-plan.html


Attachments and Schedule of Property Instructions

http://simply-easier-acord-forms.blogspot.com/2014/09/acord-81-attachments-and-schedule-of.html


Binders, Information Practices, Fraud Warnings and Signatures

http://simply-easier-acord-forms.blogspot.com/2014/09/acord-81-instructions-for-binders.html



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Thursday, September 18, 2014

ACORD 24 Instructions Table of Contents

Table of Contents for ACORD 24 Certificate of Property Insurance Tutorials


Instructions ACORD 24 Certificate of Property Insurance

Here on one page is a link to every posts we have done for instructions on the ACORD 24 Certificate of Property Insurance.

Agency and Producer Information, Insured Information and Carrier Information

http://simply-easier-acord-forms.blogspot.com/2014/08/instructions-for-acord-24-certificate.html


Certificate Number, Location, Insured Letter

http://simply-easier-acord-forms.blogspot.com/2014/08/how-to-complete-acord-24-certificate-of.html


Type of Insurance, Policy Number, Effective Dates

http://simply-easier-acord-forms.blogspot.com/2014/08/instructions-for-acord-24-type-of.html


Covered Property and Limits

http://simply-easier-acord-forms.blogspot.com/2014/09/how-to-complete-acord-24-covered.html


Special Conditions, Certificate Holder, Signatures

http://simply-easier-acord-forms.blogspot.com/2014/09/certificate-of-property-insurance-acord.html



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Wednesday, September 17, 2014

ACORD 30 Certificate of Garage Insurance Instructions Table of Contents

ACORD 30 Table of Contents to All Tutorials


Instructions ACORD 30 Certificate of Garage Insurance

Here are links to all our tutorials on instructions for how to complete the Certificate of Garage Insurance...


Basic Agency, Insured and Carrier Information

http://simply-easier-acord-forms.blogspot.com/2014/08/instructions-for-acord-30-certificate.html


Payments for Claims Already Made Disclaimer, Coverage Part 1

http://simply-easier-acord-forms.blogspot.com/2014/08/how-to-complete-acord-30-coverage.html


Coverage Part 2

http://simply-easier-acord-forms.blogspot.com/2014/08/instructions-acord-30-general-liability.html


Remarks, Certificate Holders, Cancellation and Signatrues

http://simply-easier-acord-forms.blogspot.com/2014/08/acord-30-instructions-for-remarks-and.html



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Instructions for ACORD 29 Evidence of Flood Insurance Table of Contents

ACORD 29 Links to All Posts on Evidence of Flood Insurance


Instructions ACORD 29 Evidence of Flood Insurance

Here are links to all our tutorials for how to complete the ACORD 29 Evidence of Flood Insurance in one post...

Basic Information on Agency, Insured and Carrier

http://simply-easier-acord-forms.blogspot.com/2014/08/how-to-complete-acord-29-evidence-of.html


Property Information, Coverage and Risk Information

http://simply-easier-acord-forms.blogspot.com/2014/08/instructions-for-acord-29-property.html


Policy Information

http://simply-easier-acord-forms.blogspot.com/2014/08/instructions-for-acord-29-evidence-of.html


Remarks, Cancellation and Additional Interest Information

http://simply-easier-acord-forms.blogspot.com/2014/08/acord-29-evidence-of-flood-insurance.html


I hope this helps you understand the instructions for how to complete the ACORD 29 Evidence of Flood Insurance form.


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ACORD 28 Evidence of Property Insurance List of All Instruction Links

Table of Contents ACORD 28 - All Instruction Links


This week we are catching up with our most popular Table of Contents - TOC - of all links in one place for a specific form.

Today's form is the ACORD 28 Evidence of Commercial Property Insurance...

Instructions for ACORD 28 Evidence of Commercial Property Insurance

Basic Agency, Insured and Carrier Information

http://simply-easier-acord-forms.blogspot.com/2014/08/acord-28-evidence-of-commercial.html


Property Information and Coverage Informatio

http://simply-easier-acord-forms.blogspot.com/2014/08/acord-28-evidence-coverage-information.html


Cancellation Statement and Additional Interest Information

http://simply-easier-acord-forms.blogspot.com/2014/08/how-to-complete-acord-28-cancellation.html


Remarks Section


http://simply-easier-acord-forms.blogspot.com/2014/08/acord-28-evidence-of-commercial_13.html


I hope this helps you understand how to complete the ACROD 28 Evidence of Commercial Property Insurance.


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Tuesday, September 16, 2014

ACORD 81 - Instructions for Binders, Information Practices, Fraud Warnings & Signatures

Instructions for Binders, Information Practices, Fraud Warnings & Signatures in the ACORD 81


BINDER & NOTICE OF INFORMATION PRACTICES

ACORD 81 INSTRUCTIONS Binder and Notice of Information Practices

The second half - bottom half - of the third page of the ACORD 81 form contains the wording for the Binder and the wording for the Notice of Information Practices.

INSURANCE BINDER

If you are not binding coverage you should not put any information in the binder box.

If you are binding this policy enter correct information into the following....

EFFECTIVE DATE

EXPIRATION DATE

TIME - If the binder will take effect after the time and date you are completing this form then check the box for either 12:01 AM or Noon,

If the binder will take effect immediately, enter the actual time you complete the form.


NOTICE OF INFORMATION PRACTICES

Your customer must initial the space in the bottom right hand corner of this document to acknowledge she has read the Information Practices statement.

If, at the time of this writing, your customer is in...

Arizona
California
Delaware
Kansas
Massachusetts
Minnesota
North Dakota
Oregon
Virginia
West Virginia

Then you need to use the state specific Notice of Information Practices ACORD document instead of this portion of this form.

Your producer must also check the check box stating a copy of this notice has been given to this customer.

FRAUD STATEMENTS / SIGNATURES -  Page 4

ACORD 81 Instructions for Agency ID

In the top right hand corner of teh page enter your agency's or agency management system's customer ID number.

FRAUD STATEMENT

ACORD 81 Fraud Statement Instructions


If you are selling this policy for a customer in any of the states listed in the Fraud Warning section you need to review that state's Fraud Warning statement with your customer. People can and have gone to jail over this issue. If you do not advise them of this fact, you will also be exposed.


SIGNATURES

ACORD 81 Signatures Instructions

PRODUCER'S SIGNATURE - The producer / agent should sign by hand or digitally.

PRODUCER"S NAME (Please Print) - Print the name of the producer / agent whose signature is on the space to the left.

STATE PRODUCER LICENSE NO (Required in Florida) - Enter you state producer number.

APPLICANT'S SIGNATURE - the authorized representative of the insured should sign by hand or digitally.

DATE - the date of the signature by the customer

NATIONAL PRODUCER NUMBER - enter 'em if you got 'em.



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ACORD 81 Attachments and Schedule of Property Instructions

ACORD 81 Attachments and Schedule of Property Section



AGENCY CUSTOMER ID


ACORD 81 ID Instructions

Enter your customers identification number assigned by your agency or agency management system.


ATTACHMENTS

ACORD 81 Attachments Instructions
Check any and all check boxes which describe documents, spreadsheet, pictures, etc which you are attaching to this ACORD 81 form.


  • STATE SUPPLEMENTS
  • PHOTOGRAPH
  • APPRAISAL
  • BILL OF  SALE
  • PROTECTIVE DEVICE CERTIFICATION
  • OTHER - three boxes left blank. Fill in your own description


SCHEDULE OF PROPERTY

ACORD 81 Schedule of Property Instructions

There are 24 rows on this page for entering specific items to be insured. You will repeat each of the following steps for each row you have an item in.

If you need more space than this I recommend you complete another ACORD 81 forms or set up a spreadsheet with exactly these columns and attache the spreadsheet to this master document.


SCHD #

Schedule number. Enter the number asssociated with the property class from page 1 of this form. For example, if this is a Fine Arts item look back at the PROPERTY CLASS listing on page one. You will see FINE ARTS listed as SCH# 3. In this instance you would enter a 3 in this box on page 3.


ITEM #

This is the item number you - the producer - assign to this item.

DESCRIPTION

Enter a full and complete descriptions including serial numbers. You are trying to give the claims folks something to work with in identifying this item.

FORMAL APPRAISAL ? (Y/N)

If you have a formal appraisal enter a Y for Yes and attach a copy of that appraisal to this document when you send it to your underwriter.

If not, enter N for No.

VALUATION DATE (Purchase or Appraisal)

Enter the most recent date of valuation or appraisal.

AMOUNT OF INSURANCE

Enter the amount of insurance you want on this specific item. Remember any co-insurance clauses. If you have an item valued at $100,000 and this policy requires 80% co-insurance, you certainly do not want to only insure the item for $5,000. Likewise if the Valuation is $100,000 the insurance carrier is unlikely to insure this item for $1,000,000.


I hope these instructions for the ACORD 81 have helped you learn how to complete an ACORD 81 form.


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ACORD 81 Loss History, Payment Plan, Additional Interest Instructions

How to Complete the ACORD 81 Loss History, Payment Plan and Additional Interest Sections



LOSS HISTORY

Instructions for ACORD 81 Loss History Section
Just to the right of the title LOSS HISTORY is the question...

ANY LOSSES, WHETHER OR NOT PAID BY INSURANCE, DURING THE LAST _ YEARS, AT THIS OR ANY LOCATION

Enter the number of years in the blank space.

To the right of the text is a check box. Enter "Y" for YES or "N" for NO in this box to answer the question.

If the answer if YES, then you will need to explain more detail by completing the information in the remainder of this section.

If the answer is NO, you will not have anything to add to this section.

APPLICANT'S INITIALS

Have you customer initial here to confirm the correctness of this information.

There are four rows, all with the same columns. The same actions should be taken for each row in which you have entered a loss date. If you need more room you can use the ACORD 101 Additional Remarks form.

LOSS DATE - enter the date of the occurrence, accident or incident occurred which created this loss.

LOSS TYPE - Enter the type of coverage this loss was filed under as a claim.

DESCRIPTION OF LOSS - enter a concise description of the loss event. Brevity is saintly here.

CAT # - This stands for Catastrophe Number. Sometimes ISO - Insurance Services Office - will assign a Catastrophe Number to major events such as a hurricanes, floods, earthquakes or other major events. You may not know this number.

AMOUNT PAID - Enter the amount actually paid. This does not include reserved amounts.

ENTERED BY (A)GENT (C)OMPANY - If this loss is being entered by the agent enter A, if it is being added to this form by the insurance company enter C.

IN DISPUTE (Y/N) - "Y" for YES, "N" for NO. Is this claim being disputed by the insurance company?


PAYMENT PLAN

Attach ACORD 610 Premium Payment Supplement if additional information is required.

ACORD 81 Instructions for Premium Payment Section

BILLING ACCOUNT #

Enter this customer's billing account number.

DEPOSIT AMOUNT

Enter the amount of the insured's deposit.

EST TOTAL PREMIUM

Enter your estimated annual premium for this account

BILLING - Three Options

DIRECT BILL - POLICY - Check if this specific policy is being billed directly by the insurance company.

DIRECT BILL - ACCOUNT - Check if this entire account - more than one policy - is being billed directly by the insurance company

AGENCY BILL - Check this box if this policy or account is billed by the agency.


PAYMENT PLAN

FULL PAY - check this box if the payment for the policy or account will be paid in full at the time of the policy issuance.

ANNUAL - Check if this will be billed once a year.

SEMI-ANNUAL - billed once every six months

QUARTERLY - billed once every three months

BI-MONTHLY - billed every other month

MONTHLY - billed each month

BLANK - enter any other plan. An example might be billed monthly for three months in a row.


PAYMENT METHOD

Check the check box next to the method of payment the insured will be using.

CASH

CHECK

CREDIT CARD - include debit cards

EFT - Electronic Funds Transfer. This is a pre-authorized form of drafting a bank account.

PAYROLL DEDUCTION

PRE-AUTHORIZED DRAFT / CHECK (PAC) - this would normally be an ACH pre-authorized billing. Normally ACH is for a set amount or an amount within a limited range. EFT has more flexibility.


MAIL POLICY TO:

AGENT - the agent would mail or deliver copy to the insured

INSURED

OTHER - sometimes this would be a lienholder, etc.


PAYOR

Check the box for who will be paying this bill.

INSURED

MORTGAGEE


ADDITIONAL INTEREST (Attach ACORD 45, Additional Interest Schedule if additional information is required)

Instructions ACORD 81 Additional Interest

INTEREST

Check the box which applies for this specific business entity.

ADDITIONAL INSURED - 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.

LOSS PAYEE - Good Definition HERE

MORTGAGEE - Good Discussion HERE

TRUSTEE - a person or institution which manages property for the insured

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.

EVIDENCE

Check if this entity wants an Evidence of Insurance form.

CERTIFICATE

Check if this entity wants a certificate of insurance form.

SEND BILL

Check if this is to whom the bill should be sent.

REFERENCE  / LOAN #

Enter the loan number.


INTEREST IN ITEM NUMBER

SCHD#: - Schedule number

This is the number from the schedule on the third page of this form for the item this additional interest has an interest in.

ITEM#:

This is the number from the schedule on the third page of this form for the item this additional interest has an interest


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Tuesday, September 9, 2014

ACORD 81 Instructions Safe / Vault Information

How to Complete the ACORD 81 Safe/Vault and General Information


SAFE / VAULT INFORMATION

If none of the items above are kept in a vault you should skip this section.

Instructions for ACORD 81 Safe / Vault Info

BANK VAULT IN USE? (If "YES", Bank Address)

If a bank vault is being used check the check box on the left hand side of this row.

And Friend, if your answer must be YES, then you are challenged to enter the bank name and full physical address in the space to the left of the question. Good luck and God speed.

RESIDENT VAULT IN USE? (If "YES", complete the following)

If you are using a vault in your residence check the check box on the left hand side of this row.

Reader, if you answer YES, complete the remaining questions in this section.

LOC #

Enter the Location number from the Location Information section above to show where this vault is located.

MANUFACTURER

Enter the name of the manufacturer of this vault.

MODEL

Enter the manufacturer's model name or number for this vault.

LABEL

On the safe or vault there will be a rating label. This will be either UL for Underwriters Laboratories or SMNA for  Safe Manufacturer's National Association.

Check the box or boxes which apply.

CLASS

Quoting from the ACORD FIG for this form..."the construction classification representing the extent of burglary protection for this safe or vault. Use the classification from the Burglary label and not the Fire label located on the safe or vault. For industry definitions of the classifications, refer to the Commercial Lines Manual."

DOOR TYPE

Check the appropriate check box to indicate whether the safe or vault door is a square door or a round door. I would say if it is not square or triangular, then it is round.

COMBINATION LOCKS

Check any and/or all the check boxes which may apply to whether there are Outer Combination Locks, Inner Combination Locks and/or Chest Combination Locks.

THICKNESS

Enter the DOOR thickness in inches. Do not measure at the Bolt.

Enter the WALL  thickness in inches.


GENERAL INFORMATION


Instructions ACORD 81

On each additional page of any ACORD form there is a space in the top right corner to enter your Agency Customer ID. You may recall you entered this on the first page.

If you are using an electronic forms system such as our Simply Easier ACORD Forms this data will automatically flow through from the previous page. If not enter that info here is your agency is customer ID's.

ACORD 81 General Information Instructions

There are eleven General Information questions. The format is you place a Y for YES or an N for NO in the far right hand column to answer each question in the corresponding row.

If you answer YES to any of these questions you then have to explain more in the box with the question.

ANY PROTECTIVE DEVICES / SYSTEMS IN USE?

If so describe the devices or systems with the name and model number of the device or system.


WILL ANY PROPERTY BE EXHIBITED?

If Yes, answer the following in the box labeled...

PROPERTY - describe the item(s)

EXHIBIT LOCATION - enter address

TYPE OF EXHIBITION

TYPE OF SECURITY - describe the security at the exhibition

DURATION - How long will the item(s) be on exhibit?


WILL ANY SPECIAL RESTRICTIONS /  ENDORSEMENTS APPLY?

If so, list them here.

IS ANY PROPERTY USED PROFESSIONALLY / COMMERCIALLY?

If so explain that use. You may need to cover this under a commercial form.

ANY OTHER INSURANCE WITH THIS COMPANY? (List policy numbers)

Enter the responses in the appropriate boxes below this question.

LINE OF BUSINESS

POLICY NUMBER

LINE OF BUSINESS

POLICY NUMBER

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


HAS ANY COVERAGE BEEN DECLINED, CANCELLED OR NON-RENEWED DURING THE LAST THREE (3) YEARS

You cannot answer this question if your customer is a resident of Missouri.

HAS APPLICANT HAD A FORECLOSURE, REPOSSESSION, BANKRUPTCY OR FILED FOR BANKRUPTCY DURING THE PAST FIVE (5) YEARS?

HAS INSURANCE BEEN TRANSFERRED WITHIN THE AGENCY?

DURING THE LAST FIVE (5) YEARS (TEN (10) YEARS IN RHODE ISLAND), HAS ANY APPLICANT BEEN INDICTED FOR OR CONVICTED OF AY DEGREE OF THE CRIME OF FRAUD, BRIBERY, ARSON OR ANY OTHER ARSON-RELATED CRIME IN CONNECTION WITH THIS OR ANY OTHER PROPERTY?
(In Rhode Island failure to disclose the existence of an arson conviction is a misdemeaner punishable by a sentence of up to one (1) year of imprisonment.)


PRIOR INSURANCE?

List the INSURER NAME and the POLICY NUMBER of the company providing this coverage in the immediate preceding year.



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Monday, September 8, 2014

Instructions for ACORD 81 Coverage Info and Property Class

How to Complete the ACORD 81 Property Class and Coverage Information


PROPERTY CLASS / COVERAGE INFORMATION

ACORD 81 Property Class Info

Dear Reader, please note the first 13 rows in the two left hand columns of the Property Class /  Coverage Information Section are pre-filled. Rows 14 through 21 are available for you if the items you want covered by this policy do not fall under any of these descriptions. I suppose you are left to your own devises to make up your own Class abbreviation. Take heart. you can do this.

LOC #


ACORD 81 Property Class Location Instructions

Enter the location number from the Location Section into the column on the row corresponding to the property class.

In plainer English, if you are insuring FURS located at Location #1, enter #1 in the row to the immediate right of the word FURS.

LOSS SETTLEMENT (ACV/RC)

ACORD 81 Lost Settlement Instructions

Enter the code for the type of valuation to be used to determine the amount to be paid in the event of a claim.

ACV stands for actual cash value.

RC is replacement cost

.
COVERAGE QUALIFIERS

Instructions for ACORD 81 Coverage Qualifiers

For each property class for which your are requesting coverage enter one or more Coverage Qualifiers from the list at the bottom of this section.

The options listed are...


AR, All Risk (used for guns)
BB, Blanket Basis
BE, Breakage Exclusion
Buy-Back
BF, Broad Form Pair and Set
BR, Broad Form (used for guns)
DP, Depreciated (used for furs)
ED, Limited Editions
LE, Laser Engraved
NO, Non-mobile Organ
NS, Non Standard
SB, Scheduled and Blanket Basis
SC, Safe Credit
SL, Scheduled Basis
T1, Tiered Rating 1
T2, Tiered Rating 2
T3, Tiered Rating 3
T4, Tiered Rating 4
T5, Tiered Rating 5
T6, Tiered Rating 6
T7, Tiered Rating 7
T8, Tiered Rating 8
T9, Tiered Rating 9
UA, Unattended Automobile
VC, Vault Credit


PROFESSIONAL/COMMERCIAL USE (Y/N)

ACORD 81 Instructions - Professional or Commercial USe

Enter "Y" if the items to be covered in this row are used commercially or professionally.

If they are not, enter "N".


EXHIBITED / IN VAULT / BLNKT COV (Y/N)

ACORD 81 Instructions

EXHIBITED (Y/N)

If the item(s) to be covered in this row are Exhibited enter a "Y". It not, enter an "N".


IN VAULT (Y/N)

If the item(s) in this row are normally kept in a vault enter "Y". If not, enter "N".

If they are kept in a vault you will need to complete the next section SAFE/VAULT INFORMATION.

BLNKT COVE? (Y/N)

If the item(s) in the row are covered under blanket coverage  enter "Y". If not, enter "N".


DED / AMOUNT OF INSURANCE / RATE / PREMIUM

How to Complete the ACORD 81


DED

Enter the Deductible amount or percent which is to apply to item(s) in this row.

AMOUNT OF INSURANCE

Enter the dollar amount of coverage you want to apply to item(s) in this row.

RATE

Enter the rate - if you know it - for the item(s) in this row. If you do not know the rate, leave this blank.

PREMIUM

Enter the Premium for the item(s) in this row. If you do not know the rate, you will not be able to know the premium. In that case leave this blank.

TOTAL

If you entered amounts in the PREMIUM fields, add those all up and put the sum in the Total field.


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How To Complete the ACORD 81 Personal Inland Marine Application

Instructions for ACORD 81 Applicant and Location Info Section


Instructions ACORD 81 Personal Inland Marine App

APPLICANT INFORMATION

APPLICANT's NAME AND MAILING ADDRESS (Include county & ZIP+4)

Type in your customer's name and address exactly as you want it to appear on the policy declaration page.

Include the County name.

When entering the ZIP code be sure to include the four digit extension - ex: 27715-2936.


DATE AT CURRENT RESIDENCE

This is asking for the date your customer moved into this residence. Do not worry about the day of the month. If they have been there a long time - like I have lived at the same address for 29 years, I suppose just putting that in would be fine.

PRIMARY PHONE #

Enter the first number your customer would like you or the carrier to use to contact them by phone. Check the box to show if this is a HOME, BUSINESS or CELL phone number.

SECONDARY PHONE #

Not required. There are some people who will not have a secondary number. But if they do give you permission to use a second number, do the same here as for the PRIMARY number.

PRIMARY E-MAIL ADDRESS

Enter your customer's email address they would like you or the carrier to use. NOTE: You cannot legally require your customer to give you any email address.

SECONDARY E-MAIL ADDRESS

If your customer has a back up email address for your use, enter that address here.

BIRTH DATE

Enter the Named Insured's date of birth. The Birth Date would technically be just teh month and day. This is actually a request for the month day and year.

MARITAL STATUS / CIVIL UNION (If applicable)

NOTE: This cannot be used - and so should not be entered for a California resident.

The codes you are expected to use are...

 S      Single
 M     Married
 D      Divorced
 F      FiancĂ© or FiancĂ©e
 P      Separated
 W    Widowed
 C      Domestic Partner (unmarried)
 V      Civil Union/ Registered Domestic Partner
 U      Unknown
 O      Other

Since this is listed nowhere on the form I am uncertain how you are supposed to have known this.

ACORD 81 Personal Inland Marine Application Applicant Occupation


APPLICANT'S OCCUPATION ( State Nature of Business if Self-Employed)

Enter a text description of the job this person has.

CO-APPLICANT'S OCCUPATION ( State Nature of Business if Self-Employed)

Enter a text description of the job this person has.


LOCATION INFORMATION


Instructions for ACORD 81 Location Information


LOC #

This number will be used in the following sections to keep you from having to list the entire location address repeated throughout this application.

Enter the number of this location. I would suggest starting with the number 1 unless there is some reason this insured has other documents listing this location as something else.

Enter this for each row that has a location listed.


LOCATION O F PROPERTY

Believe it or not yo are supposed to enter the street address, the city, the county, the state and the ZIP code +4 in this sort of small space.

TERR CODE

The territory code which identifies the rating territory for this location. This territory will be assigned by the State Dept of Insurance, ISO or sometimes by the insurance company.

CONSTRUCTION TYPE

The primary construction type of this location. That usually means more than 50% of the structure is this type of construction. For example, if the house has a brick veneer siding on the front, but the back  ans sides are frame, the construction type would be frame.

The common construction types are...

 Frame
 Joisted Masonry
 Non-Combustible
 Masonry Non-Combustible
 Modified Fire Resistive
Fire Resistive

DWELLING TYPE

Examples would be single family home, duplex, apartment or condo.

PROT CLASS

The protection class of the primary responding fire department. Protection classes are assigned by the state department of insurance, ISO, AIS or other groups.

# FAM

Enter the number of separate family units at this location. This is not asking how many families live in the specific unit - for instance, parents and grown and / or married children living at home are not what is being asked.

FIRE DISTRICT NAME

The name of the primary responding fire department. Not all locations are covered by a fire department. They will not be in a fire district. In that case leave this blank.

FIRE DISTRICT CODE

This code can be found in each state's manual for rating fire districts.



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Thursday, September 4, 2014

Instructions for ACORD 81 Personal Inland Marine Application

How to Complete the ACORD 81 Personal Inland Marine Application


Instructions for ACORD 81 Personal Inland Marine Application

The ACORD 81 Personal Inland Marine Application is the most common inland marine form used by the average insurance agent. It is where you make up for many of the standard homeowner policy limits on items such as jewelry, furs, golf clubs, china, silverware and more.

Learn to use it well and you can protect yourself and your agency from unpleasant consequences down the road.

AGENCY INFORMATION

DATE - the date you are completing this document. Enter it in the 01/01/2015 format to make it easier for computer systems to get the date correctly. You know computers are not all that smart yet. We still have to hold their hands.

AGENCY INFORMATION - Enter the agency name and address.

CONTACT NAME - the agent / producer's name.

PHONE (A/C, No, EXT) - The producer's work phone number. A/C stands for area code. "No" stands for number. "EXT" stand for extension.

FAX (A/C, No) - the producer's FAX number. A/C stands for area code. "No" stands for number.

E-MAIL ADDRESS - the agent's work e-mail address. It is a prudent idea to never use your personal e-mail address for your work e-mail. It is also a very good idea to not use a personal mobile phone or tablet fro work. Don't get your work e-mails or text messages on your phone or personal tablet. If you do use your personal devices and you ever leave your current agency, just by having that information on your personal device you will have violated privacy laws. You do not need to be charged with a felony for this, so don't use your personal cell phone, email or devices for work.

CODE: The producer code assigned by the carrier to your agency.

SUBCODE: The producer code assigned by the carrier or your agency management system. You really want to do this if this is used for determining your commission at the end of each month.

AGENCY CUSTOMER ID: The customer ID number assigned by your accounting or management system if that system is so old it still uses customer numbers instead of names.

POLICY INFORMATION

POLICY NUMBER: If the policy has been issued, enter the policy number here. If not you should either enter TBD for "to be determined" or leave blank.

PLAN: If your insurer has a product code and you happen to know it for some reason, enter that here. Otherwise leave this blank.

FACILITY CODE: If this coverage is in an Assigned risk plan, a FAIR plan or some similar market facility, enter the code and name of that plan.

EFFECTIVE DATE - the date coverage under this policy begins.

EXPIRATION DATE - the date coverage under this policy ends.

CARRIER INFORMATION

ACORD 81 Personal Inland Marine Application Instructions

CARRIER - enter the name of the insurance company which is being asked to provide the insurance requested on 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/


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Wednesday, September 3, 2014

Certificate of Property Insurance ACORD 24 Instructions

ACORD 24 Special Conditions, Certificate Holder Cancellation and Signature



SPECIAL INSTRUCTIONS / OTHER COVERAGES

Instructions ACORD 24 Certificate of Property Insurance

In the Special Conditions / Other Coverages  section you should type in any text needed to describe policy conditions - limitations or extensions - which may not have been explained in this form.

If you are providing other coverage for this property beyond the coverages listed in the section above this describe those here also.

If you need extra space use the ACORD 101 Additional Remarks Schedule.


CERTIFICATE HOLDER

ACORD 24 Certificate of Property Insurance Instructions
Enter the complete name and address of the certificate holder to whom this certificate is being sent. If you have an account number or loan number this certificate holder uses to identify this insured, enter that number in this space also.


CANCELLATION and SIGNATURE

How to complete the ACORD 24 Certificate of Property Insurance

CANCELLATION - The wording is intended to advise the certificate holder that regardless of any wording added to this certificate or to any other document that is not the actual policy, the policy terms, conditions and provisions apply and cannot be altered.

This can create a problem. Years ago some certificate holders would insist on wording in the certificate which extended the notice of cancellation times and promised to deliver a notice to the certificate holder. Many of these institutions had this wording and these rules in their manuals. When the current employees  - who did not write the rules and had no authority to change the rules of their organization - had to accept a certificate they could be inflexible about this issue. Your job is to explain that is no longer an option and they do need to get their rule book changed.

SIGNATURE - You - the licensed agent sign in this spot.


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Tuesday, September 2, 2014

How to Complete the ACORD 24 Covered Property and Limits Sections

ACORD 24 Covered Property and Limits Instructions


ACORD 24 Covered Property Instructions

COVERED PROPERTY

Check the check box to the left of the provide coverage. For check boxes with no text nest to the box you will need to enter your own text to describe the covered property.

OPTIONS

BUILDING - the actual building at the location described.

PERSONAL PROPERTY - also referred to as CONTENTS. If your insured rents or leases this may be the primary coverage.

BUSINESS INCOME - Here is a good description of Business Income

EXTRA EXPENSE - Here is a good description of Extra Expense.

RENTAL VALUE - Here is a good definition of Rental Value.

BLANKET BUILDING - This is when a single policy limit covers more than one building or location.

BLANKET PERSONAL PROPERTY - This is when a single policy limit covers more than one location.

BLANKET BUILDING AND PERSONAL PROPERTY - You guessed it. this is when a single policy limit covers both building and personal property either at a single location or at multiple locations.


LIMITS

Instructions for ACORD 24 Certificate of Property Insurance

In the final column at the far right hand side of this form you should enter the actual policy limits form the covered property listed in the row to the immediate left of the limits field.


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