How to Complete The ACORD 75 Insurance Binder
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| 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
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| 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
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| 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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