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

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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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