ACORD 75 Binder Instructions - Coverages Part 2

ACORD 75 Insurance Binder Vehicle Coverages

VEHICLE LIABILITY

Instructions ACORD 75 Insurance Binder

VEHICLE LIABILITY - Check any and all check boxes for coverage provided by this policy.

ANY AUTO
ALL OWNED AUTOS
SCHEDULED AUTOS
HIRED AUTOS
NON-OWNED AUTOS
Two Blank lines for you to list other specific coverage.

When completing a binder you only need to know which coverage is actually provide by the policy. For a more detailed description of these coverages and terms you can refer to our tutorials on the ACORD 127 Commercial Auto.


COVERAGE / FORMS - List the specific policy forms numbers to be used in the policy. Include the effective dates of these forms.

LIMITS - Enter the dollar amount of the limits provided by this policy.

If you enter Combined Single Limits you will not enter Bodily Injury or Property Damage Limits. These are mutually exclusive.


VEHICLE PHYSICAL DAMAGE

How to Complete the ACORD 75 Insurance Binder

VEHICLE PHYSICAL DAMAGE

Check the Check box for COLLISION and/or OTHER THAN COLLISION if that coverage is provided for any vehicles covered by this binder.

Enter the collision DEDUCTIBLE amount next to the text COLLISION.

Enter the other than collision DEDUCTIBLE amount next to the text for OTHER THAN COLLISION.

If ALL VEHICLES are covered for physical damage check the box next to that text in the column labeled COVERAGE / FORMS.

If only some SCHEDULED VEHICLES are covered for physical damage check the box next to that text in the column labeled COVERAGE / FORMS. If scheduled vehicles are covered you should attached a document or spreadsheet listing those scheduled vehicles.

OTHER THAN COLLISION used to be called COMPREHENSIVE.

COVERAGE / FORMS - Enter the specific coverage forms and edition dates which will be on the policy.

If coverage is based on the ACTUAL CASH VALUE of the vehicles check that box in the LIMITS column.

If coverage is based on a STATED AMOUNT for the vehicles check that box in the LIMITS column and enter the dollar amount to the right of the STATED AMOUNT text. If you have more than one vehicle you will need to provide a schedule of vehicles with the stated amount showing for each vehicle.

There is a third check box and room for text coverage description and limit. This would be used for instance if NEW CAR REPLACEMENT coverage was being provided.


GARAGE LIABILITY

ACORD 75 Binder for Garage Liability

GARAGE LIABILITY - If coverage applies to ANY AUTO check that check box. If not check one or more of the next two check boxes and enter the text description of the coverage. EX: Garagekeepers Legal

COVERAGE / FORMS - List the form coverage form names and numbers and edition dates which will be a part of the policy issued for this binder.

LIMITS - Enter the limits of liability coverage provided by this binder.



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