How to Complete the ACORD 126 Schedule of Hazards

ACORD 126 Schedule of Hazards - including Video

As a special treat, here is a video on this...

How to Find the General Liability Class Code

This is the General Liability code. ISO - Insurance Services Office created these codes for use in rating general liability insurance.

Your carrier will have a list of all these codes. If you use a commercial lines rating software program, that program should have all these codes.

I have found two sources of these codes online at the following links...

https://www.faia.com/core/contentmanager/uploads/FIRL/Rapid%20Reference/Commercial%20General%20Liability%20Classifications%20%E2%80%93%20Numerical%20Listing.pdf

http://www.htbailey.com/tools/class_codes_listing.htm


Neither of these class code look ups is the one shown in the video. That source has been taken offline.

I hope this has been helpful in teaching you how to complete the ACORD 126 schedule of hazards section.

How to Complete the ACORD 126 Limits Section

ACORD 126 Limits Section

LIMITS APPLY

The Limits section at the top of the first page of the ACORD 126 begins by asking you to fill in the General Aggregate Limit - see RED box below.

GENERAL AGGREGATE: IRMI has a good definition of General Aggregate Limits here.

To quote the first part of their definition " The maximum limit of insurance payable during any given annual policy period for all losses other than those arising from specified exposures. Under the standard commercial general liability (CGL) policy, the general aggregate limit applies to all covered bodily injury (BI) and property damage (PD) (except for injury or damage arising out of the products-completed operations hazard) and all covered personal and advertising injury."

Next there are four check boxes. Only one can apply. Example, if the General Aggregate applies per LOCATION, check the box to the immediate left of the word LOCATION.

There are 7 more lines where you can enter Limits.

PRODUCTS & COMPLETED OPERATIONS AGGREGATE
PERSONAL & ADVERTISING INJURY
EACH OCCURRENCE
DAMAGE TO RENTED PREMISES (each occurrence)
MEDICAL EXPENSE (Any one person)
EMPLOYEE BENEFITS
BLANK LINE FOR FREE FORM ENTER OF OTHER

Enter limits only for coverage which is provided under this policy.

You can have all of these coverages, none of these or some of these.

The limits go in the row in the blue box in the above picture.

PREMIUMS

If this is an application for a quote, you will most likely be leaving the premium fields empty. You underwriter will be providing you with her premium quotations.

I hope this helps you learn how to complete the ACORD 126 Limits Section.

How to Complete the ACORD 126 Commercial General Liability Section

ACORD 126 Commercial General Liability Section

The ACORD 126 is attached or added to the ACORD 125 when the coverage for which you are applying is commercial general liability insurance.

DATE: In the top right hand corner of the form you should enter the date you are completing this form and sending it to your underwriters.

AGENCY / CARRIER / POLICY / APPLICANT INFORMATION

AGENCY: This is your agency's name. If you are using our Cap Dat ACORD system, this field will have pre-filled from the information in the ACORD 125 if you have combined these forms into a single form.

CARRIER: This is the carrier to whom you are sending the application. If you are sending the application to more than one carrier, you may leave this blank so you don't alert each carrier to their competition.

If you are using our Cap Dat ACORD system, this field will have pre-filled from the information in the ACORD 125 if you have combined these forms into a single form.

NAIC CODE:  NAIC stands for the National Association of Insurance Commissioners.

Here is their website home page...

http://www.naic.org/index.htm

You can learn more at this earlier post we made - http://simply-easier-acord-forms.blogspot.com/2014/03/what-is-naic-code.html

If you are using our Cap Dat ACORD system, this field will have pre-filled from the information in the ACORD 125 if you have combined these forms into a single form.

POLICY NUMBER: If you are sending in a new application you will not have a policy number so you will leave this blank.

If you are sending in a renewal application this will be the policy number for this policy's current term.

If you are using our Cap Dat ACORD system, this field will have pre-filled from the information in the ACORD 125 if you have combined these forms into a single form.

EFFECTIVE DATE: This would be the date you want this policy to begin. If you are using our Cap Dat ACORD system, this field will have pre-filled from the information in the ACORD 125 if you have combined these forms into a single form.

APPLICANT / FIRST NAMED INSURED: This is the applicant name from the ACORD 125. If you are using our Cap Dat ACORD system, this field will have pre-filled from the information in the ACORD 125 if you have combined these forms into a single form.

I hope this helps you learn how to complete the ACORD 126 commercial general liability section.

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How to Complete the ACORD 126 General Liability section

Here is the next installment of our How to Complete an ACORD Form series. This is for the agency, applicant and coverages sections on page 1 of the ACORD 126 Commercial General Liability section.