ACORD 29 Evidence of Flood Insurance Remarks, Cancellation and Additional Interest Section

Instructions for ACORD 29 Remarks, Cancellation and Additional Interest

REMARKS

The Remarks section of the ACORD 29 is very small. Of course about the only thing you might need it for is to expand on the Description and Location of the property / properties.

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

CANCELLATION

There is nothing for you to enter in the cancellation section. But you do need to know what it says. Basically many insured's would ask the agent to use Evidence of Insurance forms to commit to a cancellation notice beyond what the policy itself grants. This can no longer be done through an Evidence of Insurance form.

ADDITIONAL INTEREST

NAME AND ADDRESS - Enter the name and address of this insured exactly as it is shown on the policy.

LOAN NUMBER - Enter the loan number or account number for the loan this additional interest has with this insured.

TYPE OF INTEREST

Check the check box next to the appropriate description of this additional interest legal relationship with this insured. These are mutually exclusive. Check only one. The options are...

MORTGAGE
LOSS PAYEE
UNIT OWNERS MORTGAGEE ( Does not imply interest)
ADDITIONAL INSURED
BLANK next to check box. Enter a text description of the interest.

NAMED ON POLICY (Check all that apply)

Check the appropriate check box next to each  policy type for which policy this Additional applies. You can check them all. The options are...

PRIMARY
EXCESS POLICY 1
EXCESS POLICY 2


I hope this series of posts have helped you learn how to complete the ACORD 29 Evidence of Flood Insurance form.

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Instructions for the ACORD 29 Evidence of Flood Insurance

ACORD 29 Policy Information Section

The ACORD 29 Evidence of Flood Insurance form has three policy sections...

1. Primary Policy
2. Excess Policy #1
3. Excess Policy #2

You will complete the two excess policy information sections exactly the same as the primary section - if you have excess policies -  so I will not cover them separately. There are a few additional questions in the EXCESS POLICY sections and I will discuss those.

COVERAGE  / RISK INFORMATION

NOTE: Look to the far right hand side of the form on the line with the title of this section "COVERAGE / RISK INFORMATION" and you will see this...

"*12:01 A.M. LOCAL TIME AT THE INSURED PROPERTY LOCATION"

This, of course, is the standard time for all property coverage effective and expiration dates unless you enter another time.

PRIMARY POLICY

POLICY NUMBER - the policy number for this issued policy. If the policy is bound but has not yet had a policy number assigned I suggest you enter the word "BOUND"

EFFECTIVE DATE - the date this policy's coverage will begin. See note on effective time above. 

EXPIRATION DATE - the date this policy's coverage will end, cease or stop. See note on expiration date time above.

INS LTR - this means Insurer Letter. Look up in the second section down on the far right hand side of this form. You entered the carrier's names next to a corresponding letter - INSURER A, INSURER B, etc.

Enter this corresponding letter.

COVERAGE - this is a column heading for the two lines below. the first line is BUILDING. The second line is CONTENTS. 

DEDUCTIBLE - this is a column heading for the two lines below. Enter the appropriate building and contents deductibles. If you do not have building or contents coverage, leave the space blank.

TOTAL AMOUNT OF INSURANCE - Enter the Total limit of insurance under this policy for building and contents. If you do not have both of those coverages on this policy, leave the limits blank  as appropriate.

MARKET - check the appropriate box for the program this policy falls under.

NFIP is the National Flood Insurance Program. Learn more about this program at these two links...

http://www.fema.gov/national-flood-insurance-program

https://www.floodsmart.gov/floodsmart/pages/about/nfip_overview.jsp

WYO is the Write Your Own flood insurance program. Learn more about this program at the two links below...

http://www.fema.gov/national-flood-insurance-program/what-write-your-own-program

https://www.fema.gov/wyo_company

PRIVATE / ALT. MARKET - This would be any policy not written int the NFIP or the WYO programs.

POLICY FORM - check the box next to the coverage form used for this policy.

DWELLING FORM

GENERAL PROPERTY FORM

RESIDENTIAL CONDO BLDG ASSOCIATION POLICY FORM

PRODUCT TYPE - check the box next to the product type this policy is written under.

STANDARD POLICY

PREFERRED RISK POLICY

BLANK NEXT TO BOX - enter a text description of this product type

PREFERRED RISK POLICY ELIGIBILITY EXTENSION

GROUP FLOOD INSURANCE POLICY

MORTGAGE PORTFOLIO PROTECTION PROGRAM POLICY

EXCESS POLICY

The Excess Policy sections do have one check box the primary policy section does not have.

The very first item is a check box asking...

INDICATES EXCESS POLICY IS A "FOLLOWING FORM" POLICY TYPE

Basically a "Following Form" excess policy states that it follows all the terms and conditions of the primary policy underneath it.

IRMI has a good definition of Following Form Excess Policies here...

http://www.irmi.com/online/insurance-glossary/terms/e/excess-liability-follow-form-policy.aspx

The last line in each EXCESS POLICY Section contains these four additional questions...

BUSINESS INCOME - check this box if this policy includes coverage for business income.

EXTRA EXPENSE - check this box if this policy contains coverage for extra expense.

ADDITIONAL LIVING EXPENSE If "YES", LIMIT: $ - Check this box if this policy covers additional living expense and enter the dollar amount of the limit.

ACTUAL LOSS SUSTAINED  # OF MONTHS - check this box if this policy includes coverage for actual loss sustained. If the policy does include this coverage enter the number of months of coverage provided in this policy.

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Instructions for the ACORD 29 Property, Coverage and Risk Information

How to Complete the ACORD 29 Property, Coverage and Risk Sections

ACORD 29 Evidence of Flood Insurance Form

PROPERTY INFORMATION

ACORD 29 Property / Coverage and Risk Section

LOCATION / DESCRIPTION

Enter the physical address of the property for which this form is showing evidence of insurance.

If additional detail is needed to explain the exact location, enter text to do that.

If you need more space use the REMARKS section.

If that is still not enough use the ACORD 101 Additional Remarks form.

NOTE: You should be familiar with the wording in all capital letters below the location fields. Especially the part that says "Limits Shown may have been reduced by paid claims."

COVERAGE / RISK INFORMATION

DATE OF CONSTRUCTION

Enter the date the building was originally built.

CURRENT FLOOD ZONE

Enter the code from the Flood Insurance Rate Map - FIRM - for this location.

This question and the next question should use the FEMA Flood Map Service at this link...

https://msc.fema.gov/portal

FLOOD RISK / RATED ZONE

Enter the code for the Zone.

Learn more about this at the link below...

https://www.floodsmart.gov/floodsmart/pages/flooding_flood_risks/defining_flood_risks.jsp

GRANDFATHERED Y/N

Entering a Y indicates this building is Grandfathered for flood coverage. Enter an N for no if it is not.

BUILDING OCCUPANCY TYPE

Check the appropriate box..

• Single Family
• 2 - 4 Family
• Other Residential
• Non-Residential
• Blank - define yourself next to check box

CONTENTS COVERAGE TYPE

Enter the appropriate type by checking the corresponding check box.

• Residential
• Non- Residential
• Blank - define yourself next to check box

REPLACEMENT COST $

Enter the amount it would cost to build this building with same materials and construction quality new today.

CONDOMINIUM COVERAGE IS FOR (Check One)

Put a check or an "x" in the appropriate check box.

• Unit Owner
• Association Building

# UNITS

Enter the number of units  - condos - in this building.

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How to Complete the ACORD 29 Evidence of Flood Insurance

ACORD 29 Agency, Insured and Carrier Information

The ACORD 29 Evidence of Flood Insurance starts with the date field in the top right hand corner of the form. This should be the date you are completing this form.

The next item to note is the BOLD PRINT in the top box on the form. This form is not a part of the policy. As such it cannot be used to modify any portion of the policy or give any rights to any party not provided by the actual policy.

INSURANCE AGENT / PRODUCER

Enter the Agency name and address. You should enter your name - the producer - in the form of ATTN: John Agent,


CONTACT NAME

The name of the agent or CSR this insured will work with.

PHONE (A/C, No, EXT)

The phone number for the contact person. A/C stands for area code. No stands for number. EXT means the contacts phone extension if they have one.

FAX (A/C, No)

The FAX number for the contact person. A/C stands for area code. No stands for number.

E-MAIL ADDRESS

The email address for the contact person.

PRODUCER CUSTOMER ID #

If your agency still assigns customer ID numbers, enter that here.

NAMED INSURED AND ADDRESS

Enter the insured's name exactly as it appears on the policy dec page.

INSURER(S) AFFORDING COVERAGE

INSURER A, B and C

Enter the name of the insurance company which will be on the policy declaration page. This is not the holding company group name - ex: The Travelers - but the specific company in the group - ex: Oak River Insurance.

NAIC#

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/


EVIDENCE NUMBER

If you assign an evidence number to each document you would enter that number here.

REVISION NUMBER

If you assign a revision number to each document enter that number here.

PAGE COUNT

Total number of pages included with this document. If only one page enter 1 of 1.

You may have more than one page because you may need extra space for remarks, etc.

THIS REPLACES PRIOR EVIDENCE DATED

If this form is replacing a previously issued Evidence of Flood Insurance form, enter the date the most recent previous form was issued.

This would always be the case at renewal.

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ACORD 28 Evidence of Commercial Property Insurance Remarks Section

How to Complete the ACORD 28 Remarks Section

The entire second page is nothing but remarks.

I have to admit to feeling a bit guilty about this post. I probably should have included it in the previous post, but - oh well. I will make it up to you sometime.

Any who - as they say...

Use the remarks section for any additional locations or description of location information for which you need space.

You can also use it for other special conditions.

Do not use it to attempt to change any terms or conditions of the actual policies. That would be a giant E&O claim waiting to happen.


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How to Complete the ACORD 28 Cancellation and Additional Interest Sections

ACORD 28 CANCELLATION AND ADDITIONAL INTEREST SECTIONS

CANCELLATION

The cancellation section is simple. Thee is nothing to complete. But you should be aware of what it says, which I quote below...

"Should any of the above described policies be cancelled before the expiration date thereof, notice will be delivered in accordance with the policy provisions."


ADDITIONAL INTEREST

Check the appropriate box to indicate if the additional interest is a MORTGAGEE, LENDERS LOSS PAYABLE, CONTRACT OF SALE or other.

If Other enter a description.

NAME AND ADDRESS

Enter the name and mailing address of the additional interest. If there is more than one additional interest you should issue a separate ACORD 28 for each.

LENDER SERVICING AGENT NAME AND ADDRESS

Enter the name and mailing address.

AUTHORIZED REPRESENTATIVE

Your signature if you are a licensed agent for the insurance company providing coverage on this form and if your contract with that insurance company grants you authority to sign.


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ACORD 28 Evidence - Coverage Information

How to Complete the Coverage Information in the ACORD 28

There are many different coverages in a commercial property policy. I will try and give you a brief explanation of each with links to more detailed information.

PROPERTY INFORMATION

To the right of the bold print "PROPERTY INFORMATION" are two check boxes. One for BUILDING and one for BUSINESS PERSONAL PROPERTY.

Check either or both.

LOCATION / DESCRIPTION

Enter the physical address of the location or locations for this policy. If you need additional information to describe the location beyond the address enter that also.

If you need more space to list locations use the REMARKS section on the second page of this form.

COVERAGE INFORMATION

Just to the right of the title "COVERAGE INFORMATION" you will see Perils Insured.

PERILS INSURED - check the appropriate box for the type of coverage form you are using for this policy - Basic, Broad or Special. these are mutually exclusive. Just check one.

NOTE: For all the following items you will check one box in the center three columns. The columns are titled "YES", "NO" and "N/A". N/A stands for not applicable - which in turn means this coverage does not apply to this insured.

BUSINESS INCOME / RENTAL VALUE

The IRMI website begins its definition of Business Income insurance with "Commercial property insurance covering loss of income suffered by a business when damage to its premises by a covered cause of loss causes a slowdown or suspension of its operations. "

 Click here to see the rest of its excellent definition.

The same site defines Rental Value coverage as "Time element property insurance that pays for loss of rental income when a building that is rented out to others has been damaged by a covered cause of loss. Coverage is also provided for the fair rental value of the portion of the premises occupied by the insured. Rental value insurance can be provided by a business income coverage form or a specialized rents or rental value coverage form."

If either of these coverages are being included you need to enter the limit and enter the number of months of coverage.

BLANKET COVERAGE - Blanket coverage is using a single limit of insurance to cover more than one item, more than one location or more than one category of property coverage. An example would be one limit for both buildings and contents coverage.

If coverage is on a Blanket basis you need to indicate the limit of the property listed in the Location/Description section.

TERRORISM COVERAGE  - This is defined in large part by the TRIA (Terrorism Risk Insurance Act). Here is a link to a good discussion of the 2007 re-authorization of that act...

http://www.naic.org/cipr_topics/topic_tria.htm

If Terrorism coverage is included you need to attach the Disclosure Notice or the policy declaration page to this ACORD 28 form.

Under this you need to check the appropriate box for the two sub questions..

IS THERE A TERRORISM-SPECIFIC EXCLUSION?

IS DOMESTIC TERRORISM EXCLUDED


LIMITED FUNGUS COVERAGE - There are a large number of search results for this coverage relating to the various FAIR Plans around the country. I strongly encourage you to become familiar with your state's forms.

Here is a LINK to the ISO BOP policy form and that definition.

If Limited Fungus coverage is included you need to enter the limit of this coverage and the deductible amount.


REPLACEMENT COST - Replacement cost coverage is normally defined as the cost to replace or rebuild the property with same quality and materials without depreciation.

AGREED VALUE - IRMI defines this as "A commercial property insurance provision that suspends the coinsurance clause until a specified expiration date. Insurers usually require a statement of property values signed by the insured as a condition of activating or including an agreed value provision in a commercial property policy."

COINSURANCE - Check whether the co-insurance clause is in this policy. If co-insurance does apply to this policy enter the percentage.

Co-insurance percentage is the percentage of the value of the Subject of Insurance - listed in the Location/Description field - which is being insured. A normal amount is 80%. If the amount of insurance falls below this percentage amount your insured will be required to participate in paying any claims.

EQUIPMENT BREAKDOWN (If Applicable) - this coverage is for loss as a result of mechanical or electrical breakdown of more or less any kind of equipment. That means not just a bulldozer but also a desktop computer or a copy machine. Coverage often also includes loss of business income.

If this coverage applies you need to enter the limit of coverage and the amount of the deductible.

ORDINANCE OR LAW - Older buildings are normally Grandfathered in, meaning as the building codes are updated, existing buildings do not have to re-wire, re-plumb, etc to meet the new building codes. However, when there is damage to the building that has to be repaired - for instance a fire - the repair work must meet the existing new building code requirements.

The options on the ACORD 28 form are...

• Coverage for loss to undamaged portion of bldg
• Demolition Costs
• Incr. Cost of Construction - INCR stand for increased

If you check yes for any of these coverages you need to enter the limit of coverage and the deductible amount.

EARTH MOVEMENT (If Applicable) -Earth movement insurance is not Earthquake insurance. Instead it covers many smaller events which can still cause damage to  a structure.

If this coverage is included you need to enter the limits and the deductible amount.

FLOOD (If Applicable) - Flood is normally covered under a separate flood insurance policy. If this coverage is included you need to enter the limits and the deductible amount.

FEMA defines a flood as...

A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is the policyholder's property) from:
--Overflow of inland or tidal waters; or
--Unusual and rapid accumulation or runoff of surface waters from any source; or
--Mudflow;or

Collapse or subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood as defined above.

Your specific flood policy may not use these same definitions. You need to read your policy.

WIND / HAIL INCL - INCL stands for included. This covers damage from wind and hail. You need to check the YES or NO box to indicate if this coverage is subject to different conditions that the other coverages shown on this form. That is not unusual. Most often the deductible is applied as a percentage.

If this coverage is included you need to enter the limits and the deductible amount.

NAMED STORM INCL - Insurance for Wind and Hail can be purchased for specific named storms. They are also normally subject to different provisions.

If this coverage is included you need to enter the limits and the deductible amount.

PERMISSION TO WAIVE SUBROGATION IN FAVOR OF MORTGAGE HOLDER PRIOR TO LOSS

The Waiver of Subrogation prohibits the insurer from attempting to seek restitution from a third party who causes any kind of loss to the insured. This type of arrangement is allowable under certain circumstances where the insured could be held liable for a claim that is paid.

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ACORD 28 Evidence of Commercial Property Insurance

How to Complete the ACORD 28 Evidence of Property Insurance

Producer, Insured, Carrier and Policy Information

The ACORD 28 is for commercial property insurance what the ACORD 25 is for liability insurance.

Be sure to read the bold print in the top box of this form. The Evidence of Commercial Property Insurance is informational only. It does not modify the policy. It does not give any rights or additional interest to any party.

In this post we will cover the inputs you need for the sections highlighted below.

DATE

Enter the date you are completing this form.

AGENCY INFO

PRODUCER NAME, CONTACT PERSON AND ADDRESS - enter Agency name as the Producer name. Enter your name as the contact person.

PHONE (A/C No. EXT) - A/C means area code. No. means phone number other than the area code. EXT means your personal extension.

Example:   919-384-0514 ext 17

FAX (A/C, No.) A/C means area code. No. means phone number other than the area code.

E-MAIL ADDRESS - your work email address. You should never use your personal email address for work related communications. This exposes you to many legal issues to which you do not ever want or need to be exposed.

CODE - This is your agency code for the specific carrier to which you are sending this application. This can be left blank often.

SUB CODE - This is your specific producer code for the carrier to whom you are sending this application. The reason for the agency code and the sub code is for the carrier to present commission reports broken down this way. Your carrier may or may not have that capability.

AGENCY CUSTOMER ID# - If you have an old agency management system you may still need to track that systems customer ID number. You should get a newer system that manages data better.


INSURED INFO

NAMED INSURED AND ADDRESS - Enter the name the way the lending institution will need to see it. Probably this means matching the way it is listed on any loan documents.

ADDITIONAL NAMED INSURED(S) - Name only, not address.


COMPANY AND POLICY INFO

COMPANY NAME AND ADDRESS - enter the company masthead name, not necessarily the same as the company group name. Example: The Travelers is a group of companies - a holding company. Oak River Insurance Co is a masthead name - an actual insurance company who will be shown as the insurer on the policy.

NAIC NO. - 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/

POLICY TYPE - commercial property, builders risk, etc.

LOAN NUMBER - the account number or loan number the lending institution uses to identify this customer.

POLICY NUMBER - If the policy has been issued or had the number assigned you will enter that here. If not, leave this blank.

EFFECTIVE DATE - the day, month and year this policy's coverage is to begin.

EXPIRATION DATE - the day, month and year this policy's coverage ends. For an annual policy this would be the same date the following year.

Example - effective date 10/01/2014  would have an expiration date of 10/01/2015.

CONTINUED UNTIL TERMINATED IF CHECKED - check this if the policy has been issued on a conditional basis.

THIS REPLACES PRIOR EVIDENCE DATED - Enter the date of any Evidence document which may have already have been issued.


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How to Complete the ACORD 193 Open Cargo Section Table of Contents

Table of Contents ACORD 193 Open Cargo

For your convenience this is a list with links of all the tutorials we published on how to complete the ACORD 193 Open Cargo application.

ACORD 193 Basic Account Information

http://simply-easier-acord-forms.blogspot.com/2014/07/how-to-complete-acord-193-open-cargo.html

ACORD 193 Interest, Conveyance and Operation

http://simply-easier-acord-forms.blogspot.com/2014/07/acord-193-open-cargo-section-interest.html

ACORD 193 Coverages

http://simply-easier-acord-forms.blogspot.com/2014/07/how-to-complete-acord-193-coverage.html

ACORD 193 Additional Coverage

http://simply-easier-acord-forms.blogspot.com/2014/07/acord-193-additional-coverage.html

ACORD 193 Fraud Warning and Signatures

http://simply-easier-acord-forms.blogspot.com/2014/08/acord-193-fraud-warning-and-signatures.html

I hope this helps you learn how to complete the ACORD 193 Open Cargo Section


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How to Complete the ACORD 146 Equipment Floater Section Table of Contents

ACORD 146 Tutorial Table of Contents

This is a listing of all the links for the tutorials we have created for the ACORD 146 Equipment Floater Section.

ACORD 146 Basic Account Information

http://simply-easier-acord-forms.blogspot.com/2014/07/how-to-complete-acord-146-equipment.html

ACORD 146 Territory, Type of Operation and Coverages

http://simply-easier-acord-forms.blogspot.com/2014/07/acord-146-equipment-floater-section.html

ACORD 146 Equipment Storage and Unscheduled Equipment

http://simply-easier-acord-forms.blogspot.com/2014/07/how-to-complete-acord-146-equipment_21.html

ACORD 146 Additional Interest and Certificate Recipients

http://simply-easier-acord-forms.blogspot.com/2014/07/acord-146-additional-interest.html

ACORD 146 General Information

http://simply-easier-acord-forms.blogspot.com/2014/07/how-to-complete-acord-146-general.html

ACORD 146 Scheduled Equipment

http://simply-easier-acord-forms.blogspot.com/2014/07/acord-146-scheduled-equipment-section.html

ACORD 146 Fraud Warning and Signatures

http://simply-easier-acord-forms.blogspot.com/2014/07/acord-146-fraud-warning-and-signature.html

I hope this has helped you learn how to complete the ACORD 146 Equipment Floater section.


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How to Complete the ACORD 140 Table of Contents

Table of Contents ACORD 140 Property Section

For your convenience below is a listing of links to all the tutorials we have created on how to complete the ACORD 140 Property Section.

ACORD 140 General Information

http://simply-easier-acord-forms.blogspot.com/2014/07/how-to-complete-acord-140-property.html

ACORD 140 Premises Information

http://simply-easier-acord-forms.blogspot.com/2014/07/acord-140-premises-information.html

ACORD 140 Additional Coverage

http://simply-easier-acord-forms.blogspot.com/2014/07/acord-140-additional-coverages-section-1.html

ACORD 140 Rating Information Section

http://simply-easier-acord-forms.blogspot.com/2014/07/how-to-complete-acord-140-rating.html

ACORD 140 More Rating Information

http://simply-easier-acord-forms.blogspot.com/2014/07/acord-140-rating-information-continued.html

ACORD 140 Additional Interest

http://simply-easier-acord-forms.blogspot.com/2014/07/acord-140-additional-interest.html

ACORD 140 Remarks

http://simply-easier-acord-forms.blogspot.com/2014/07/acord-140-remarks-section.html

ACORD 140 Additional Premises

http://simply-easier-acord-forms.blogspot.com/2014/07/acord-140-additional-premises-section.html

ACORD 140 Fraud Notices

http://simply-easier-acord-forms.blogspot.com/2014/07/acord-140-fraud-notices.html


I hope this helps you learn how to complete the ACORD 140 Property Section.


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Table of Contents for ACORD 127 Business Auto Section

Listing of All Tutorials for How to Complete The ACORD 127 Business Auto Section

For your convenience reference, this post is simply a listing of links to all the posts I have done on how to complete the ACORD 127 form.

Basic Account Information

http://simply-easier-acord-forms.blogspot.com/2014/06/how-to-complete-acord-127-business-auto.html

Driver Information and Coverage / Limits

http://simply-easier-acord-forms.blogspot.com/2014/06/acord-127-driver-information-and.html

General Information Section

http://simply-easier-acord-forms.blogspot.com/2014/06/how-to-complete-acord-127-general.html

Additional Interest and Certificate Recipient

http://simply-easier-acord-forms.blogspot.com/2014/06/how-to-complete-acord-127-additional.html

Remarks Section

http://simply-easier-acord-forms.blogspot.com/2014/06/how-to-complete-acord-127-remarks.html

Vehicle Description

http://simply-easier-acord-forms.blogspot.com/2014/07/acord-127-vehicle-description-section.html

Signature and Fraud Warnings

http://simply-easier-acord-forms.blogspot.com/2014/07/acord-127-signature-and-fraud-warning.html


I hope this helps you learn how to complete the ACORD 127 Business Auto Section.


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ACORD 193 Fraud Warning and Signatures

How to Complete the ACORD 193 Open Cargo Signature Section

The fraud section is the top two thirds of the ACORD 193 second page.

This is a group of Fraud Warnings. Before you sign, and especially before your customer signs this document, you should review this section. That is just good basic business practice.


Signatures

At the very bottom of the 2nd page is a place for the Applicant's Signature and next to it a space to have the insured date their signature.

Above the Applicant's Signature is the place for you - the agent - to sign. Just to the right of your signature you should print your name.

To the far left in your signature row is a box for your State Producer License Number.

Finally there is a box for your National Producer Number if your agency has one.


If you are using our Cap Dat ACORD services we have an electronic, or e-signature, feature available to you.

Click here to learn more about the Cap Dat ACORD e-Signature feature.


All our ACORD forms are pre-loaded with e-signature fields.You can email a link to the form to your insured. They can then review and sign the form on a tablet, smart phone or most current browsers. This gives you an extra level of legal documentation on the time and date of the signature. It can also save time.


I hope this has been helpful in your learning how to complete the ACORD 193 Open Cargo Section.


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ACORD 193 Additional Coverage, Exclusions and Remarks

How to Complete the ACORD 193 Open Cargo Additional Coverages, Exclusions and Remarks

ADDITIONAL COVERAGES

Check the boxes for any of the additional coverage you want included in this policy.

RETURNED / REFUSED - Sample Wording for Returned or Refused Coverage:

This policy also to cover shipments insured for the original voyage which have been Returned/Refused by the consignee. Such shipments are held covered subject to the terms and conditions stated herein, until:(i) disposed of by the Assured, or (ii) returned to the original point of shipment, provided such shipments remain in original packing. It being understood and agreed that notice must be given to the Company by the Assured as soon as refusal of acceptance is known to them.

FOB SHIPMENTS: FOB stands for Free On Board. Here is a good definition.

Sample Wording for FOB Shipments Coverage:

This policy is extended to cover:

A: The Assured's interest only in shipments sold by the Assured on F.O.B, F.A.S, Cost and Freight, or similar terms whereby the Assured is not obligated to furnish marine insurance, subject to this policy;s terms and conditions and continues until: (i) the goods and/or merchandise are loaded on board the overseas vessel, or (ii) until the Assured's interest ceases, whichever shall first occur.

B. The Assured's interest only in shipments purchased on F/O.B. or F.A.S port of arrival or similar terms whereby the Assured is not obligated to furnish marine insurance, subject to this policy's terms and conditions while in transit from the port of arrival in the United States by railroads or railroad express and connection conveyances and by licensed public motor truck carriers. To attach and cover from the moment the merchandise and/or goods leave from the port of arrival, and to cover continuously thereafter in due course of transit until delivered to final warehouse or until the Assured's interest ceases, whichever shall first occur.

FRAUDULENT B/L & RECEIPT: B/L stand for Bill of Lading.

WAR: This would provide coverage for loss resulting from acts of was.

DUTY: This covers the risk of partial loss by reason of perils insured against on the duties imposed on goods imported into the United States.

DE/CONSOLIDATION: This stands for Deconsolidation and Consolidation.

The insurance provided covers goods insured while on the premises of freight forwarders, export packers, consolidators, truckers, warehousemen or others for the purpose of storage incidental to transit, packing or repacking, consolidation, deconsolidation, distribution or otherwise anywhere in the world whether prior to loading or after discharge from overseas vessel for a period not exceeding 30 days after arrival at such premises.

BRANDS / LABELS:

Brands sample coverage wording...

In the event of loss or damage to property insured bearing and brand or trademark, the sale of which in any way carries or implies a guarantee, the salvage value of such damaged property shall be determine after the removal of all brands and any trademarks.

Labels sample coverage wording...

In case of damage affecting labels, capsules or wrappers, the Company, if liable, shall not be liable for more than an amount sufficient to pay the cost of new labels, capsules or wrappers and the cost of reconditioning the goods.

PAIRS /SETS: Physical loss of or physical damage to any one item of the goods and/or merchandise under this policy which consist of items in a pair or set, shall constitute a total loss of such pair or set.

DIC: Difference in Conditions. With respect to shipments purchased by the Assured on C.I.F. or similar terms, whereby ocean marine insurance is arranged by the seller and/or others, this policy is extended to cover the difference in conditions between such other insurance and the conditions of insurance for which the merchandise would otherwise have been insured hereunder. All shipments covered hereunder shall be valued and reported at the amount of the seller's insurance.

OTHER: List any other which apply to this application.


EXCLUSIONS

Check the check boxes for any of the following exclusions you want to apply to this policy.

MARRING, DENTING, CHIPPING & SCRATCHING

BREAKAGE

RUST

DISCOLORATION & OXIDATION

MECHANICAL / ELECTRICAL

OTHER - describe other.


REMARKS

This is a free forms text section for you to elaborate on any items above which did not provide enough space in the form.

If you need even more room you should use the ACORD 101 Additional Remarks Schedule


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How to Complete the ACORD 193 Coverage Section

ACORD 193 Open Cargo General Information and Coverage Sections

GENERAL INFORMATION

AVERAGE VALUE: Enter the average value of items being shipped after the $ sign.

After the "PER" enter a text description of what the average value applies to - example, per shipment.

PACKING: Enter a text description of the packing or packaging of the items insured.

ANNUAL GROSS SALES: Enter the annual gross sales of the items being shipped for this insured.

COVERAGE FORM: While most property insurance forms can be broken down into broad categories of Named Peril, Broad Form or All Risk, Marine insurance coverages are more likely to be unique manuscript forms custom written by each individual carrier. Work with your underwriter to be certain you use the correct wording in this space.


COVERAGES

COVERAGE TYPE: The first of the five boxes in this column is pre-filled with INTERNATIONAL TRANSIT as the coverage type. If you are not covering property shipped internationally then you should not enter any responses in the rest of the first row.

Other possible coverage types would be domestic transit, air transit, land transit, etc.

VALUATION: Indicate the type of value used. Types of value are an accounting question. Possible types of value include book value, fair market value, cost of production value, historical value, sales value, etc.

Enter the appropriate type of value for each row which has a coverage type.

ANNUAL VALUES: Enter the total annual values for this applicant for this coverage type.

LIMIT: Enter the limit of insurance coverage for each coverage type.

PER: Enter text identifying the type of unit to which this coverage limit applies. An example would be "per shipment".

DED: Deductible. Enter the deductible for the coverage type in each row.


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How to Complete the ACORD 193 Open Cargo Section

ACORD 193 Open Cargo Section

The Open Cargo Section is used in combination with the ACORD 125. This form is used to provide basic information on marine coverage - coverage for items being shipped by watercraft.

Basic Account Information

The form begins with the following basic account information section.

This information should already be in the ACORD 125 form, and systems like our Cap Dat ACORD service will automatically pull this information into this form. The information needs to be entered even if attached to the ACORD 125 in case the documents become separated.

AGENCY CUSTOMER ID: This is the ID number your agency management system may have assigned. Many older systems still use this technology instead of names.

DATE (MM/DD/YYYY): Enter the date you are completing this form.

AGENCY: Your agency name. If your name is also used by other agencies with whom your underwriter may also work, it is a good idea to at least also add your city and state.

CARRIER: The name of the insurance carrier to whom you are sending this application.

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

They assign each insurance company a five digit code. You can search for any insurance company by name on their website at this page...

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

POLICY NUMBER: If this is a new application, there will most likely be no policy number assigned yet. So leave this space blank. If this is a renewal, enter the existing policy number.

EFFECTIVE DATE: The date you want the coverage to begin.

APPLICANT / FIRST NAMED INSURED: Enter your customer's legal name in the format they would need it to appear for a certificate of insurance.


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How to Complete the ACORD 126 Products and Completed Operations Section

ACORD 126 Products and Completed Operations Section

The Products / Completed Operations section of the ACORD 126 is the bottom half of the second page.

PRODUCTS / COMPLETED OPERATIONS

The first section asks for a description of individual products. Even small manufacturers probably have more than three products. You will most likely need to use the ACORD 101 form to list more products. Or you could use a spreadsheet and attach it to the application.

There is also wording on the application asking you to include any literature, brochures, labels, warnings, etc.

There are seven columns for each listed product.

1 - PRODUCTS - give a brief description of the product. I would include the product's name.

2 - ANNUAL GROSS SALES - this would be the dollar amount of sales rounded off to a reasonable number.

3 - # OF UNITS - use a numeric entry. Rounding off is acceptable.

4 - TIME IN MARKET - This is from the date this product was first sold to an intended end user. If there have been several generations of this product, and those generations have significant product changes, I suggest you list these generations as separate products.

5 - EXPECTED LIFE - how long does the manufacturer expect this product to continue to be used?

6 - INTENDED USE - a brief description of how the manufacturer thinks people should be using this product.

7 - PRINCIPAL COMPONENTS - in creating this list I am certain the underwriter would like to know if any of the components are made by other manufacturers and simply assembled by your insured. That will lead to your underwriter asking about the insurance carried by that component provider. You might as well anticipate that question and answer it in advance if possible.

The limited space provided on the ACORD for really does argue for you to create a spreadsheet for this information.

GENERAL QUESTIONS ON PRODUCTS / COMPLETED OPERATIONS

There are ten yes or no questions as of this writing (6/6/2014). If the answer to any question is yes you will need to use the space under the question to enter an explanation. If you need more room use the REMARKS section of this form.

1 - DOES APPLICANT INSTALL, SERVICE OR DEMONSTRATE PRODUCTS? It is hard for me to understand how the answer to this question could ever be No.

2 - FOREIGN PRODUCTS SOLD, DISTRIBUTED, USED AS COMPONENTS? (If YES, attach ACORD 815) Foreign products refers to products imported into this country as opposed to products exported to other countries.

3 - RESEARCH AND DEVELOPMENT CONDUCTED OR NEW PRODUCTS PLANNED? If your insured is not doing this then they are probably not going to be in business for the long term.

4 - GUARANTIES, WARRANTIES, HOLD HARMLESS AGREEMENTS? You might as well include copies of any written documents on these. Your underwriter will certainly ask for them.

5 - PRODUCTS RELATED TO AIRCRAFT/SPACE INDUSTRY? That would be pretty cool. Especially if you were insuring things in outer space. Read the policy definition of territory of coverage.

6 - PRODUCTS RECALLED, DISCONTINUED, CHANGED?

7 - PRODUCTS OF OTHERS SOLD OR RE-PACKAGED UNDER APPLICANT LABEL?

8 - PRODUCTS UNDER LABEL OR OTHERS?

9 - VENDORS COVERAGE REQUIRED? Your underwriter will also ask about required certificates of insurance.

10 - DOES ANY NAMED INSURED SELL TO OTHER NAMED INSUREDS?


I hope this helps you learn how to complete the ACORD 126 Products and Completed Operations section.

How to Complete the ACORD 126 Contractors Section

ACORD 126 Contractors Section

1. DOES APPLICANT DRAW PLANS, DESIGNS, OR SPECIFICATIONS FOR OTHERS? (Petty grammatical note - there should not be a comma after the word designs)

This is a yes or no question. If the answer is yes use the space in the question box to explain. If you need more space use the REMARKS section of this form. If you need still more space use the ACORD 101 form.

The paragraph above applies to all explanations in this section. If you need even more space and the underwriter is in a location you have always wanted to visit, get the business to send you there to explain in person. If the underwriter is in a location you never want to visit, invite the underwriter to have his employer send him on a business trip to visit you. Have him meet the insured and take them both to an expensive dinner.

2. DO ANY OPERATIONS INCLUDE BLASTING OR UTILIZE OR STORE EXPLOSIVE MATERIAL? Answer yes or no with an explanation as outlined in #1. (Grammar note: this is the correct use of no comma, although it reads a bit strange.)

3. DO ANY OPERATIONS INCLUDE EXCAVATION, TUNNELING, UNDERGROUND WORK OR EARTH MOVING? Answer yes or no with an explanation as outlined in #1. (Grammar note: this is the correct use of the comma.)

4. DO YOUR SUBCONTRACTORS CARRY COVERAGES OR LIMITS LESS THAN YOURS? Answer yes or no with an explanation as outlined in #1.

5. ARE SUBCONTRACTORS ALLOWED TO WORK WITHOUT PROVIDING YOU WITH A CERTIFICATE OF INSURANCE? Answer yes or no with an explanation as outlined in #1.

6. DOES APPLICANT LEASE EQUIPMENT TO OTHERS WITH OR WITHOUT OPERATORS? Answer yes or no with an explanation as outlined in #1.

At the very bottom of this section are questions about subcontractors.

DESCRIBE THE TYPE OF WORK SUBCONTRACTED.  Use the space below the question to enter free form text. If you need more room use the REMARKS section on page 4 of the ACORD 126.

There are 4 small boxes along the top of the subcontractors box.

$ PAID TO SUBCONTRACTORS Enter a total dollar amount. You can round to the nearest thousand dollars.

% OF WORK SUBCONTRACTED Enter a percentage.

# FULL TIME STAFF Full time staff is normally considered to be staff that works more than a minimum of 30 hours a week. Enter a number.

# PART TIME STAFF Part time staff is normally considered to be staff that works less than a minimum of 30 hours a week. Enter a number.


I hope this has helped you understand how to complete the ACORD 126 contractors section.

ACORD 126 Claims Made and Employee Benefits Section

How to Complete the Claims Made and Employee Benefits Sections of the ACORD 126

CLAIMS MADE SECTION

If you checked the Claims Made box under the Coverages section at the top of this page, you have to answer the questions in this section.

PROPOSED RETROACTIVE DATE: This is the same as the effective date of this policy.

ENTRY DATE INTO UNINTERRUPTED CLAIMS MADE COVERAGE: If this is a new policy, this will be the same as the Proposed Retroactive Date. If this is a renewal policy, this will the the first effective date of the first claims made policy, assuming there have been no lapses of coverage between that date and this policy.

HAS ANY PRODUCT, WORK, ACCIDENT OR LOCATION BEEN EXCLUDED, UNINSURED OR SELF INSURED FROM ANY PREVIOUS COVERAGE? Answer yes or no.

If you answered yes to the above question, enter an explanation either in the space below te question or in the REMARKS section.

WAS TAIL COVERAGE PURCHASED UNDER ANY PREVIOUS POLICY? Answer yes or no.

If the answer is yes, use the space below the question to enter the company name, policy number, effective dates and limits for this coverage.

Once again I lean on IRMI for a good definition...

A provision found within a claims-made policy that permits an insured to report claims that are made against the insured after a policy has expired or been canceled, if the wrongful act that gave rise to the claim took place during the expired/canceled policy.


EMPLOYEE BENEFITS LIABILITY

If your policy will include Employees Benefits Liability coverage you must answer the questions in this section.

DEDUCTIBLE PER CLAIM: Enter the dollar amount of this deductible.

NUMBER OF EMPLOYEES: Enter the total number of employees whether or not they are covered under provided employee benefits.

NUMBER OF EMPLOYEES COVERED BY EMPLOYEE BENEFITS PLANS: Enter the number of employees covered under provided employee benefits. This may be the same or it may be less than the answer to the previous question. It would be strange if it was more.

RETROACTIVE DATE: This will normally be the same as the Retroactive Date listed in the Claims Made section above.


I hope this has helped you learn how to complete the ACORD 126 Claims Made Section and Employee Benefits Liability 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.