ACORD 24 Instructions Table of Contents

Table of Contents for ACORD 24 Certificate of Property Insurance Tutorials

Instructions ACORD 24 Certificate of Property Insurance

Here on one page is a link to every posts we have done for instructions on the ACORD 24 Certificate of Property Insurance.

Agency and Producer Information, Insured Information and Carrier Information

http://simply-easier-acord-forms.blogspot.com/2014/08/instructions-for-acord-24-certificate.html


Certificate Number, Location, Insured Letter

http://simply-easier-acord-forms.blogspot.com/2014/08/how-to-complete-acord-24-certificate-of.html


Type of Insurance, Policy Number, Effective Dates

http://simply-easier-acord-forms.blogspot.com/2014/08/instructions-for-acord-24-type-of.html


Covered Property and Limits

http://simply-easier-acord-forms.blogspot.com/2014/09/how-to-complete-acord-24-covered.html


Special Conditions, Certificate Holder, Signatures

http://simply-easier-acord-forms.blogspot.com/2014/09/certificate-of-property-insurance-acord.html

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Certificate of Property Insurance ACORD 24 Instructions

ACORD 24 Special Conditions, Certificate Holder Cancellation and Signature

SPECIAL INSTRUCTIONS / OTHER COVERAGES

Instructions ACORD 24 Certificate of Property Insurance

In the Special Conditions / Other Coverages  section you should type in any text needed to describe policy conditions - limitations or extensions - which may not have been explained in this form.

If you are providing other coverage for this property beyond the coverages listed in the section above this describe those here also.

If you need extra space use the ACORD 101 Additional Remarks Schedule.


CERTIFICATE HOLDER

ACORD 24 Certificate of Property Insurance Instructions

Enter the complete name and address of the certificate holder to whom this certificate is being sent. If you have an account number or loan number this certificate holder uses to identify this insured, enter that number in this space also.


CANCELLATION and SIGNATURE

How to complete the ACORD 24 Certificate of Property Insurance

CANCELLATION - The wording is intended to advise the certificate holder that regardless of any wording added to this certificate or to any other document that is not the actual policy, the policy terms, conditions and provisions apply and cannot be altered.

This can create a problem. Years ago some certificate holders would insist on wording in the certificate which extended the notice of cancellation times and promised to deliver a notice to the certificate holder. Many of these institutions had this wording and these rules in their manuals. When the current employees  - who did not write the rules and had no authority to change the rules of their organization - had to accept a certificate they could be inflexible about this issue. Your job is to explain that is no longer an option and they do need to get their rule book changed.

SIGNATURE - You - the licensed agent sign in this spot.


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Instructions for ACORD 24 Type of Coverage

ACORD 24 Type of Coverage and Covered Property

ACORD 24 Certificate of Property Insurance Instructions

TYPE OF INSURANCE

PROPERTY - Check the check box to the left of the CAUSES OF LOSS text if that is the coverage provided.

DEDUCTIBLES - enter the dollar amount or percentage of the deductible in the space to the right of the CAUSE OF LOSS if there is a deductible. Enter both the building and the contents (personal property) deductibles separately even if they are the same.

CAUSES OF LOSS

BASIC
BROAD
SPECIAL

These three items are mutually exclusive. Only check one.

EARTHQUAKE
WIND
FLOOD

These are all stand alone coverages not included in the three coverages listed above.

BLANK ROWS - these two rows are for you to list any other covered causes of loss included in this policy.


INLAND MARINE

CAUSES OF LOSS - There are only two check boxes available. The first should be checked if this is a NAMED PERILS policy. Many Inland Marine policies are nonstandard manuscript forms. If that describes this policy check the second check box and enter a text description to the right of the box.


CRIME

Crime gives you a check box but no Cause of Loss choices. If you are providing Crime coverage you will have to enter a text description of the policy type.


BOILER MACHINERY / EQUIPMENT BREAKDOWN

If you are providing either of these coverages I am taking a moment here to congratulate you. Only a small percentage of insurance agents understand these coverages enough to offer them. That is a shame because they are very valuable protections. Did you know Equipment Breakdown coverage can cover a copy machine, a desktop computer, the coffee maker, even a typewriter if anyone still has one?

All you need to do here is check the check box if you are providing this coverage.


POLICY NUMBER

ACORD 24 Certtificate of Property Insurance Instructions

For each Type of Insurance your have indicated you are providing in the Type of Insurance column to the left of this column you should enter the full policy number.

In the section next to INLAND MARINE you are also asked to enter a text description of the TYPE OF POLICY. This would be something along the lines of Jewelry, Fine Arts, Furs, Cameras, Musical Instruments, Guns, etc.


POLICY EFFECTIVE AND EXPIRATION DATE

Instructions for ACORD 24 Certificate of Property Insurance

For each policy listed on the document enter the policy effective and expiration date.

Enter them in this format...

01/01/2015 instead of January 1, 2015.

It is a computer system friendly format.


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How to Complete the ACORD 24 Certificate of Property Insurance

Instructions for ACORD 24 Certificate of Property Insurance

CERTIFICATE NUMBER - if your agency assigns certificate numbers to issued certificates, this is where you should enter that number. Tracking certificates this way is a good idea if you issue a lot of certificates for a specific insured.

REVISION NUMBER - if your agency does assign certificate numbers and they have to change anything on a certificate already assigned a certificate number, this is where you would enter a revision number. Normally the first revision would be number 1. This means this original certificate would have been 0 and no revision number would have been entered.

ACORD 24 Location of Premies

LOCATION OF PREMISES / DESCRIPTION OF PROPERTY

Enter the physical location of the property this certificate covers. Normally this is the physical address. But sometimes the physical address is for several related buildings - house, guest house, barn, garage, garden shed, boat house, tractor shed, etc. In these cases you will need to include a more detailed description.

If you need more room for the description you should use the ACORD 101 Additional Remarks form.

ACORD 24 Limits May Be Reduced Statement

ALL CAPS WORDING

The text section immediately below the Location of Premises certifies the policy has been issued. It also states clearly that this certificate, or any other document not the actual policy cannot change the policy. Finally it makes clear that the coverage limit shown on this document may be reduced upon payment of claims.

How to Complete the ACORD 24 Certificate of Property Insurance

INSR LTR

This stands for Insured Letter.

To the right of the Insured name and address section near the top of this page you entered the insurer's names and NAIC numbers. Enter the INSURER LETTER - A, B, C, D, E or F - for the insurer which is providing the coverage in the rows corresponding with this column.

If the coverage described in any column is not provided by any carrier, do not enter an Insured Letter.


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Instructions for ACORD 24 Certificate of Property Insurance

How to Complete the ACORD 24 Certificate of Property Insurance

Instructions for ACORD 24 Certificate of Property Insurance

DATE - enter the date you complete this form.

PRODUCER INFORMATION - enter your agency's name and address.

ACORD 24 Insured Information

INSURED - enter the insured's name and address.

INSURED CONTACT INFO

CONTACT NAME - the name of the contact person for this insured.

PHONE (AC, No, Ext) - The contact person's phone number. A/C stands for area code. No stands for number. Ext stands for extension.

FAX (A/C, No) - The contact person's FAX number. A/C stands for area code. No stands for number.

E-MAIL ADDRESS - Enter the contact person's email address.

PRODUCER CUSTOMER ID - If your agency management system uses Customer and Producer numbers for accounting purposes - especially for commission payment to you - enter those numbers here.


INSURER(s) AFFORDING COVERAGE

ACORD 24 Certificate of Property Insurance Carrier Info

INSURER A: INSURER B etc, - List the name of the insurance carrier providing coverage. Use the actual masthead name - not the group name. For instance, The Travelers is a holding company which owns several insurance carriers - mastheads. One of those carriers owned by The Travelers is Charter Oak Insurance Company. You should enter Charter Oak instead of The Travelers.

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/


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