How to Complete the ACORD 127 Remarks Section

ACORD 127 Remarks Section

The Remarks Section is a free form place to enter all the additional information you did not have room to enter anywhere else in this application.

This is a very short tutorial. I cannot see how to tie it into the next very long tutorial on Vehicle Description. Consider this a day off from the tutorials and come back tomorrow rested.

You may need even more room than the Remarks section provides. When that is the case, use the ACORD 101 Additional Remarks Schedule.

I hope this helps you learn how to complete the ACORD 127 business auto section remarks section.

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How to Complete ACORD 127 Additional Interest / Certificate Recipient

ACORD 127 Additional Interest / Certificate Recipient

Not all fields apply to all insureds. Only complete the ones which do apply. This is very important as any Additional Interest is given many of the rights of the Insured. You do not want to give these rights by error.

If you  need space for more Additional Interest use the ACORD 45 form.

INTEREST

Check the box which applies for this specific business entity.

ADDITIONAL INSURED - Good Definition HERE

EMPLOYEE AS LESSOR - If one of this business' employees is leasing property to this business

LIENHOLDER - a person who retains legal possession of a piece of property until the person to whom he/she has advanced money for use of the property has satisfactorily repaid the debt

LOSS PAYEE - Good Definition HERE

OWNER - The person or business which owns this business or item

REGISTRANT - The person or entity the vehicle is registered, or co-registered with

OTHER - List your own here


NAME ADDRESS

Enter the full name and address as they need to be shown on a certificate of insurance.


RANK

Additional Interest can have a priority of rights. A rank of 1 would indicate this Additional Interest would receive protection from the policy prior to payments being made on behalf of lower ranked Additional Interests.

CHECK BOXES - EVIDENCE / CERTIFICATE

Both can be checked.

Evidence means the Additional Interest requires an ACORD 27 or ACORD 28 Evidence of Insurance form to be issued.

Certificate means the Additional Interest requires a Certificate of Insurance to be issued.


REFERENCE  / LOAN #

Enter the loan number.


INTEREST IN ITEM NUMBER

VEHICLE - list vehicle using description and vehicle number used in the Vehicle Description which begin on page 3.

LOCATION - the normal garage location of the above listed vehicle.


I hope this has been helpful as you learn how to complete the ACORD 127 additional interest / certificate recipient form.


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How to Complete the ACORD 127 General Information Section

ACORD 127 General Information Section

The General Information questions on the ACORD 127 begin on page 1 above and end on page 2 below.

As of this writing - June 26, 2014 - there are 16 questions in this section.

All questions begin as Yes or No questions. If your answer Yes to any question then you will need to add an explanation to your response.

While acknowledging that you must answer all questions honestly and fully, do not make the mistake of thinking that a No answer is always better than a Yes answer. Many inexperienced agents will just respond with No all the way down without reading the questions.

GENERAL INFORMATION

ANY VEHICLES NOT SOLELY OWNED BY AND REGISTERED TO APPLICANT

I am not completely certain how this could be the case. Perhaps, like with your child buying a car, the owner may be a joint owner for credit purposes. You need to ask the insured this question.

Use the Vehicle # from the Vehicle schedule which is on page three of this form.

DO OVER 50% OF THE EMPLOYEES USE THEIR AUTOS IN THE BUSINESS

This would be the case with many sales organizations and food delivery businesses.

IS THERE A VEHICLE MAINTENANCE PROGRAM IN OPERATION?

To really qualify for a Yes answer your insured needs to keep at least a calendar and mileage tracking log for all vehicles.

ARE ANY VEHICLES LEASED TO OTHERS?

List any vehicles which are leased to others using the vehicle number from the vehicle schedule which begins on page 3 of this form.

ANY CAR MODIFIED / SPECIAL EQUIPMENT? (Include customized vans / pickups)

I would include tool boxes on vehicles for construction companies even if the vehicle came with this feature installed at purchase. All these items will affect the cost of repairs. You need to certain these modifications are insured.

ARE ICC (Interstate Commerce Commission), PUC (Public Utilities Commission), OR OTHER FILINGS REQUIRED.

This will be mostly for trucking firms. If they are required you also need to complete the ACORD 194 form.

DO OPERATIONS INVOLVE TRANSPORTING HAZARDOUS MATERIAL?

The trucks will all have those colorful special signs for Fire Fighters on them.

ANY HOLD HARMLESS AGREEMENTS

If there are any, look in leases and contracts, your underwriter will want to see a copy of each one.

ANY VEHICLES USED BY FAMILY MEMBERS? IF SO IDENTIFY.

If there are any, your underwriter will also want to have the information needed to order an MVR on these drivers.

DOES THE APPLICANT OBTAIN MVR (Motor Vehicle Record) VERIFICATION?

List the provider of these reports if the answer is Yes.

DOES THE APPLICANT HAVE A SPECIFIC DRIVER RECRUITING METHOD?

If it is writing, attach a copy of document.

ARE ANY DRIVERS NOT COVERED BY WORKERS COMPENSATION?

If the insured is in a state which allows owners, partners, etc to be excluded from Workers Compensation - Kansas comes to mind - these would be the folks you need to list.

ANY VEHICLES OWNED BUT NOT SCHEDULED ON THIS APPLICATION?

If so, and if they are insured with another company, list the company name, policy numbers and coverages.

Some vehicles may simply not be insured. We used to have old trucks and jeeps that were only driven on the farm that were not licensed and so not insured. If we had hurt some one with one of those trucks we would have wished we had insured them.

ANY DRIVERS WITH CONVICTIONS FOR MOVING TRAFFIC VIOLATIONS?

I cannot see questions like this without seeing the Bill Murray scene from the movie Stripes. The Army recruiter asks if he has any "CONVICTIONS" and his answer is the question "You did say convictions. Right?"

Notice the limits on what you need to report if your insured is licensed in Kansas.

If you need more room for any of these items, use the ACORD 101 form.


I hope this has been helpful in your learning how to complete the ACORD 127 general information section.


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ACORD 127 Driver Information and Coverage / Limits

How to Complete the ACORD 127 Driver Information

ACORD 127 COVERAGE AND LIMITS

Just above the Driver information section is a note about the coverage and limits section. Because insurance is regulated on a state by state basis, coverage and limit can vary widely from one state to another. You will need to use the ACORD 137 form for your specific state to complete the entire application to send to your underwriter.

If you have more than one state where this business is garaging vehicles, you will need to use a separate ACORD 137 for each state. I will cover all the ACORD 137 forms in later posts.

DRIVER INFORMATION

This form has 13 rows for drivers. Why ACORD would dare to put such an unlucky number on the form is I question I cannot answer. They could have finished the curse by naming the form the ACORD 13. If you are suspicious I suggest you never fill in the information on the 13th driver on this form.

If you need room for more drivers use the ACORD 163.

DRIVER# You should just list these in a 1,2,3 sequential order.

Believe it or not driver number and vehicle number are the two items which cause software programmers the greatest heartache and headache in building systems to manage auto policies. The issue is when you have to remove a driver and add a driver. Normal human beings can see if you start with 10 drivers and remove one and add another you still have 10 drivers. But computers do not like that. They never let go of the removed driver, so the new driver becomes driver #11. That is until the policy renews, then they forget the removed driver and the new driver becomes driver #10.

I am not terribly worried that machines which cannot figure this out are going to take over the world.

NAME CITY, STATE, and ZIP CODE The driver's name and address. This should be an exact match to the information on their driver's license.

SEX M for male, F for female.

MAR STAT Marital status is usually shown as M for married, S for single, D for divorced, W for widow or widower, etc. The note at the bottom of this section states "MARTIAL STATUS / CIVIL UNION (if applicable)". I do not know the indicator for civil union. I suggest a C.

DATE OF BIRTH It will be appreciated if you enter this in the DD/MM/YYYY format. Again, match the driver's license.

YRS EXP - Years of driving experience for this driver.

Here is a secret. You and I both know that if you subtract Year Licensed from this year, you will get the answer to Driver's YRS EXP. But sometimes we apparently have to help others with this type of math. Just do so in a kind way so you do not hurt your underwriter's feelings.

YR LIC - This is the year the license was issued.

DRIVERS LICENSE NUMBER/ SOCIAL SECURITY NUMBER Enter the complete driver's license number. If this is not available enter this person's social security number.

STATE LIC Enter the two character ID for the state which has issued this driver's license.

DATE HIRED This is the date this driver was originally hired by this business. It is fine to say month and year.

BROADENED NO FAULT This is a yes or no answer. Use Y or N.

DOC This stands for Driver Other Car coverage. This is a yes or no question, Use a Y or an N.

USE VEH # Enter the vehicle number from this application of the vehicle that this driver operates most often.

% USE Enter the percentage of the time this driver is the operator of the USE VEH you entered in the previous question. Example, if this driver uses vehicle 1 all the time enter 100%.


I hope this has helped you learn how to complete the ACORD 127 drivers information section.

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How to Complete the ACORD 127 Business Auto Section

ACORD 127 Business Auto Section

This is the first of a series of posts on how to complete the ACROD 127 Business Auto Section.

The ACORD 127 is used with at least the ACORD 125. As a result, most of the information in the top section should flow through from your system and pre-fill.

In case you are not using a system that does that, here are the fields and what you should put in them.

AGENCY CUSTOMER ID: The number used by some older agency management systems to track your customer.

DATE (MM/DD/YYYY) The date you are completing this form.

AGENCY Your agency's name, If your agency name is a commonly used agency name - i.e. Home Insurance - you may also want to include you City and State so your underwriter will know it is you and not that bum that lives in some other town.

CARRIER This is the name of the insurance company which will be insuring this customer. This is the name on the actual policy.

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

Here is their website home page...

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

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.

EFFECTIVE DATE: This would be the date you want this policy to begin.

NAMED INSURED: This is the applicant name from the ACORD 125.

I hope this helps you learn how to complete the ACORD 127 business auto section.

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ACORD 45 Additional Interest Section

How to Complete the ACORD 45 Additional Interest Section

The Additional Interest Section repeats itself 5 times on the ACORD 45 form. The instructions are the same for each repetition.

As the forms states, not all fields apply to all insureds. Only complete the ones which do apply. This is very important as any Additional Interest is given many of the rights of the Insured. You do not want to give these rights by error.

INTEREST

Check the box which applies for this specific business entity.

ADDITIONAL INSURED - Good Definition HERE

BREACH OF WARRANTY - Good Definition HERE

CO-OWNER - some one who is one of the owners of this insured business

EMPLOYEE AS LESSOR - If one of this business' employees is leasing property to this business

LEASEBACK OWNER - After purchasing an asset, the owner enters a long-term agreement by which the property is leased back to the seller at an agreed rate.

LIENHOLDER - a person who retains legal possession of a piece of property until the person to whom he/she has advanced money for use of the property has satisfactorily repaid the debt.

LOSS PAYEE - Good Definition HERE

MORTGAGEE - Good Definition HERE

OWNER - The person or business which owns this business or item

REGISTRANT - This may be the person who registers a trademark, copyright or patent to be used by the insured. It could be the registrant of a web site URL being used by the insured.

TRUSTEE - A person appointed to manage the property of another.

OTHER - List your own here


NAME ADDRESS

Enter the full name and address as they need to be shown on a certificate of insurance.


RANK

Additional Interest can have a priority of rights. A rank of 1 would indicate this Additional Interest would receive protection from the policy prior to payments being made on behalf of lower ranked Additional Interests.


CHECK BOXES - EVIDENCE / CERTIFICATE / POLICY / SEND BILL

All can be checked.

Evidence means the Additional Interest requires an ACORD 27 or ACORD 28 Evidence of Insurance form to be issued.

Certificate means the Additional Interest requires a Certificate of Insurance to be issued.

Policy means the Additional Interest requires a copy of the actual policy.

Send Bill means the Additional Interest wants a copy of the bill.


REFERENCE  / LOAN #

Enter the loan number.

LIEN AMOUNT

Enter the amount of the original lien, not the current balance.

INTEREST END DATE

Enter the date the loan, lien, interest expires.


PHONE (A/C, No., EXT) 

Enter the phone number for the person at this Additional Interest who should be contacted with any issues related to their Additional Interest.

A/C is area code. No. is number - as in 7 digit phone number. EXT is the phone extension, if any, for this person.

E-MAIL ADDRESS

Enter the e-mail address for the person at this Additional Interest who should be contacted with any issues related to their Additional Interest.

FAX (A/C, No.)

Enter the FAX number for the person at this Additional Interest who should be contacted with any issues related to their Additional Interest.


INTEREST IN ITEM NUMBER

LOCATION, BUILDING, VEHICLE, BOAT, AIRPORT, AIRCRAFT, ITEM CLASS, ITEM

The number to enter here is the number referencing this at other places in this application. For instance, Location refers to the location number listed in the PREMISES INFORMATION section at the top of this page.

ITEM DESCRIPTION

If there is no other reference number in this form or other forms which are part of this application, enter a description.


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How to Complete the ACORD 45 Additional Interest Form

ACORD 45 Additional Interest Section

This first lesson is short, but the second lesson seemed too long to combine. My goal is to not have more than five minutes of reading in any one post.

The top section of the ACORD 45 form asks basic questions which allow the form to be a part of the rest of the application. This is helpful if you are sending your underwriter a bunch of separate pieces of paper or separate PDFs.

If you are using our Cap Dat ACORD service you will combine all these forms into one larger form. This has the advantage of keeping all the documents together for your records and your underwriter. It also means the inputs in the section like the top section of the ACORD 45 will automatically pre-fill with data from the other forms.

AGENCY CUSTOMER ID: this is any internal agency customer ID number your agency management system may have assigned. Older agency management systems still use this type of out of date file structure. This does not have to be filled in.

DATE: Enter the date your are completing this form.

AGENCY: Enter your agency name. If you name is a common agency name - for instance Home Insurance - you should probably also enter your city and state.

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

NAIC CODE:  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 NUMBER: If the policy is a renewal or the policy number has already been assigned, enter that number here. If this is a request for a new business quote there will be no policy number, so leave this blank.

EFFECTIVE DATE: The date the coverage under this policy should begin.

NAMED INSURED: The name of the insured from the form to which this document is attached.

BOTTOM of FORM

The bottom section of this form is blank because there is not enough room to add another additional interest info block. You just leave this blank.

I hope this helps you learn how to complete the ACORD 45 Additional Interest Form.


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