ACORD 75 Insurance Binder Coverage Section Instructions - Part 1

Instructions for Coverage Section of ACORD 75

ACORD 75 Instructions

PROPERTY COVERAGE

TYPE OF INSURANCE

Check the check box for either BASIC, BROAD or SPECIAL CAUSES OF LOSS. These are mutually exclusive.

For other types of property coverage check one of the check boxes next to the blank CAUSES OF LOSS lines. Then type in the Cause of loss coverage. Examples may be HO-3, Boiler & Machinery, Open Cargo - any other property coverage.

COVERAGE / FORMS

Type in the Subjects of Insurance being covered. Include identifying address information.


DEDUCTIBLE

Enter the dollar or percentage amount of any deductible which may apply.

COINS% - Co-insurance percentage. Enter the required co-insurance percentage under this policy.

AMOUNT

Enter the amount of coverage.


GENERAL LIABILITY COVERAGE

How to Complete ACORD 75 Insurance Binder

GENERAL LIABILITY

Check the check box to the left of the line "COMMERCIAL GENERAL LIABILITY" if that coverage is being provided under this binder.

CLAIMS MADE or OCCUR

If this is a Claims Made policy check the box to the left of that text.

If this is an Occurrence policy, check the box to the left of that text.

Here is a link to a discussion of the difference between Claims Made and Occurrence...

http://simply-easier-acord-forms.blogspot.com/2014/03/claims-made-vs-occurrence-definitions.html


OTHER GENERAL LIABILITY COVERAGE

The last three lines and check boxes are for you to list any other general liability coverage provided under this binder.

COVERAGE / FORMS

For commercial lines coverage enter the general liability classification codes and code descriptions included in this binder.

Enter coverage form numbers and effective dates of forms.

RETRO DATE FOR CLAIMS MADE

If you have issued this binder indicating this is Claims Made coverage, enter the retro active date for claims. If there is no retro date enter "NONE".

LIMITS

Enter the dollar limits for:

• EACH OCCURRENCE
• DAMAGE TO RENTED PREMISES
• MED EXP (Any one person) - Medical Expenses
• PERSONAL & ADV INJURY - Personal Injury & Advertising Injury
• GENERAL AGGREGATE
• PRODUCTS - COMP/OP AGG - Products and Completed Operations Aggregate

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Instructions ACORD 75 Insurance Binder

How to Complete The ACORD 75 Insurance Binder

Instructions for ACORD 75 Insurance Binder

An insurance binder is a legal document issued by either the agent or the carrier which records the basic information about a pending insurance policy contract. The binder is normally issued when proof of coverage for the insured is required but time does not allow the issuance of the policy quickly enough.

Binder differ from Certificates and/or Evidence of insurance forms. When a Binder is issued an actual insurance contract is created. Certificates and Evidence forms only warrant they such coverage exists.

There is a good document on this subject at the link below...

http://resourcepro.com/iac/documents/Certificates%20of%20Insurance,%20Binders%20and%20Evidences%20of%20Insurance%20-%20What%20is%20the%20Difference.pdf


DATE and AGENCY INFO

DATE - enter the date this form is being completed.

AGENCY - Enter your insurance agency's full name and address.

PHONE (A/C, No, EXT) - Enter the your agency's phone number. A/C stands for area code. "No" stands for number. EXT stands for extension.

FAX - enter your insurance agency's fax number. A/C stands for Area Code. "No" stands for number.

CODE - The ID number assigned to your agency by the insurance carrier listed on this binder.

SUB-CODE - If your agency uses a sub-code to identify specific agents with this carrier, enter that code here.

AGENCY CUSTOMER ID - this is the customer ID number your agency or your agency management system assigned to this customer. If your agency does not do this, leave this blank.



CARRIER and BINDER INFORMATION

How to Complete the ACORD 75 Insurance Binder

COMPANY - the name of the insurance carrier providing the insurance contract created by this binder.

BINDER # - this can be created by either the agent or the carrier. This binder and binder number should be tracked using the ACORD 76 Binder Log.

EFFECTIVE DATE - this is the date the coverage created by this contract begins. It will normally be the same as the effective date of the insurance policy.

EFFECTIVE TIME - Indicate whether the time is A.M or P.M. If your binder is effective on a day later than the day your are completing this binder, the effective time would normally be 12:01 AM on that date.

If your binder is to go into effect immediately, enter the actual time you complete this document.

EXPIRATION DATE - this is the day the insurance contract created by this binder ends. Some states limit the amount of time a binder can be in force. See these limits on the second page of the ACORD 75 form.

EXPIRATION TIME - Indicate 12:01 AM or Noon, or whatever time your specific state law dictates.

THIS BINDER IS ISSUED TO EXTEND COVERAGE IN THE ABOVE NAMED COMPANY PER EXPIRING POLICY # - enter the policy number of the existing policy for this company for these coverages.


INSURED INFO and DESCRIPTION OF OPERATIONS

ACORD 75 Insurance Binder Instructions

INSURED NAME AND ADDRESS - enter the complete name and address as it is to appear on the issued policy.

DESCRIPTION OF OPERATIONS / VEHICLES / PROPERTY ( Including Location) - enter general description of operations. Enter list of vehicles including VIN Numbers. Enter physical addresses.

If more space is needed attach a Word document or spreadsheet.



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ACORD 81 Instructions Table of Contents Personal Inland Marine Application

Table of Contents for ACORD 18 Instructions

Instructions ACORD 81 Personal Inland Marine

Here are links to each and every tutorial we have published for instruction on how to complete the ACORD 81 Personal Inland Marine Application...


Agency and Carrier Information

http://simply-easier-acord-forms.blogspot.com/2014/09/instructions-for-acord-81-personal.html


Applicant and Location Information

http://simply-easier-acord-forms.blogspot.com/2014/09/how-to-complete-acord-81-personal.html


Coverage Information and Property Class

http://simply-easier-acord-forms.blogspot.com/2014/09/instructions-for-acord-81-coverage-info.html


Safe and Vault Information

http://simply-easier-acord-forms.blogspot.com/2014/09/acord-81-instructions-safe-vault.html


Loss History, Payment Plan and Additional Interest Instructions

http://simply-easier-acord-forms.blogspot.com/2014/09/acord-81-loss-history-payment-plan.html


Attachments and Schedule of Property Instructions

http://simply-easier-acord-forms.blogspot.com/2014/09/acord-81-attachments-and-schedule-of.html


Binders, Information Practices, Fraud Warnings and Signatures

http://simply-easier-acord-forms.blogspot.com/2014/09/acord-81-instructions-for-binders.html

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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

EMAIL TUTORIALS - HOW TO COMPLETE ACORD FORMS

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ACORD 30 Certificate of Garage Insurance Instructions Table of Contents

ACORD 30 Table of Contents to All Tutorials

Instructions ACORD 30 Certificate of Garage Insurance

Here are links to all our tutorials on instructions for how to complete the Certificate of Garage Insurance...


Basic Agency, Insured and Carrier Information

http://simply-easier-acord-forms.blogspot.com/2014/08/instructions-for-acord-30-certificate.html


Payments for Claims Already Made Disclaimer, Coverage Part 1

http://simply-easier-acord-forms.blogspot.com/2014/08/how-to-complete-acord-30-coverage.html


Coverage Part 2

http://simply-easier-acord-forms.blogspot.com/2014/08/instructions-acord-30-general-liability.html


Remarks, Certificate Holders, Cancellation and Signatrues

http://simply-easier-acord-forms.blogspot.com/2014/08/acord-30-instructions-for-remarks-and.html

EMAIL TUTORIALS - HOW TO COMPLETE ACORD FORMS

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Instructions for ACORD 29 Evidence of Flood Insurance Table of Contents

ACORD 29 Links to All Posts on Evidence of Flood Insurance

Instructions ACORD 29 Evidence of Flood Insurance

Here are links to all our tutorials for how to complete the ACORD 29 Evidence of Flood Insurance in one post...

Basic Information on Agency, Insured and Carrier

http://simply-easier-acord-forms.blogspot.com/2014/08/how-to-complete-acord-29-evidence-of.html


Property Information, Coverage and Risk Information

http://simply-easier-acord-forms.blogspot.com/2014/08/instructions-for-acord-29-property.html


Policy Information

http://simply-easier-acord-forms.blogspot.com/2014/08/instructions-for-acord-29-evidence-of.html


Remarks, Cancellation and Additional Interest Information

http://simply-easier-acord-forms.blogspot.com/2014/08/acord-29-evidence-of-flood-insurance.html


I hope this helps you understand the instructions for how to complete the ACORD 29 Evidence of Flood Insurance form.

EMAIL How to Complete ACORD Forms Tutorials

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ACORD 28 Evidence of Property Insurance List of All Instruction Links

Table of Contents ACORD 28 - All Instruction Links

This week we are catching up with our most popular Table of Contents - TOC - of all links in one place for a specific form.

Today's form is the ACORD 28 Evidence of Commercial Property Insurance...

Instructions for ACORD 28 Evidence of Commercial Property Insurance

Basic Agency, Insured and Carrier Information

http://simply-easier-acord-forms.blogspot.com/2014/08/acord-28-evidence-of-commercial.html


Property Information and Coverage Informatio

http://simply-easier-acord-forms.blogspot.com/2014/08/acord-28-evidence-coverage-information.html


Cancellation Statement and Additional Interest Information

http://simply-easier-acord-forms.blogspot.com/2014/08/how-to-complete-acord-28-cancellation.html


Remarks Section


http://simply-easier-acord-forms.blogspot.com/2014/08/acord-28-evidence-of-commercial_13.html


I hope this helps you understand how to complete the ACROD 28 Evidence of Commercial Property Insurance.

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