OVERVIEW

ACORD forms are designed for use with products that align with standard industry rating and forms organizations, such as the Insurance Services Office (ISO). ISO provides coverage forms, policies, manuals, rules, and rating plans, including the Time Element Coverage Forms. Generally, ACORD forms tend to be generic.

In some cases, Time Element Coverage Forms can be combined with specific independent specialty programs or company-specific programs. When this occurs, it might be necessary to use company-specific forms instead of, or alongside, standard ACORD forms. This is especially important when more detailed information or hazard analysis is required beyond what the standard ACORD form offers.

RELEVANT ACORD FORMS

NOTE: This section only lists countrywide forms. State-specific ACORD forms are not included.

Form 125–Commercial Insurance Application
Form 140–Property Section

Form 810– Business Income/Extra Expense/Rental Value Supplement To Property Section

SPECIFIC ACORD FORM CONSIDERATIONS

Form 125–Commercial Insurance Application

It is crucial to provide all requested and relevant information on the application. Check all appropriate boxes so the company underwriter clearly understands the lines of insurance being submitted for consideration. Both the first named insured and all additional named insureds must be listed for coverage to apply.

The applicant's information is essential for notifications, including inspections, financial matters, and premium audits. For larger accounts, it is recommended to provide loss details through copies of the most recent valued loss runs for the past five years, including current year-to-date information.

Form 140–Property Section

This form is intended to provide the insurance company with detailed information about selected coverages, classifications, and rating factors. Most of this information directly influences the manual rating process. Supplying incorrect or incomplete details can lead to inaccurately rated accounts and incorrect pricing.

Form 810–Business Income/Extra Expense/Rental Value Supplement to Property Section

This form is specifically for business income, extra expense, and rental value coverages, but it does not apply to Leasehold Interest coverage. Although it provides detailed information for underwriters to issue coverage and serves as a reminder of key coverages to consider, it does not contain any underwriting questions.

UNDERWRITING NOTES

ACORD Forms 125, 140, and 810 are comprehensive and specify the types and amounts of information required. However, no single application can address every question related to every risk, especially for large, complex commercial businesses. In these situations, it is advisable for the agent to include a comprehensive cover letter, brochures, supplementary applications as needed, and any other relevant information that clearly describes the business operations and potential exposures.