(July 2024)
ACORD forms are designed primarily for use with products associated with standard insurance industry rating and forms organizations. ACORD forms are relatively generic . If the Products/Completed Operations Liability Coverage Forms are written in combination with a specific independent specialty or company program, company specific forms may be needed for that account instead of, or in addition to, applicable ACORD forms.
Note: Only countrywide forms are listed.
Form 45–Additional Interests
This form is helpful in identifying, listing, and describing additional interests in an organized, sequential manner. The additional interest name and mailing address is coupled with identifying the specific type and nature of the interest. This form can be used as a risk management and additional interest inventory as well as a tool to secure underwriting, policy-writing, and rating information.
Form 125–Commercial Insurance Application
All information requested in this form is relevant and important. Be sure to check the appropriate boxes so the insurance company underwriter understands the lines of insurance being submitted for consideration. Both the first named insured and all named insureds must be listed in order for coverage to apply. The applicant information is important for notification related to inspection, financial and premium audit, and other functions. The locations and the nature of all operations are important to the insurance company underwriter. The form contains questions that help all parties understand a number of important issues that affect most risks. Accurate and currently valued loss information for the latest three full and complete years is required for experience rating on larger accounts.
Form 126–Commercial General Liability Section
This form is very comprehensive and designed to provide the insurance company with relevant information concerning the coverages selected, classifications and rating. There are a number of location specific questions that do not apply to products/completed operations exposures because it is not specific to only the products/completed operations exposures. The application has detailed questions for both manufacturing and contracting businesses and is very helpful as a risk management and underwriting tool. As a result, most of the large amount of information requested has a direct impact on the manual rating. Inaccurate or incomplete information can lead to an incorrectly rated and priced account.
These forms are comprehensive and detailed with respect to the type and amount of information requested but are not especially geared towards the products/completed operations liability coverage forms. However, no single application can respond to every question that may arise for every risk, especially the larger and more complex ones. It is always in the best interests of both the insured and the producer to provide a cover letter that includes complete details of the operations and exposures involved, especially if the risk has characteristics and features that cannot be brought to the attention of the insurance company any other way.