What is ACORD 140 used for?

The Acord 140 form is more commonly known as the Property Section. This application is used to record specific property information including the insured’s business locations/buildings, property values and other necessary property details.

What is an ACORD evidence of insurance?

The one-page ACORD certificate of insurance summarizes essential information about your insurance policy, such as coverage types, policy numbers, insurance limits, and effective and expiration dates. As a small business owner, your clients may ask you to provide an ACORD certificate of insurance, or COI.

Are ACORD forms required?

ACORD is required to file certain forms with state insurance departments for approval, even when changes to the forms arise from changes in business practices and not regulatory requirements.

Who can use ACORD forms?

Members of the Independent Insurance Agents & Brokers of America (the Big “I”) with an annual group gross P&C revenue under $50 million are eligible for a complimentary license to use ACORD Forms supplied by vendors (for example, through an agency management system).

What is an accord certificate?

An ACORD certificate is proof that you have the amount and kind of liability insurance the client requires for the project. An ACORD certificate may also be requested by a bank or mortgage company for a property they hold the mortgage on, or by an equipment leasing company when they lease equipment for a project.

What are the different types of ACORD forms?

Some of the most popular forms used in the insurance industry are the following:

  • Certificate of Liability Insurance (25)
  • Evidence of Property (27)
  • Certificate of Property Insurance (24)
  • Evidence of Commercial Property Insurance (28)
  • Additional Remarks (101)

What is Acord 125 used for?

The Acord 125 form is more commonly known as the Commercial Insurance Application. This application is used to record general client information including things like business location and contact details, business description, prior insurance and loss history.