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How to Complete ACORD Agent of Record Forms
Agency Staff Articles, Coverage Article
Understanding the ACORD 36 Agent of Record Form In 2023 alone, the United States insurance industry produced $1.54 trillion in written premiums. Because of this enormous figure, having effective insurance representation through an broker of record is vital for agencies and policyholders alike. Yet, switching insurance representatives involves more than a simple handshake. That’s where the […]
How to Complete the ACORD Cancellation Form – ACORD 35
Agency Staff Articles, Coverage Article
Understanding the ACORD Cancellation Form The ACORD cancellation form is essential in documenting and formalizing the termination or modification of insurance policies. This form, also referred to as the LPR insurance form or lost policy release form, helps prevent coverage disputes, maintain compliance, and streamline administrative processes. When to Use an ACORD Cancellation Form Insurance […]
How to Complete the ACORD No Loss Form – ACORD 37
Agency Staff Articles, Coverage Article
Understanding the Purpose of the ACORD No Loss Form The ACORD 37 form or statement of no loss form, is a crucial insurance document used primarily to verify that an insured party hasn’t experienced any losses or claims during a lapse or gap in insurance coverage. This property insurance no loss statement helps insurance carriers […]
What Is a Blanket Insurance Policy? An In-Depth Overview
Agency Staff Articles, Coverage Article
A Blanket insurance policy is an arrangement that covers multiple assets or properties under a single limit. It has become especially popular among businesses and individuals looking for a unified plan that offers broader protection. Risk managers often choose this strategy to consolidate oversight across various holdings—such as car dealerships, country clubs, or agricultural properties—so […]
What’s the Difference Between DP1 and DP3 Policies?
Agency Staff Articles, Coverage Article
When insuring rental properties or vacant homes, understanding the differences between various dwelling fire policies is essential. Two popular options are DP1 and DP3 policies, also known as Dwelling Fire Form 1 and Dwelling Fire Form 3. Both dwelling fire policies serve non-owner-occupied properties, yet they provide significantly different coverage levels. This guide will clarify […]
What Is the Duty to Defend in Insurance?
Agency Staff Articles, Coverage Article
Duty to defend insurance plays a vital role in protecting policyholders from the financial pressures of legal actions. It centers on an insurer’s obligation to manage a legal defense when claims arise under a covered policy. Individuals and organizations with liability insurance often rely on this safeguard to handle complex and costly litigation. Duty to […]
Understanding Functional Replacement Cost in Insurance: A Comprehensive Guide
Agency Staff Articles, Coverage Article
Definition and Overview of Functional Replacement Cost Functional replacement cost is an important concept in property insurance, offering a balanced way to handle coverage and premiums. This insurance policy choice lies between actual cash value (ACV) and replacement cost value (RCV), making it an appealing option for certain property owners. Grasping the functional replacement cost […]
How to Complete the ACORD 140 for Commercial Property Insurance
Agency Staff Articles, Helpful Tips: For Employees, Helpful Tips: For Training
What is an ACORD 140 form? Starting a career in insurance means getting comfortable with applications used in an Agency Management System (AMS). This includes developing familiarity with various forms such as the commercial property ACORD 140 form. ACORD forms are universally recognized documents that contain information which most, if not all, insurance carriers require […]
Installation Floater vs Builders Risk: Choosing the Right Coverage for Your Construction Project
Coverage Article, Helpful Tips: For Training
Understanding Installation Floater vs Builders Risk Installation Floater vs Builder Risk is a key consideration when evaluating financial risks in construction projects for both property owners and contractors. With valuable materials, equipment, and structures in play, choosing the right construction insurance coverage is essential to safeguard against potential losses. The two common policies available are installation […]
How to Complete the ACORD 127 for Commercial Auto Insurance
Agency Staff Articles, Helpful Tips: For Employees, Helpful Tips: For Training
What is an ACORD 127 form? If you’re starting out in insurance, you’ll need to become familiar with the applications used in your Agency Management System (AMS), especially ACORD Forms. Also known as the commercial auto acord, the ACORD 127 is focused on securing insurance for business autos. It gathers general information like driver information, vehicle […]