The ACORD 140 is the property part of a commercial lines application. It records each building, what is insured there, its limits, and its construction and protection. Insurance carriers rate the risk from it.
What Is an ACORD 140 Form?
Like other ACORD forms, the property ACORD form is never sent alone. It goes with the ACORD 125, the commercial insurance application, and the ACORD 101 for extra remarks. Your agency management system usually prefills it.
ACORD 140 Instructions Before You Start
Gather a statement of values, prior policies, and property information for all business locations.
Completing the Property ACORD 140
Agency and Insured Information
Enter the agency, named insured, policy number, effective date, and agency customer ID.
Premises Information
List the premises number, building number, premises address, and building description.
Subject of Insurance
Name each coverage: building, business personal property, or business income.
Amount of Coverage
Enter the insurance limit for each subject, based on replacement cost.
Coinsurance
Enter the percentage the policy requires, often 80%, 90%, or 100%. If the limit is too low when a loss happens, the insured shares the loss.
Valuation
Mark R for replacement or A for actual cash value.
Causes of Loss
Choose basic, broad, or special form, with or without theft.
Blanket Coverage and Deductible
Give a blanket number when one limit covers several items.
Construction Type
Pick the class: frame, joisted masonry, noncombustible, masonry non-combustible, modified fire resistive, or fire-resistive. Construction is one of the biggest rating factors.
Fire Protection
Enter the fire district, protection class, and hydrant distance.
Building Details
Record number of stories, basements, year built, total area, and wind class.
Building Improvements
Give the year wiring, roofing, plumbing, and heating were updated.
Neighbors and Security Systems
Describe adjacent properties, then note any burglar alarm or sprinkler system.
Additional Interests
List each loss payee or mortgagee and the item they have an interest in.
Historic Buildings
A historical landmark can cost far more to rebuild than local property values suggest, so flag it for the underwriter.
Additional Coverages
Use page 2 for more locations. Ask about extra expense coverage, spoilage coverage, sinkhole coverage, and mine subsidence where relevant.
Signatures
The applicant and producer sign at the end. Many carriers quote without signatures but need them before they bind coverage.
Forms That Go With the ACORD 140
After binding, the agency may issue the ACORD 28, Evidence of Commercial Property Insurance, to lenders. Some carriers also want their own quoting forms.
Frequently Asked Questions
Where Can I Get an ACORD 140 PDF?
Most agencies complete it in their management system or a licensed forms tool, which produces the PDF.
Can the ACORD 140 Form Be Submitted Alone?
No. Carriers expect it as the property section of a submission, attached to the general application, not as a stand-alone property application.
Who at the Insurance Agency Completes the ACORD 140?
Usually the account manager or CSR, working from client data and loss runs, with the producer reviewing limits.
What Is the Most Common Mistake?
Limits that do not match current rebuilding costs. An outdated building limit can leave the client underinsured after a major loss.
How Often Should Building Limits Be Updated?
At least every renewal, and sooner after a renovation, a purchase, or a jump in local construction costs.
