ACORD125 Commercial Insurance Application (2016/03)

Transcription

1 ACORD125 Commercial Insurance Application (2016/03) ACORD 125, Commercial Application - Applicant Information Section, is used in the underwriting process for any commercial account submission. The following instructions will provide assistance in the completion of the ACORD Commercial Insurance Applicant Information Section. This form utilizes the field structure provided by ACORD. Since each policy is unique and each company utilizes its own understanding as to how to best download their information, a careful review by the user is always recommended. The Applicant Information Section is the foundation on which the ACORD commercial application program is built. This form contains information that is not duplicated on other ACORD commercial application forms. The Applicant Information Section is a required part of every commercial submission except Workers Compensation, and no commercial application is complete without it. To create this form (also ACORD125FL) you should begin at the policy level. This form is the basis of the commercial set of forms. Other sections are attached to this form to provide the complete application. A typical CPKGE policy might be structured similarly to this one:

2 Basic Applicant Information this information is from the customer s information. Sections Attached If multiple forms are created together, the various sections will be selected and checked in this form. For example, if a 125 and a 126 are created together, the Commercial General Liability section will be checked. Basic policy information Carrier, NAIC, Code, State Producer Number, National Producer Number, Policy Number, and Proposed Effective and Expiration Date are filled from the basic policy level information. Payment plan specifics Agency/Direct, Payment Plan, Method of Payment, and Deposit are also filled from the policy level information. Applicant Information This information is selected from the customer information. Entity information, FEIN or SSN, and website will fill if found on the customer. If there are additional names identified in Supplemental names they will fill into Other Insureds section of the form. Accounting and claims contacts from 5AOI/9AOI. This information is usually attached to the policy at the policy level and would be added by clicking the lien-holder button and choosing the appropriate type

3 (IC-Inspection Contact, AC-Accounting Contact, or CC-Claim Contact) from the drop-down. These three types are special uses of the lien-holder data. Premises Information (from sub-locations) including detail from Commercial Property Underwriting, Commercial Property Sub-location Underwriting and policy locations as appropriate When creating this form all locations found on the policy are initially selected. Then, if there are sub-locations they are used to fill the premises information section. If there are no sub-locations on a particular location then the location information is used to fill this. If there are more premises than can fit on the form, extra ACORD823 s will be automatically created. Please be aware that the Sub-location section may be used differently based on the LOB of the policy. For general reference, the location defines a physical address, and the sub-location is smaller sub-set of the location. For instance, a physical address may contain three buildings each of which would comprise the sub-location or premises covered. If manually entering commercial data make sure to enter both a location and a sub-location, even if the location comprises only one building, for the best filling of ACORD forms. The underwriting sections mentioned above are necessary to fill the form as shown below. Underwriting Questions These questions can be accessed and added in two different ways. Some companies do download them. If your agency is manually entering this information and want to select the questions for this or any other form, select the Underwriting Questions link in the upper left of the policy window. Double-click on the second link named Underwriting Questions and then click Edit. There is a button at the bottom of the window which will allow the selection of question groups for various ACORD forms. In this case select the check box for ACORD 125 and then OK and the questions will be ready for your answers. Answer as appropriate and update. If the underwriting questions have downloaded or have been selected for this policy, then each appropriate section will have a Y or N filled on the form. Additional information supplemental to the question will need to be manually added to the form when it is created.

4 Additional insured data (extra ACORD45 s as needed) Any other additional interests on the policy at any level will be selected and filled onto the form. After the first and only space on the 125 is filled, additional ACORD45 s will be created as needed so that all are included. Prior Policy History Information will fill on the form if past policy information is entered in the Previous Policy Information section in the top left pane of the policy window. Each LOB will be displayed: CGL, AUTOB, PROP, or Other. Loss History Information losses entered in the Policy Loss History section of the top left pane of the policy window will fill in each of the sections as shown above. Finally the signature as designated on the ACORD selection window will be included and the producer with that signature will be included. If a signature pad is utilized in the agency the applicant s signature can also be captured and placed on the form.

5 2/01/2013 Filling in this form includes data from these ACORD standards: 5BPI Basic policy information 5SLC Premises (sub-location) Information including detail from 6CPN, 6PSL and 5LAG as appropriate (extra ACORD823 s as needed) 5PAY Payment information 5AOI/9AOI Additional insured and contact information 5UQG Underwriting questions 5PPH Prior policy history information 5LHG Loss history group 5SNG Supplementary Name Group 5NID Name Identifier Group