Acord 128 Form Fillable – Garage and Dealers Section
Acord Form 128
An Acord 128 form is an essential document in the insurance industry for applying for insurance coverage for garages and automobile dealerships. It often covers liabilities for property damage, accidents, and customer injuries. It is commonly known as the “Garage and Dealers Section” form.
The information provided on this form helps insurers to assess the risks, tailor the required coverage, and evaluate premiums. You can obtain this fillable form quickly by clicking the download button below. In addition, we will guide you in understanding its importance in the insurance industry, how to fill out this form, and additional details to make it acceptable.
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Why is the ACORD 128 Fillable Form Important?
This form is used for selling new or old vehicles, repairing and maintaining, and providing valet services and towing operations. Moreover, the provided information on this form is helpful in the following scenarios,
Identifying Risks
This form helps understand the scope and scale of the operations to enhance the coverage limits and premiums.
Streamline Insurance Process
The structured format helps to simplify the data to analyze and tailor coverage to understand the insurance process.
Adequate Coverage
It provides adequate coverage for property damage, vehicle accidents, and potential customer injuries to protect against liabilities.
Mitigate Financial Loss
It ensures liability coverage to calculate premiums and deductibles for the associated risks involved in the garage and dealership business, reducing financial loss.
How To Get ACORD 128 Garage and Dealership Section Form?
Contact Insurance Agent
The primary source to get this form is to consult with your insurance provider and request a meeting. For valid coverage, you must gather all the vital garage and automobile industry information. The agent will collect the information and help to complete this form with adequate coverage under the Association for Cooperative Operations Research and Development (ACORD) policy.
Official Website
Acord’s official website offers all legal insurance forms to fulfill legal compliance. You must visit the site and type the form’s name or number in the search bar to see the required form. Then, click the download or print button to access the form immediately.
Third-Party Website
Some third-party websites are authentic sources for getting all insurance forms quickly. Meanwhile, you can easily visit the Forms Dude homepage by typing www.formsdude.com in the Google search engine. You can type the form’s name (Acord 128 Form) or visit the “Insurance Forms” category to find this form. Fortunately, you can fill out this form here and get a print or click the download button to save it on your device.
Step-by-Step Instructions for Filling Out the Blank Acord 128 Form
You can complete this form by following these step-by-step instructions:
1- Agency Information
In this section, you must write the agency’s name, insurer’s name, NAIC (National Association for Cooperative Operation Research and Development) number, policy number, and effective date.
2- Business/Vehicle Storage Information
In this section, check the boxes for auto service operations, auto dealers, and vehicle storage information.
3- Coverage/Limits
You must attach Acord 138 to provide information on state coverage/limits.
4- Auto Dealers Operators
In this section, identify the class of operators by their location number.
5- Dealers Physical Damage
Check the boxes for new or used vehicle coverage for personal and financed interest in this section.
6- Non-Dealers Premises & Operations
Write the location number, estimated annual remuneration amount, and employee number.
7- Service or Repair Shops
In this section, write the amount of annual gross sales and the number of gallons of gas per year.
8- Driver Information
Write the driver number, full name, city name, state name, city’s postal code, gender, marital status, date of birth, experience, and driver’s license or social security number. Also, mention state LIC, hiring date, use vehicle number, and percent usage. Note: If there are more drivers, attach Acord 163.
9- General Information
You must explain all given responses in “Yes” or “No.”
10- Additional Interest/Certificate Recipient
You must write the name and address of additional interest, type of interest, interest in item number, and item description. Note: Attach Acord 45 for additional names.
11- Remarks
You must write the remarks and additional details about the section for enhanced coverage. Note: Attach Acord 101 for further remarks.
Additional Details to Consider While Filling Out Acord 128 Form
You can make this document more valuable by considering the following additional details:
Trained Staff
Hiring trained staff to mitigate the risk and ensure safety is crucial.
Enhance Security Measurements
You must ensure the location and space for garage and dealership sectors to provide more security for property such as vehicles, equipment, and liabilities.
Review Updated Policy
It is essential to ask for the updated form to address any change in policy coverage. This will help to streamline the claim process.
Consult Experienced Agent
You must consult an experienced insurance agent to discuss the nature of the business for maximum liability coverage.
FAQs
What is the Acord 128 Form?
It is an application form often used in the insurance industry to ensure the garage and automobile dealership insurance coverage for their associated operational risks.
What is Garage Keepers Coverage?
This coverage helps to protect the customer’s vehicle from any incident while it is in their custody, care, or control.
Why is Claim History Important on Acord 128?
Previous claim history helps insurers assess the risk involved in the specific business. However, a clean past history is preferred, which increases the rate.
What Information is Required in the Acord 128?
This form includes the nature of the business, claim history, employee information, and financial and coverage needs.