Download Acord 131 Form Fillable (Umbrella/Excess Section)
Acord 131 Fillable Form Free
An Acord 131 form is known as an “Umbrella/Excess Section Form”. It is commonly used to expand liability limits beyond policies such as auto, employee, and general liability. The Umbrella/Excess section is designed to protect the individual and business risk associated with damages exceeding the limit of primary policies. You can quickly get this form by clicking the download button here. Moreover, you will see the importance of this form for attachment with primary forms, how to fill it out gradually, and additional details to be considered during the filling process.
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Why is the ACORD 131 Fillable Form Important?
This form provides essential information about the applicant’s additional liability coverage. In the United States, insurance producers, brokers, and agents use this form to simplify the communication process for applying umbrella or excess liability coverage. The following vital goals improve the importance of this form.
Risk Evaluation
Accurate and concise policy information helps insurers evaluate the risk for enhanced excess coverage.
Legal Compliance
After completing this form, the regulatory authority and insurance industry require legal compliance that meets the criteria.
Customize Coverage
Insurers can quickly customize the policy to meet the applicant’s needs based on the details provided in this form section, helping applicants quickly proceed with the application process.
How To Get Blank ACORD 131 Umbrella/Excess Section Form?
Contact Insurance Agent
Most insurance producers, agents, and brokers have this form to provide on demand. You must arrange a meeting with the producer and inform him/her about the relevant information to fulfill the additional liability coverage. He/she will gather the information and develop this form under the ACORD policy.
Official Website
The Acord’s official website is a hub of insurance forms. Simply visit the site, search the form, and press the download button to save. Moreover, you can complete this form online and get a printout.
Third-Party Website
Forms Dude, a third-party website, offers various insurance forms to simplify life. You must type www.formsdude.com in the Google URL bar and press enter. Then, press the “Insurance Forms” at the menu bar. Finally, click the download button to save the fillable form on your device.
Step-by-Step Instructions for Filling Out the Blank Acord 131 Form
You must follow these effective guidelines to complete the form accurately:
1- Company Information
In the first section of the form, write the agency name, insured’s name, policy number, NAIC (National Association of Insurance Commissioners) number, and effective date.
2- Policy Information
In this section, write the transaction type, limit of liability, and retained limit to understand the policy.
3- Employee Benefits Liability (EBL)
Write the benefit program’s name, insurance limit, aggregate limit for EBL, retained limit for EBL, and retroactive date for EBL.
4- Primary Locations and Subsidiaries
In this section, write the name, address, and descriptions of all companies with annual payroll and gross sales.
5- Underlying Insurance
In this section, enlist all compensations/liability policies in force to apply as underlying insurance. It includes type, policy number, effective and expiration date, limits, and annual renewal premium. Moreover, explain all underlying general responses in “Yes” or “No.”
6- Vehicles
In this section, write all the crucial details of vehicles including type, quantity of owned, non-owned, and leased, property hauled, and mileage.
7- Additional Exposure
Explain all responses to the questions in “Yes” or “No.”
8- Remarks
Write the additional remarks or any specific statement about the policy coverage. Moreover, if the statement is expanded from this form, use Acord 101 as an attachment.
9- Signature
Fill in the given format according to your state and write the producer’s name. Also, get the signature of the applicant and producer with the date.
10- Review and Submission
After completing the form with your agent’s collaboration, ensure it is reviewed to confirm its accurate completion and submit it to the company.
Additional Details to Consider While Filling Out Acord 131 Form
It is crucial to understand and consider the following details while filling out this form:
Incomplete Primary Policy Details
Incomplete primary policy details may cause misleading for additional liability coverage. You must inform your agent to provide all the primary policy details or keep a record of your primary policy.
Misunderstanding Policy Terms
In this scenario, it is better to consult with your agent to clarify terms such as endorsement and retention.
Complex Business Operations
If your business is more complex, it is recommended that you provide the operation’s details about the exposure area.
FAQs
What is the Acord 131 Form?
This form is legal and compliant with the insurance industry. It is used to apply for umbrella/excess liability coverage.
When Do I Need an Umbrella/Excess Policy?
It is often essential for protecting against lawsuits and risk evaluation in the transportation, construction, and higher-likelihood industries.
What Information is Required in the Umbrella/Excess Section?
This section often requires primary policy details, coverage limits, loss history, and exposure information.
What are Retention Limits in the Umbrella/Excess Section?
These are the amounts that the insurer must pay in advance before the umbrella policy begins to cover the claims.