Acord 139 Form Fillable (PDF) – Statement of Values (SOV)
Acord Form 139
An Acord 139 form is a standard document known as the “Statement of Values (SOV).” It is often required in the insurance industry to declare accurate insured property values, such as business income, buildings, and personal property.
In this form, the policyholder enlists all property values for coverage. You can obtain this form by clicking the download button immediately. In addition, we will help you understand the importance of this form to reduce financial loss and provide proper guidelines for completing it.
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Why is the ACORD 139 Fillable Form Important?
This form helps assess policy accuracy, risk management, and claims resolutions. Moreover, the following key objects will explain its importance in the insurance industry.
Ensure Accurate Coverage
It ensures that assets and properties are adequately insured at their exact value. Underinsured value may cause a financial loss in any claim, and overinsuring will lead to high premiums. Detailed information about the property helps avoid coverage gaps, align policy limits, and accurately calculate premiums.
Risk Assessment
Insurance providers often use this form to assess the risk associated with a specific property. It helps them evaluate potential liabilities, determine appropriate premium rates, and tailor policies according to the insured’s needs.
Claims Settlements
This form helps determine the compensation amount by providing a pre-loss record of values. It is crucial in validating the declared property values, reducing disputes, and ensuring a fair payout.
Compliance with Policy Requirements
Most insurance companies require this form to meet the underwriting requirements. This form verifies that the policyholder meets the insurer’s criteria, has accurate terms and limits of the active policy, and has a smooth audit process.
How To Get Fillable ACORD 139 Statement of Values Form
Contact Insurance Agent
Businesses involved in the property must consult an insurance provider. Gather all affirmative information related to the values of the properties. Provide this information, and he/she will help you provide this statement form as soon as possible.
Official Website
You can also get this form from Acord’s official website. You must visit the site, search the required form, and click the download button to save it immediately. In addition, you can fill it out online and get an instant print.
Download ACORD 139 Form From Third-Party Website
Forms Dude is a trustworthy third-party website offering all valid, current insurance forms. To access it, you must type www.formsdude.com in any browser. You can type the form’s name (Acord 139 Form) in the search bar or visit the “Insurance Forms” category page. Click the download button to save it, or fill it out here and press the print button for an instant printout.
Instructions for Filling Out the Blank Acord 139 Form
These step-by-step instructions will help you to fill out accurately, ensuring valuable coverage:
1- Agency Information
You must write the agency’s name, phone number, fax number, email address, code, subcode, and customer ID number.
2- Applicant Information
In this section, write the carrier’s name, NAIC (National Association of Insurance Commissioners) number, applicant’s name, policy number, effective date, and headquarters address.
3- Classification
In this section, write the classification code, location number, building number, description of properties, address, valuation, and premium.
4- Signature
Lastly, get the insured’s signature with the date under the statement.
5- Recheck & Submit
You must recheck the filled form to validate the policy terms and submit it to the authorized representative.
Additional Details to Consider While Filling Out Acord 139 Form
You must consider these details for valuable results:
Omitting Properties
You must write the values of all insured properties. The omission of enlisting properties may lead to financial loss during the claim process.
Review Policy Terms
You must validate this form with the policy terms to ensure all declared values meet coverage limits.
Consult with Expert
It is crucial to consult with an expert insurance agent to help you complete this form accurately.
FAQs
What is the Acord 139 Form?
It is a statement of values developed under the Association for Cooperative Operation Research and Development (ACORD) policy. It ensures the declaration values of insured assets and properties.
What Information is Included in the Acord 139?
It includes classifying properties, addresses, descriptions, valuation, and premiums.
How Does Acord 139 Help During the Claim?
Due to pre-loss property history, claim settlements are boosted.
How Do I Fill Out the Acord 139?
You must collect all essential information related to the properties, assign accurate values, and describe each property with its address. It is crucial to check that all required fields of the form are filled correctly.