Acord 152 Form Fillable (Commercial Inland Marine Insurance Certificate)
Acord 152 Fillable Form
An Acord 152 form is a certified document that proves to the marine industry stakeholders that the policyholder has enough commercial inland marine coverage. The insurance policy covers transit property, transportation goods, and movable property. In addition, you can quickly download this blank fillable form by clicking the download button below. This certificate provides information on insurance coverage to contractors, vendors, lessors, and agents to verify contractual agreements and business transactions.
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Why is the ACORD 152 Fillable Form Important?
Standard property insurance covers the insurance of fixed assets in a location, while commercial inland marine insurance covers the insurance of moveable assets at different sites. Meanwhile, inland marine businesses face more chance of damage, theft, and accidents on transportation goods. This certificate has an essential existence in the following scenarios:
Protection for Transit Items
The inland marine insurance covers the goods available on the sites or temporary locations.
Risk Reduction
This certificate protects the goods from unwanted sudden accidents and financial losses.
Broad Coverage Scope
This form also covers insurance on all specialized property assets. However, some insurance policies do not cover traditional properties.
Customizable Policies
This form is helpful for customizing insurance policies to fulfill the business criteria. Individuals or businesses can easily verify the policy’s coverage to meet the desired need.
How To Get an ACORD Insurance Certificate
Contact Insurance Agent
It is essential to contact your insurance agent to get this certificate. Arrange a meeting and provide all the crucial information on the policy coverage. He/she will collect all the information required to create a certificate under (the Association for Cooperative Operations and Research) and submit it after completion.
Official Website
To get the required fillable forms, visit the official Acord website. Go to the “Forms” page and type the required form’s name in the search bar. Click on the download link to save it on your device.
Third-Party Website
Many third-party websites like Forms Dude offer insurance certificate forms. Type the www.formsdude.com in the web browser. Then, click on the “Acord Forms” page. Type the required form name (Acord 152) and click the download button. Fortunately, you can fill out the form online and save it on your device.
Step-by-Step Instructions to Filling Out the Blank Acord 152 Form
To fill out the Acord152 certificate, it is essential to write all the sections of the form for full inland marine insurance coverage.
1- General Applicant Information
In this section, write all the applicant’s essential information. This information includes full name, mailing address, city name, state name, and city’s postal code. Also, mention the NAIC (National Association of Insurance Commissioners) number and date.
2- Summary Information
This section includes item information such as item codes, subcodes, descriptions, and item values. It is recommended that you recheck the given information to calculate the valuation of goods.
3- Coverage/Causes of Loss
This section requires specific details on inland marine coverage. It includes the types of insured property (tools, electronics, fine arts), a description of the properties with serial numbers, the percentage value of insured items, deductibles, and coverage limits.
4- Equipment Storage
In this section, write the details of movable goods, including site address, inside value, outside value, transit route, and storage location.
5- Items Details
Write the details and description of all the moveable items. It also includes the loss factors, claims, percentage value of individual items, past losses involving the insured items, and paid losses with date and reference.
6- Additional Remarks
Write observations or additional remarks about the insured inland property in this section. Also, mention any specific clause if required.
10- Representative Signature
In the last portion of the form, write the producer’s printed name with the customer ID. Then, get the producer’s and applicant’s signatures with a date. This will certify that all the information given above is correct.
Additional Details to Consider While Filling Out Acord 152 Form
You must follow the instructions to avoid common mistakes that cause delays in insurance coverage.
Ignoring Risk Locations
Enlist all possible locations where inland goods will be used or stored. Ignoring possible risk locations can lead to financial loss.
Incomplete Property Description
You must adequately describe the items’ serial number, valuation, and specific identification. Incase of improper information, it will not cover the inland marine policy.
Underestimating Coverage Needs
It is recommended that you mention the actual premium value of the items. If you mention the lower value, you will receive insufficient compensation after the loss.
Failure to Update the Form
If there are any policy changes during the contract, you must ask for an updated form. If you do not do so, you will not be eligible for insurance coverage.
FAQs
What is the Acord 152 Form Used For?
Acord 152 is a legal document that provides information on commercial inland marine insurance coverage. It covers all the transit property, moveable goods, and specialized types of equipment.
Can I Use the Acord 152 Certificate for Multiple Properties?
Yes, you can enlist all the properties and equipment in this form that meet the criteria of inland marine coverage.
What Information is Required to Complete the Form?
You must provide complete details about the insured property, risk location, limit coverage, and any history of losses claimed.
What Type of Property is Covered by Inland Marine Insurance?
It covers movable properties like transit goods, electronics, fine arts, and construction tools.