Acord 160 Form Fillable – Business Owners Section
Acord Form 160 Fillable
An Acord 160 form is a concise legal document in the insurance industry. It is often required to verify the commercial property and casualty insurance coverage. The business owner section of Acord focuses on the Business Owners Policy (BOP). It covers property claims, protects the business’s physical assets, and provides financial assistance. You can quickly download this form by clicking the button here. Moreover, we will guide you on how to fill out it accurately with additional details.
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Why is the ACORD 160 Fillable Form Important?
This form provides transparent details about the business’s assets and liabilities to the insurers to assess the risk. The business owners section plays a crucial role in the following reasons,
Comprehensive Coverage
This form will help business owners understand the insurance policy for maximum coverage to assess the risk and minimize the financial exposure.
Legal Compliance
This form is in legal compliance with most states’ jurisdictions. Completing the business owners section helps insurers overcome legal complications.
Accurate Risk Assessment
This form helps the insurance company regulate your company’s risk profile and calculate premiums and appropriate coverage.
Claim Process
This form helps speed up claim processing in case of property damage. It is effective in validating coverage and resolving claims proficiently.
How To Get Fillable ACORD 160 Business Owners Section Form?
Contact Insurance Agent
Make sure to contact your insurance agent or broker and arrange a meeting. Ask for the commercial business owners application form. Gather all the crucial information about the business and provide for enhanced coverage. He/she will collect the data and create the form under the Association for Cooperative Operations Research and Development (ACORD) policy.
Official Website
To obtain this form quickly, visit Acord’s official website. Simply visit the homepage, type the form’s number or name, and press search. Then, click the download button or fill it out online and print it by clicking the print button.
Third-Party Website
You can also visit Forms Dude, a third-party website that offers all current insurance forms. It is essential to type www.formsdude.com into the Google URL bar. Then, press the “Insurance Forms” icon on the menu bar to get the complete list of forms. Type the form’s name (Acord 160 Form) in the search bar. After, click the download button to save it on your device. In addition, you can fill it out online and get a print quickly.
Step-by-Step Instructions for Filling Out the Blank Acord 160 Form
You can simply fill out this form by following the given instructions carefully:
1- Agency Information
In this section, write the agency’s name, carrier’s name, NAIC (National Association of Insurance Commissioners) number, policy number, effective date, and policy type.
2- Premium Information
Write the individual asset and liability premium amount here. Also, write the total premium amount of the whole business property.
3- General Information
In this section, explain the responses with “Yes” or “No.”
4- Remarks
In this section, mention the specific remarks about the policy. Also, mention any clause to understand the policy. Note: Attach Acord 101 if more space is required for additional remarks schedule.
5- Liability Coverage
In this section, write the liability amount, deductible included, form number, and the premium amount of the individual.
6- Additional Liability Coverage
In this section, write the code and description of coverage, limit amount, deductible amount, deductible type, description, and premium amount.
7- Premises
In this section, write the building’s details, exposure, coverage area, total area, distance from the fire station, and fire district code.
8- Property
Write the construction of building details, including its type, construction year, wiring, plumbing, roof, and basement details. Also, mention the amount and deductibles of the property.
9- Property Coverage
In this section, write the total base limit amount and deductibles, including form number, form date, and premium amount of all types of coverage mentioned in the first column.
10- Property Coverage – Premises Level
Write the number of plates, area square feet, length, glass type, interior, value, and deductibles of the ground floor and above the ground floor glasses.
11- Property Additional Coverage
In this section, write the additional property coverage details such as coverage code, description, level, total base limit amount, deductible, form number, form date, and premium amount.
12- Premises General Information
In this section, write indicated responses in “Yes” or “No.”
13- Apartments & Condominiums
In this section, mention the coverage details and explain responses indicated in “Yes” or “No.”
14- Crime
In this section, mention the alarm’s type, alarm description, extent of protection, manufacturer’s name, and other protection details (lighting, fences, watch person, etc.)
15- Signature
In this section, write the producer’s full name, signature, and the applicant’s signature with date. Also, mention the state producer license number (Florida) and national producer number.
Additional Details to Consider While Filling Out Acord 160 Form
You must implement the following details to get better coverage and transparency:
Underestimating Property Values
You must provide the exact and accurate valuation of the property. Only underestimating values may result in appropriate compensation during loss.
Incomplete Information
It is essential to provide complete information to your insurance agent for adequate coverage. Only complete information may lead to sufficient coverage or delays in processing.
Optional Coverage
You need to cover all liabilities to assess the risks. Some optional coverage, like cyber liabilities, can make businesses vulnerable to emerging risks.
Record Keeping
It is compulsory to maintain all records of your business. It will help insurers process claims quickly.
FAQs
What is the Acord 160 Form Used for?
It is a legal document often required by the insurance industry, also known as the “Business Owners Section” form. It provides information about business insurance, policy coverage, risk assessment, and premium calculation.
What Type of Insurance Does the Business Owners Section Address?
It covers commercial property, general liability, and business interruption insurance under the business owners policy (BOP).
Can I Update My Acord 160 Certificate after Submission?
Yes, it is crucial to update this form to add, remove, or change the operations. The updated form helps with complete coverage of the insurance claims.
How Does the Business Owners Section Affect the Premiums?
This section helps insurers calculate premiums based on information provided to assess the risk.