Acord 23 Form Fillable (Vehicle or Equipment Certificate) Download

What Is an ACORD Insurance Certificate?

An Acord insurance certificate is a valid document with concise and accurate information about the policy. Its essential purpose is to prove to companies that the policyholder has active insurance coverage. This certificate also includes the policyholder’s information, insurance provider’s information, policy details, and certificate holder information. Moreover, it takes no time to verify and is acceptable in the industry.

Why is the ACORD 23 Form Important?

An Acord 23 form is a certificate of ownership of a vehicle or asset. It authorizes the lender to verify the borrower’s ownership with active policy coverage. The insurance coverage protects the client and owner from theft or accidents. This certificate is a reliable source for streamlining the verification process with better communication.

How To Get an ACORD Insurance Certificate

Contact Insurance Agent

According to the requirement, obtaining a Certificate of Insurance (COI) is essential. You must contact your insurance agent and ask to provide the certificate. Provide the necessary information with some additional details. He will collect all the details and create a certificate with policy coverage

Official Website

You can also visit the official website and search for the required certificate. You will find a list of certificates in PDF format. Click on the download button for the specific COI. Later, you can get a print of the certificate and fill it out after consulting with your policy agent.

Third-Party Website

You must visit any third-party website offering the certificate of insurance. However, you can type www.formsdude.com into the Google search engine. Go to the Acord Pages. Then, type the certificate form name in the search bar. Press the download button to save on your device. Moreover, you can also bookmark the site if you need any other form in the future

Steps To Follow While Filling Out the Acord 23 Form

1- Date and Producer Information

You must write the coverage date and the producer’s complete information. The producer’s information must contain the full name, email address, city name, state name, and postal code. It is suggested that you write all the details for better coverage.

2- Insured Information

Then, you must write the insured person’s details. These details contain the full name, email address, city name, state or province name, and city postal code. Also, don’t skip any line of the certificate.

3- Insurance Company Details

This certificate portion includes the producer’s company name, contact number, fax number, email address, and customer ID. For smooth coverage, write the company’s NAIC (National Association of Insurance Commissioners) code.

4- Vehicle or Equipment Details

Later, you must write the accurate details of the vehicle or equipment to get insured. These details include the vehicle’s model, manufacturer, manufacturer’s model name, model year, body type, and VIN (Vehicle Identification Number).

5- Policy Information

In this section, provide detailed information on the policy coverage. It includes policy name, type, number, effective date, and expiration date. Re-check the date and policy number to avoid delay in verification for claims.

6- Coverage Details

The insurance policy must clearly state the liability, physical damage, and additional coverage. Moreover, the coverage should be highlighted so all parties can easily understand the insurance policy. 

7- Deductibles

Describe the details of deductibles for each coverage. The purpose of deductibles is to confirm the policyholder’s amount that is payable before the claiming process.

8- Additional Conditions

Highlight any additional insurance clause affecting the lender’s interest, such as the additional insured or loss payee clause, to avoid misunderstandings.

9- Certificate Holder

All enlisted entities must be clearly stated to ensure the interest of the parties that equipment is protected. Mention the certificate holder’s name with a mailing address, city name, state or province name, and postal code.

10- Signature and Date

All authorized representatives (agent, broker, producer, etc.) will sign to issue the certificate. The date must also be mentioned in the prescribed format.

Important Details to Consider While Filling Out the Form

Verification of Coverage

It is compulsory to verify that all the details on the form are accurate and align with the insurance policy. These details include policy coverage limits, endorsement, and effective dates.

Equipment Description

Mention the complete details of the insured equipment or vehicle with additional features. These details are compulsory for more valued types of equipment.

Policy Limits Review

Make sure that policy limits cover the criteria for meeting the lender’s or lessor’s requirements. Usually, they have a fixed limit for approving the finance.

Loss Payee Clause

This clause protects the lender or lessor’s interest in the vehicle and ensures they will receive the payment in case of loss. You must verify that the loss payee clause meets the lender’s requirements.

FAQs

What is an Acord 23 Used For?

It is an ownership form for a vehicle or equipment created by the Association of Cooperative Operations Research and Development. They usually issue a Certificate of Insurance (COI) that proves ownership with all insurance coverage.

What are the Most Used Acord Forms?

The most common and essential Acord forms are as follows,

• Acord 23: Vehicle or Equipment Certificate of Insurance
• Acord 25 form pdf: Certificate of Liability Insurance
• Acord 27: Evidence of Property Insurance
• Acord 28: Evidence of Commercial Property Insurance
• Acord 35: Cancellation Request/Policy Release
• Acord 125: Commercial Insurance Application
• Acord 126: Commercial General Liability Section
• Acord 140: Property Section
• Acord 137: Commercial Auto Insurance Application
• Acord 125/131 Combo: Business Owner’s Policy Application