ACORD, which stands for the Association for Cooperative Operations Research and Development, is a long-standing nonprofit organization aiming to standardize insurance forms across industries and use cases. Over the last 50 years, they’ve created hundreds of helpful forms for practitioners to use.
ACORD forms are universally recognized documents that help verify insurance coverage while adhering to industry guidelines. For example, helping to provide evidence of property insurance, ACORD 27 forms are widely used in industries such as real estate and construction. Click here to learn more about Certificate of Insurance Services.
Follow along as we talk more about what ACORD forms are, how ACORD 27 forms differ from others, and how to go about filling out an ACORD 27 form.
Is An ACORD Form a Certificate of Insurance?
To clarify, yes, an ACORD form typically refers to a Certificate Of Liability Insurance ACORD (or a COI)!, the nonprofit organization working to standardize insurance forms, produces multiple insurance documents, but they are most notably known for their insurance certificate forms. For example, the ACORD 25 form acts as a common template for providing proof of insurance coverage and summarizing key details about an insurance policy. Some other ACORD COI forms include:
- ACORD 21 is a certificate of aircraft insurance.
- ACORD 22 refers to an intermodal interchange certificate of insurance.
- ACORD 30 acts as a certificate of garage insurance.
What Is an ACORD 27?
The ACORD 27 form specifically pertains to personal property insurance. This certificate of insurance is a single-page form that is often used to verify that an individual or entity has insurance coverage for personal property, such as their assets and other belongings. It summarizes an insurance policy of property coverage to another party who has an interest in a particular property or the contents of one. ACORD 27 forms are commonly requested by parties such as those interested in a residential property, renting a property, obtaining a loan where personal property needs to be insured, or by mortgagees.
What Is an ACORD 28?
The ACORD 28 form is known as “evidence of commercial property insurance” and is a COI insurance used to provide proof of commercial property insurance coverage. It relays coverages provided to a property used during the course of business, typically meaning a physical location. Unlike ACORD 27, which focuses on personal property, ACORD 28 is specifically designed for businesses or entities that require verification of insurance coverage for their commercial properties. This form is commonly requested in commercial real estate transactions, leases, and other business agreements.
What Is the Difference Between ACORD 27 and ACORD 28?
ACORD 27 (evidence of property insurance) forms are like ACORD 28 (evidence of commercial property insurance) forms because they are both ACORD-produced insurance certificates that help people verify coverage related to property insurance. However, the two are meant for different contexts. The ACORD 27 focuses on personal property insurance, meaning individuals, whereas the ACORD 28 is intended for commercial property insurance, meaning businesses.
What Is the Difference Between ACORD 27 and 24?
Another form you might hear about related to property is the ACORD 24 form. This ACORD certificate also pertains to property insurance, but it is more commonly used in cases when the party that needs to see proof of insurance and verify coverage does not have any interest in the policy itself. In fact, ACORD 24 forms can be used in many cases relating to personal property insurance—only when a party requires more details about a property insurance policy does an ACORD 27 form need to be involved.
How Do I Fill Out an ACORD 27 Form?
Follow these ACORD 27 instructions for best results: Go to your insurance provider, fill them in on the details of your requesting party’s needs, and they’ll do the filling out for you!
If applicable, you should also include any additional insureds in your ACORD 27 form, such as if your prospective client requests to be added to your property insurance policy as a condition of hiring you for the job.
You can find an example fillable ACORD evidence of property insurance form on their website after creating an account and heading to the forms portal. However, remember that only the insurance agent or broker providing the property insurance policy can fill out an ACORD 27 form for a policyholder for it to be valid. Then, it should be delivered to the requester of the proof of policy, also known as the certificate holder, and from there, COI management really begins.
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