Insuring Autos: Understanding The Acord Form's Listed Vehicles

ACORD, the Association for Cooperative Operations Research and Development, is a global organisation that standardises data acquisition and use in the insurance industry. ACORD forms are universally recognised documents that most insurance carriers require to be completed in order to provide a quote. The Acord 127 form, also known as the Business Auto Section, is used to record general client information, including driver lists, vehicle schedules, and business operation information. This form is used for every commercial auto policy, and it is important to know how to complete it.

Driver Information

ACORD forms are universally recognized documents that contain information required by insurance carriers to provide a quote. The ACORD 127 form, also known as the Business Auto Section, is used to record general client information, including driver lists, vehicle schedules, and business operation information.

The Driver Information section of the ACORD 127 form is dedicated to collecting detailed information about each driver. This includes the following:

• Name
• Date of Birth
• Year the driver was licensed
• Driver's License Number and State
• Any additional drivers will need to be numbered sequentially in the left-hand column of the form.

It is important to provide complete and accurate information for each driver to ensure the insurance quote is accurate and meets the specific needs of the business.

If a business has more than 13 drivers, an additional ACORD 163 form will need to be completed to record the extra driver information. This ensures that all drivers are accounted for and covered under the commercial auto policy.

The ACORD form also includes sections for Vehicle Description, General Information, and Additional Interest/Certificate Recipient. These sections collect information such as vehicle details, business operations, and any parties with an additional interest in the vehicles.

By completing the ACORD 127 form with comprehensive driver and vehicle details, businesses can obtain accurate insurance quotes and ensure they meet the necessary coverage requirements.

Vehicle Description

The ACORD 127 form, also known as the Business Auto Section, is used to record vehicle schedules, among other general client information. The Vehicle Description section of the Acord 127 form is dedicated to providing details about the autos that need to be covered under the policy.

Vehicles should be numbered in sequence, starting with #1. As many as 13 drivers can be listed on the Acord 127 form, and if there are more, an Acord 163 form should be used to record the additional driver information. Similarly, the Acord 127 form has space for details of up to 4 vehicles, and an Acord 129 form must be used to list any additional vehicles.

The Vehicle Description section of the Acord 127 form requires as much vehicle information as possible, including:

• Year
• Make
• Model
• VIN # (Vehicle Identification Number)
• Vehicle Type (Private Passenger, Special or Commercial)
• Garaging Address
• Registration State
• Gross Vehicle Weight
• Vehicle Classification
• Vehicle Use
• Coverage Needed
• Cost New
• Deductibles for Comprehensive and Collision coverage if the insured is electing to have those on the vehicle

General Information

ACORD, or the Association for Cooperative Operations Research and Development, is a global organisation that standardises data use in the insurance industry. They provide several universally recognised forms that insurance carriers use to provide quotes to agencies. One such form is the Acord 127, also known as the Business Auto Section. This form is used to record general client information, including driver lists, vehicle schedules, and business operation information.

The Acord 127 is used for every commercial auto policy, so it is important for insurance providers to know how to complete it. The form starts with basic information, such as the agency name, the named insured, and the policy effective date. It then moves on to driver information, including name, date of birth, year licensed, driver's license number, and state of issue. If there are more than 13 drivers, an Acord 163 form is needed to list the additional drivers.

The next section of the Acord 127 is the General Information section, which includes 17 questions about the operations of the business. This is followed by the Additional Interest/Certificate Recipient area, where any parties with an additional interest in the vehicles are listed. For example, if a vehicle was purchased with a commercial auto loan, the bank would be listed as having a lien on the vehicle.

The final section of the Acord 127 is the Vehicle Description section, where details for up to four autos that need to be covered under the policy are listed. This includes information such as the year, make, model, VIN, vehicle type, garaging address, registration state, gross vehicle weight, vehicle classification, vehicle use, coverage needed, cost new, and deductibles for comprehensive and collision coverage. If there are additional vehicles to be insured, an Acord 129 form is needed.

Additional Interest

ACORD, the Association for Cooperative Operations Research and Development, is a global organisation that works to improve the efficiency and accuracy of data use in the insurance industry. It has developed a range of standardised forms that are used across the industry, including the ACORD 127 form, also known as the Business Auto Section. This form is used to record general client information, including driver lists, vehicle schedules, and business operation information.

The ACORD 127 form is an important document for anyone working in the insurance industry, especially those dealing with commercial auto policies. It consists of four pages, with the first page seeking basic information such as the agency name, the named insured, and the policy effective date.

The second page of the ACORD 127 form focuses on driver information. It is important to provide detailed information for each driver, including their name, date of birth, year of licensing, driver's license number, and state of license issuance. Each driver is numbered sequentially, and if there are more than 13 drivers, an additional form (ACORD 163) needs to be used.

The third and fourth pages of the form cover general information and additional interest/certificate recipient areas. The general information section consists of 17 questions relating to the operations of the business, which are answered with a simple "yes" or "no".

The additional interest section is where any parties with an interest in the vehicles are documented. For example, if the insured has taken out a commercial auto loan from a bank to purchase a vehicle, the "LIENHOLDER" box would be checked, and the bank's name and address would be included. This section also requires information on which vehicle(s) the additional party has an interest in.

The ACORD 127 form is a crucial document for insurance providers and businesses alike, providing detailed information on drivers, vehicles, and additional interests. It helps streamline the insurance process and ensures that all relevant information is provided in a standardised format.

Vehicle Schedules

ACORD forms are universally recognised documents that contain information required by insurance carriers to provide a quote. The Acord 127 form, also known as the Business Auto Section, is used to record general client information, including vehicle schedules.

The Vehicle Description section of the Acord 127 form is dedicated to providing Vehicle Description details for autos that need to be covered under the policy. This section requires a detailed description of the vehicles to be insured, including the following:

• Year
• Make
• Model
• VIN # (Vehicle Identification Number)
• Vehicle Type (Private Passenger, Special or Commercial)
• Garaging Address
• Registration State
• Gross Vehicle Weight
• Vehicle Classification
• Vehicle Use
• Coverage Needed
• Cost New
• Deductibles for Comprehensive and Collision coverage (if the insured is electing to have those on the vehicle)

Vehicles should be numbered in sequence, starting with #1. There is space provided for up to four vehicles on the form. If there are additional vehicles to be insured, a separate Acord 129 form will need to be completed to list them.

It is important to provide as much information as possible when completing the Vehicle Description section of the Acord 127 form. This helps ensure that the insurance quote provided is accurate and that the vehicle is properly insured.

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