Who needs a Form Acord 125?
Commercial Insurance Application (ACORD 125) is used in the underwriting process for any commercial account submission. Information provided in this form is not duplicated by any other ACORD forms.This form should be completed by each applicant applying for any business submission except Workers Compensation and Medical Professional Liability.
What is Form Acord 125 for?
Commercial Insurance Application provides general information on insured carrier’s company or program, describing its nature of business, premises information, additional interests, loss history and general information about the insurance incidents and violation of the law.
Is Form Acord 125 accompanied by other forms?
Several additional forms may accompany the ACORD 125 in the following cases:
- Form ACORD 823 should be attached to provide additional premises information;
- Form ACORD 101 should be attached to additional description for the Remarks/Processing instructions section;
- Form ACORD 45 may be used when supplementary explanation of the Additional Interests is needed;
- Attach the Loss Summary as an addition to the Additional Loss Information section.
Remember that completed ACORD 125 form is a mandatory accompaniment to almost every ACORD form.
When is Form Acord 125 due?
This form may be supplied at a time when the need has arisen. The information on this form should be relevant and reflect the status of the applicant’s company on the date of filing.
How do I fill out Form Acord 125?
Filling greater part of the form needs no explanation, but there is one point which needs a detailed review. In the Nature of Business, you should describe the location of the central office, what product or service is provided, who the primary consumers are, the amount of annual income and expenses, whether the company is a member of the associations and how many years the company has been on the market.
Where do I send Form Acord 125?
Completed and signed by the producer and applicant, Form Acord 125 should be directed to any interested party upon their request.