Evidence of Property
The Acord 27 form is commonly known as the Evidence of Property Insurance. It's a single-page document that ensures your interest in any residential, commercial or contents property will be protected by an insurance company should anything happen to it!
The Acord 27 form is a necessary piece of documentation for many different types of property transactions. Completing this correctly can save both time and money, so it's important to know how everything works!
The Acord 27 form is a crucial part of your property insurance claim and should not be completed without consulting an experienced professional. The different sections contain information that may seem confusing at first, but once you learn what they mean it will become clear how important this document really can be for verifying coverage details with our company's insurer!
Let’s take a moment to go over the various sections of the Acord 27 – Evidence of Property Insurance.
The first page of the Evidence of Property is where you will be required to provide Agency and Insured Information along with details about your carrier. For Producers, this includes their name as well as an address for contact purposes.
To facilitate learning, we will provide a EOP template in the description below. Just click the link and download the file to your computer. Or if you have a cellphone you can scan the QR code right now.
Please refer to the numbered sections on the Sample Form as you follow along with the breakdown.
1) Issue Date: This is the date the insurance agency created or modified the certificate of insurance. Easy.
2) Next, we have the Producer: This is the name of the insurance agency or broker that issued the certificate.
3) The producer’s contact information is often listed in this section so you can reach out to the agent if you have any questions or need to request revisions. Not all agents will work with third parties for revisions, so you may have to bring in the vendor, the person who purchased the insurance policy, when requesting corrections.
4) INSURED: The first named insured on the policy has important rights and obligations that include paying the premium, receiving notice of cancellation, adjusting claims and making policy changes. In short, this is the person or company who purchased the insurance.
5) Insurance Carriers: This list reflects the various carriers that are providing the insurance policies for the insured (listed in section 4).
Once you’ve completed all the Agency, Insured and Carrier information, you will move onto the section for the Property Information. Here you need to provide the address for your location along with a description of the building. If you need to provide proof of coverage for something other than a building, make sure that it is described in detail. For example if the Acord 27 was being used as verification on machinery or equipment - specific information like year/make model serial number will be necessary
In the Coverage Information section, You will need to include a description of the coverage provided and causes of loss (ie. Special, Broad, Basic) as well as the corresponding form number.
After that, you have:
The Amount of Insurance – The amount of insurance for the associated coverage.
Deductible – The deductible for the associated coverage.
Remarks – The additional comments or special conditions that may exist upon the policy.
The last part is the Additional Interest Section. In the Name and Address portion, you should list the company that you are doing business with, and which has a financial interest in the policy.
Right next to the Additional Interest Section, you will find some checkboxes that indicate the additional interest type. For Example:
Additional Insured checkbox – Indicates the additional interest type is an additional insured.
Lender’s Loss Payable – Indicates the additional interest type is a lender’s loss payable.
Loss Payee – Indicates the additional interest type is a loss payee.
Mortgagee – Indicates the additional interest type is a mortgagee.
Other – Indicates the additional interest is other than those listed.
The loan number indicates the account number or other controlling number that the
additional interest may have assigned the insured.
Lastly we have the signature space. A name must be in this box in order for the certificate to be authorized and accepted.
Thanks for watching and check out our other BCS University videos to learn more about these concepts. Thanks!