ACORD 27 Instructions

ACORD 27 (2006/07) Evidence of Property Insurance "The Evidence of Property Insurance, ACORD 27, provides a coverage statement for mortgagees and loss payees who provide mortgages or loans on residential property, personal property or small commercial properties, and are named in the policy.

ACORD 27, the Evidence of Property Insurance, provides information about coverages currently in force on a policy.

Evidence of Property Insurance "Research reveals that information included on the form satisfies requirements of mortgagees in most situations. Discussions with various lenders indicate that inclusion of items such as coinsurance are not important with respect to Personal Lines policies or small commercial policies. The primary concern is that the amount of insurance is sufficient to cover the amount of the loan. Sufficient space is provided in the Coverage and Remarks sections of the form to include any additional information that may be required.

Although many lenders pay the premium for certain types of policies such as Homeowners, inclusion of the premium amount is inappropriate on the EPI. This information will be communicated to the payor via an invoice.
Furthermore, in the case of continuing coverage, the premium amount would be invalid after the first year."

Evidence of Property Insurance "IMPORTANT

Use ACORD 27 to provide information about physical damage coverage to loss payees in connection with an auto loan when the vehicle is being purchased and coverage is being provided under a Personal Lines policy. Use ACORD 23, Leased Auto Certificate of Insurance in lieu of ACORD 27 to provide information to the owner of a leased motor vehicle or the lender about both liability and physical damage coverages applying to the vehicle when coverage is being provided under a leased auto coverage form. Use ACORD 28, Evidence of Commercial Property Insurance, to provide information to mortgagees and loss payees who provide mortgages or loans on real property or personal property insured under a Commercial Lines policy and more detail is required by the mortgagee or loss payee.

IDENTIFICATION SECTION

Date Month/day/year on which the form is completed. (MM/DD/YYYY)

Agency Agency's name and address

Phone (A/C, No, Ext) Agency's telephone number.

Fax (A/C, No) Agency's facsimile number.

E-Mail Address Agency's e-mail address.

Code Identification code assigned to the agency or brokerage firm by the insurance company providing the policy coverages

Subcode If the agency uses a sub-code identification system with the company, enter the appropriate code.

Agency Customer ID Customer’s identification number assigned by the agency.

Company Name and address of the applicable insurance company. Use the actual name of the company within the group to which the policy has been issued. Do not use group names.

Insured Insured’s name and address as they appear on the policy declarations page.

Loan Number Insured’s loan or account number for this additional interest.

Policy Number Number exactly as it appears on the policy, including prefix and suffix symbols.

Effective Date Date on which the terms and conditions of the policy commence.

Expiration Date Date on which the terms and conditions of the policy expires.

Continued Until Terminated if Checked If the policy is issued on a Continuous basis, check the available box.

This Replaces Prior Evidence Dated If a prior Evidence of Property Insurance was issued to this additional interest and this form replaces the old one, enter the date the old form was issued; otherwise, leave this field blank.

PROPERTY INFORMATION

Location/Description For buildings, provide the street address and a brief description of the occupancy of the building (e.g., 123 Johnstone Ave, Endicott - one-family dwelling with detached two car garage, or Route 66, five miles south of intersection with I99 - 12 X 12 Storage Building). For other property items, such as inland marine scheduled property (for lessor information), describe the item specifically.

COVERAGE INFORMATION

Coverage/Perils/Forms Narrative description of the coverages provided, causes of loss (perils), and the forms attached (e.g., Homeowner - HO3 0792).

Amount of Insurance Amount of insurance for the associated coverage.

Deductible Deductible for the associated coverage.

REMARKS

Remarks Space for any additional comments or to list any special conditions that may exist upon the policy.

CANCELLATION

Number of Days Number of days before cancellation that the issuing insurer will endeavor to notify the additional interest prior to termination of the policy (e.g., 10 days).

ADDITIONAL INTEREST

Name and Address Name and address of the additional interest.

Nature of Interest Indicate the type of interest by checking the appropriate box. Available options are: Mortgagee, Additional Insured, Loss Payee. Use the optional space to enter any other type of interest. Note: Additional Insured status generally does not apply to property insurance. Exceptions should be discussed with the company underwriter.

Loan # List any loan number, account number or other controlling number that the additional interest may have assigned the insureds.

Authorized Representative This form should be signed by an authorized representative of the issuing company.

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