ACORD 28 Instructions

ACORD 28 (2006/07) Evidence of Commercial Property Insurance "The Evidence of Commercial Property Insurance (ACORD 28) provides a coverage statement for mortgagees, additional insureds and loss payees who provide mortgages or loans on real property or business personal property insured under a Commercial Lines policy, and are named in the policy.
Insurance coverage on large commercial property can have many variables. Coverages, coinsurance percentages, deductibles and other details can vary widely and are important considerations to mortgagees and other lenders. In addition, The Terrorism Risk Insurance Act and the recent increase in exposure to mold and fungus losses have resulted in a greater need to know more about the specific terms of the insurance contract."

Evidence of Commercial Property Insurance - ACORD 28 provides check boxes and pre-printed text to communicate important insurance details. The intent is to minimize follow-up conversations and correspondence with respect to information that is required in most cases involving large commercial real estate.

ACORD 28 provides information about coverages currently in force on a policy."

Evidence of Commercial Property Insurance IMPORTANT

Use ACORD 28 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 Commercial Lines policy. Use ACORD 23, Leased Auto Certificate of Insurance in lieu of ACORD 28 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 the coverage is being provided under a leased auto coverage form. Use ACORD 27, Evidence of Property Insurance, to provide information to mortgagees and loss payees who provide mortgages or loans on residential property, personal property or small commercial properties where less detail is required by the mortgagee or loss payee."

IDENTIFICATION SECTION

Agency Customer ID Agency's name and address.

Phone (A/C, No, Ext) Agency's telephone number. Include area code and extension (if applicable).

Fax (A/C, No) Agency's fax number. Include area code.

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.

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

Additional Named Insured(s) Additional Insured(s) name as they appear on the policy declarations page.

Company Name and Address 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.

NAIC No. Indicate the insurance company’s NAIC number.

Policy Type Indicate the policy type, (e.g., commercial property, builders risk).

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 - Grocery Store with Apartments, or Route 66, five miles south of intersection with I99 - Tobacco Barn). For other property items, such as inland marine equipment (for lessor information), describe the item along with any available vehicle identification number or serial number (e.g., 82 Case Backhoe Model H-15, Ser # G5963a57).

COVERAGE INFORMATION

Perils Insured Check box to indicate type of Loss Form used, if applicable. If another type is used, describe in the space provided.

Commercial Property Coverage Amount of Insurance Amount of insurance for the associated coverage.

Deductible Deductible for the associated coverage.

Business Income / Rental Value Check the appropriate box. If the mortgage or loan requires either Business Income or Rental Value coverage, indicate the applicable limit, or the number of months of coverage if coverage is provided on an “actual loss sustained” basis.

Blanket Coverage If yes, indicate value(s) reported on properties identified in the Property Information section.

Terrorism Coverage Attach Disclosure Notice / DEC.

Terrorism Coverage - Is there a terrorism-specific exclusion? Check the appropriate box.

Terrorism Coverage - Is domestic terrorism excluded? Check the appropriate box.

Limited Fungus Coverage If yes, indicate the limit for this coverage and the applicable deducible.

Fungus Exclusion If yes, specify the organization’s form used.

Replacement Cost Check the appropriate box.

Agreed Value Check the appropriate box.

Co-insurance If yes, indicate percent.

Equipment Breakdown (If applicable) If yes, indicate the limit for this coverage and the applicable deductible.

Ordinance or Law - Coverage for loss to undamaged portion of building Check the appropriate box.

Ordinance or Law - Demolition Costs If yes, indicate the limit for this coverage and the applicable deductible.

Ordinance or Law - Incr. Cost of Construction If yes, indicate the limit for this coverage and the applicable deductible.

Earth Movement (If applicable) If yes, indicate the limit for this coverage and the applicable deductible.

Flood (If applicable) If yes, indicate the limit for this coverage and the applicable deductible.

Wind/Hail (If subject to different prvisions) If yes, indicate the limit for this coverage and the applicable deductible.

Permission to waive subrogation in favor of mortgage holder prior to loss Check the appropriate box.

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

Nature of Interest Indicate the type of interest by checking the appropriate box. Available options are: Mortgagee, Lenders Loss Payable, Contract of Sale or other entity. Space is provided to describe other entity.

Name and Address Name and address of the additional interest.

Lender Servicing Agent Name and Address The name and address of the servicing agent for the mortgagee or other lender.

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

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