ACORD 27 - Evidence of Personal
Property Insurance
ACORD 28 - Evidence of Commercial Property Insurance
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.
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."
