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Evidence of Insurance

ACORD provides two Evidence of Insurance Forms. They are:

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."

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