ACORD 147 Instructions


ACORD 147 (2001/02)Installation/Builders Risk Section

This chapter provides basic instructions for completing the ACORD Installation/Builders Risk Section (ACORD 147). This form was designed to request Installation or Builders Risk coverage on a specific job basis or on a blanket annual or open reporting basis. The front of the form is for Open
Reporting, the reverse for Specific Jobs.

Individual company manuals should be consulted for unique underwriting, rating, and other information required by specific companies.

This form was designed to be used in conjunction with the Commercial Insurance Application – Applicant Information Section (ACORD 125). Refer to the chapter on the ACORD 125 for information on that form.

IDENTIFICATION SECTION

Most information for the Identification Section should match the data found within the Applicant Information Section of ACORD 125. However, it is still important to complete the section. Many companies, for rating purposes, separate the applications by line of business. Not completing this portion of the application makes it difficult to keep track of the full account.

Date
Month/day/year on which the form is completed.

Producer
Producer’s name, address, telephone and fax numbers.

Applicant (First Named Insured)
First Named Insured as it appears on the ACORD 125.

Proposed Eff. Date
Effective date on which the terms and conditions of the policy will commence.

Proposed Exp. Date
Expiration date on which the terms and conditions of the policy will terminate unless renewed.

Billing Plan
Indicate whether the agency or the company (direct) will bill the insured or other payor for the policy.

Payment Plan
Indicate the plan to be used to pay the company for the policy. Use the company’s specific designation for the plan where possible (e.g., Prepaid, Annual, Semi-annual, Bi-monthly, 40-30-30).

Prem. Adj.
Indicate if the policy is to be written on a premium adjustment basis.

INSTALLATION/BUILDERS RISK
Check the appropriate box to indicate which coverage, Installation or Builders Risk is being applied for.

OPEN REPORTING FORM

Use this section when the applicant is requesting coverage on a reporting basis.

COVERAGE

Limit at Any Single Location
Limit of insurance for any one job site.

Limit per Disaster
Overall disaster limit required.

Limit at Temporary Location
Insurance limit required for property to be installed while held at any temporary location.

The insured’s own premises is frequently excluded, so indicate if the premises is owned by the insured.

Transit Limit
Limit of insurance for materials while they are being shipped in transit.

CAUSES OF LOSS & DEDUCTIBLE

Causes of Loss
Indicate the specific Causes of Loss applicable to this risk.

Sub Limit
If earthquake, flood or an optional cause of loss is selected, list the limit applicable to the cause of loss.

Deductible
All applicable deductibles.

TERRITORY

Specify where the applicant’s job sites are located, including job site name, city, county and state.

RECEIPTS

List the applicant’s gross installation receipts for the past 12 months and the projected receipts for the next 12 months.

JOBS/VALUES

This section classifies the applicant’s jobs. For each classification, indicate the requested values based on residential jobs and commercial jobs.

Annual Number
Number of jobs the applicant performed in the last 12 months.

Duration
Indicate the average length of time (in months) of any one job from first entry to acceptance and transfer of risk of loss to others. This underwriting information indicates if coverage extended during hurricane/storm season.

# Jobs in Progress
Give the maximum and average number of jobs the applicant is involved in at any one time.

Cost or Value of Each Installation
Indicate the maximum value, lowest value and average value at any one job site.

Material Cost
Indicate the percent of the total price that the material costs represents for each type of installation job.

ADDITIONAL INTEREST/CERTIFICATE RECIPIENTS

Use this section to collect information on any additional interest or receiver of Certificates of Insurance.

Name and Address
List the Additional Interest’s name and mailing address.

Interest
List the subject of interest along with the interest type. Identify the subject of insurance by description and/or item number, whichever is required (e.g., Job Site # 12, Mortgagee, Lot 10, Mortgagee).

Certification Required
If a Certificate of Insurance is required, check this box.

RIGGING

Describe any hoisting or lowering operations and the equipment used. State the type of material to be moved and its value. Indicate if individuals other than the applicant are involved in the operations.

TRANSPORTATION/SECURITY

Indicate the percentage of material usually shipped to job sites at the applicant’s risk. Describe the type of job site security the applicant employs to reduce vandalism, theft or other mishaps, including items such as fences, watchmen, police and patrol dogs. Note if equipment is left in trailers and if generators are hoisted by crane at night.

REMARKS

Provide any additional information required for underwriting or rating.

SPECIFIC JOB

This side of the application should be completed when the applicant is requesting coverage for a specific job.

COVERAGE – CAUSES OF LOSS & DEDUCTIBLE

The Coverage and Causes of Loss and Deductible sections should be completed as stated in the Open Reporting Form section.

JOB TERM/VALUES

Commencement
Date the job is to begin.

Completion
Date the job is to be completed.

Contract Amount
Total dollar amount of the completed job to be insured. Any requests for soft cost coverage (e.g., mortgage costs, financing fees, insurance premiums, excavation of land costs) should be identified separately since they will be covered separately.

Value of Owner Supplied Property
Total dollar amount of property supplied by the owner at the specific job location. If the value of such property is in addition to the contract amount, identify in the Remarks section.

SECURITY

Describe the type of job site security the applicant employs to reduce vandalism, theft or other mishaps, including fences, watchmen, police and patrol dogs. Note if equipment is left in trailers
and if generators are hoisted by crane at night.

JOB DESCRIPTION

Describe the work to be performed, the job location and the building construction. Enter insured’s job number in the space provided.

ADDITIONAL INTEREST

Complete this section as per instructions in the Open Reporting Form section.

TRANSPORTATION

Use this section to collect information on the applicant’s transportation exposure.

Amount Shipped
Total amount shipped to the job site at the applicant’s risk.

% Applicant’s Vehicles
Indicate the percentage of property shipped to the job site using the applicant’s own vehicles.

% by Common/Contract Carrier
Indicate the percentage of property shipped to the job site by common or contract carriers.

Distance
Average distance involved in shipping property to the job site from its point of origin.

RIGGING

Describe any Hoisting or Lowering operations and the equipment used. State the type of material to be moved and its value. Indicate if individuals other than the applicant are involved in the operations.

REMARKS

Provide any additional information required for underwriting or rating.