ACORD 403 Instructions


ACORD 403 (2000/05) – Agriculture Property Section, Scheduled and Unscheduled Personal Property

This guide provides the user with basic instructions for completing the
ACORD Agriculture Property Section, Scheduled and Unscheduled
Personal Property. This form has been designed to handle the basic
underwriting needs for Agriculture personal property exposures.

The form was designed to be used in conjunction with Agriculture
Application – Applicant Information Section, ACORD 401. Please turn
to the chapter on ACORD 401 for information on that form.

IDENTIFICATION SECTION

Much of the information for the Identification Section should match the data found within the Applicant Information Section of ACORD 401. Even though this data matches the data on ACORD 401, it is still importantto complete it. Many companies separate the applications by subline of business for rating purposes. 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 and telephone number.

Code
Identification code assigned to the agency or brokerage firm by the insurance company receiving this form.

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

Agency Customer ID
Customers identification number assigned by the agency.

Named Insured / Applicant’s Name
Show the named insured or applicant exactly as shown on ACORD 401.
Company, Account Number, Policy Number, New/Renewal, Effective Date,

Expiration Date
Enter exactly as shown on ACORD 401.

GENERAL INFORMATION

1. Is any property kept on a location (s) other than an insured location?
If the answer to this question is yes, state where it is kept and indicate whether the storage is during the farming season or off season.

2. What is the maximum value of equipment at any one location?
Provide maximum value in dollars, both during the farming season and in the off season.

3. Is any equipment loaned to/from others?
If yes, provide the value for borrowed or rented equipment.

4. What is the radius of operations of equipment?
If any insured equipment is used or travels off premises, indicate the radius in miles for each piece of equipment.

5. Is equipment well maintained?
Describe type of maintenance performed.

SCHEDULED FARM PERSONAL PROPERTY

Description
Provide a complete description of each item shown separately. Indicate premises location.

Causes of Loss
Show the causes of loss (perils) that are to be covered.

Coins
Enter the coinsurance percentage that is to apply.

Deductible
Deductible amount that is to apply.

Limit of Insurance
Show the individual limits of insurance that will apply.

Premium
Show the premium for each item.

Peak Season, Transit, Hay, Miscellaneous Machinery, Tools, Equipment
These items are preprinted on the form. Space is also provided to show scheduled hay located off premises, if applicable.

UNSCHEDULED FARM PERSONAL PROPERTY

This schedule is designed to collect information about:

  • Produce
  • Poultry
  • Livestock
  • Machining and Implements
  • Cultivating
  • Harvesting
  • Tools, Equipment and Supplies
  • Irrigation Equipment
  • Any other unscheduled Agriculture personal property

Enter the number of units, unit price, total value, applicable causes of loss (perils) to be insured against, applicable coinsurance, deductible(s) and premium.

If blanket coverage is desired and any personal property is to be excluded from this method of coverage, list the specific items to be excluded in the section provided.