Filling out ACORD forms.. like a pro

[meytai]

I've been taught how to fill out ACORD forms.. the basics.. the 125, the 126, the 80 and the 140..

But i submit a lot of those to the non-admitteds.. and most of it is monoline.. either strictly liability or strictly property.. so i'm wondering if someoen can direct me to the place to learn how to completely fill out an ACORD form properly.. all the codes and things of that sort

Thanks

Meytai

[AlstonCPCU]

Most companies really don't care if you fill out an ACORD form correctly or not based on what I've seen so I wouldn't expect some kind of seminar on it.

[ForumReader1]

Acord publishes an Acord Form Instruction Guide that gives a field-by-field description of all the forms and applications. You can obtain the guide from Acord, subscribe to their website, or get it with a SilverPlume/Sage online subscription. It doesn't give a description of what all the GL codes or property protection class codes are, though, for example. That information you need to obtain from the ISO commercial lines manual.

[kevinraz]

As an underwriter with an admitted carrier I looked at the Acord forms but did not rely on them exclusively. It seemed like they were seldom filled out as completely as what I would need. It was not that big of an issue as I was always corresponding with agents for additional info so I'd just include whatever Acord info was missing in with my request for other info.

My pet peeve is agencies who use old Acord forms. It's not uncommon to have 1980's or 1990's versions sent in.

[meytai]

I submit ACORD forms to the GAs................... but i will be working with preferred companies a little bit more now.. i want to be as thorough and as knowledgeable as possible.

Thanks for the tips

[Shelly]

In 10+ years I've worked both retail insurance and UW with a GA (pick a day, I'll tell you which side of the desk I prefer). Knowing "all the codes" is not really necessary-- the codes can change from carrier to carrier. What's important is whatever info is required for the premium basis. For property that is location (including PPC), construction (size, type and year), updates, building use(s). Know the building protections- is it sprinklered, CSA, ansul system? What perils, co, and deductibles do you want? Don't leave it for the UW to guess or 90% of the time you'll get quoted broad form at $500/ $1500 wind hail and 80% co. What the UW doesn't care about is how good of a friend this is, how many years you've gone hunting together or if he coaches you son's little league team.

[pita3333]

Wow!! I can not believe the comments from some of you...please keep that attitude so that my great applications go to the top of the stack while yours dwell on the bottom or in the "round" file!

I agree about the GL codes...however a complete application shows that you know what you are doing, give a damn about your carriers and clients, have fully reviewed exposures/risks and have a good (at worst) understanding of your client. I want to not only protect my clients but also my carrier relationships. I WANT and NEED those great carriers to be solvent and writing my great clients to our mutual benefits (client is protected, I and my carriers make a profit so that we can keep in business).

I held off a day or so to reply...kinda wanted to see what Scott had to say...but apparently he is away or fell on the floor in shock at the initial replies!

Kinda reminded me of the comment recently made in our office, but first the set up. This Account Manager with many years experience and a lower end designation...sent an equipment schedule to an underwriter along with an application saying "see attached schedule". The last 4 or 5 items were not equipment but "inventory" for installation. That app did not include installation. Obviously those items were not covered.

Fast forward 4 months...to a total loss of the schedule (veh theft) guess what were not paid...yes the inventory for installation. (well over the "give me" extension limit) The Account Manager said "well the underwriter should have noticed it and given me a quote that included inventory!)

I have often said that our industry is in trouble ... and we have no one to blame but ourselves!

[LadyBroker]

Agree, pita3333. I think Scott is so shocked, he can not even respond to these posts....

As a wholesale broker, I am continually amazed at the applications I receive from retail brokers...they are handwritten, barely legible, items are crossed out, scribbled over...and they want me to approach a carrier and convince the carrier that this is a good risk? I think an initial application is like a first date, and you only have one time to make that first impression. Meytai, I applaud you for striving to be better ever day at what you do. The ISO codes sometimes are a bit of guesswork, and there can be disagreement in some cases over the proper coding. The best advice I can give you is to fill out your Acords as neatly and completely as you can, and if there are items you don't know, or information you don't have, point that out to your underwriter in your cover letter. It's not like they won't notice the information is incomplete or missing, but by pointing it out and advising them up front, you show the underwriter that you actually spent time on the application, and want to give him good data. You'll build a better rapport with your carriers, and they will do what they can to help you out.

[Shagster12]

Meytai,
I couldn't agree more with Ladybroker.
I learned to do acords while learning a marketing position (placer) 12 years ago, and having the most thorough information you can on the application will always give you an advantage. My teachers were underwriters, I would call and ask them about a certain risk and get their feedback on what information was A) Necessary: B) Important: C) Appreciated and D) Helpful if available. Those are lessons best not forgotten, and since I moved to Production I have been told many times by underwriters that they really appreciate seeing my applications because they rarely see a more thorough application.
Continue to strive for excellence and your Carriers and Clients will continue to show their appreciation!
Shagster

[Almost40]

Ladybroker is right on! As an underwriter for an admitted market, the app that was most complete, fit the company appetite and gave me a comfort level was the one deserving of my best attention. As a wholesale broker, the app that was most complete allowed me to match with the best carriers in the fastest timeframe. Retail agents are often unaware that wholesale brokers may have 20+ submissions per day. That does not allow much time to match to the correct market and obtain a quote. Therefore, my rule of thumb was (1) is this an agent that binds with me or just sends me numerous apps (2) is the app complete enough for me to know which markets would be the best fit for a quick quote. For those that are successful with incomplete or sloppy apps, my hat is off to the underwriter/broker that made it happen for you. My experience has been that thoroughness wins more often and client retention is higher because that thoroughness extends to your customer.

[meytai]

Wow

I like the responses here... i got a comment from an underwriter.. she was atually surprised on how my ACORD forms were all typed up (Hawksoft, CMS - client management software allows to fill in ACORD forms neatly and print them in .PDF format). Anyway, i want to be as thorough as possible.. i don't want to "fill it in to the best of my ability" - i want to be at the same knowledge level as the underwriter - but so far i've only gotten 1 response - to contact ACORD themselves and get teh codes and such from them?

I want to take my agency to another direction.. i want to start targeting businesses.. and i don't want to run into anything that someone a few posts had up there - a total loss that was not covered.

But anyway i thank you for the encouragement and such.. i think the response and reaction and attitude may be different when the person actually submitting the quote is part of the ownership.. we care about what we do.. since it affects our E&O and all that

Meytai

[LadyBroker]

I get my ISO class codes out of the manuals for my carriers, they all use the same ISO codes, and just apply different factors and such. What are you using now to determine ISO codes?

[InsMgmt]

Meytai,

You might consider a software product like Silverplume, recently merged with AMS, which will give you the information on codes, basis of premium, and on and on and on. They have a product called Sage, which will provide you with a wealth of industry/business class information - manuals and the like. Here is the weblink: http://www.silverplume.com/

You might consider becoming a member of ACORD, where you would have access to Forms Instruction Guides (FIG). These guides help you fill out each ACORD form, giving field by field support. You can get further information by going to ACORD online: http://www.acord.org/forms/forms_main.aspx

Meytai, your attention to detail and understanding of coverage will keep you and your clients from suffering the type of loss pita3333's client and agency experienced. As you move your agency forward, be sure to involve yourself and each and every member of your staff in professional education (ACSR, CPCU, etc.). A commitment to continuing education will well serve you and your agency in this area of communicating risk characteristics to your underwriters. Your submissions will be given preferred handling and, more often than not, favorable consideration when you, the field underwriter, present a clear picture of your prospective client.

Good luck!

Hal

P.S. Now, if the IT folks on the carrier side could find a way to download all of the submitted ACORD information to our agency management systems we would be a much happier and fulfilled lot. We fill out the ACORD in our system, upload it to the carrier, and then have our completed apps overwritten with carrier specific information during the download process. More often than not the result is that we then have incomplete applications in our system, because various fields were not populated on the carrier side, which requires time to review and rewrite when we go back to the markets for renewal quotes. But, oh how lovely our automated lives have become.

[dsi0701]

I have what some might say is a fairly straight forward question about filling out an Acord 25 form.

A little background....I own a small business in RI. I have had the same agent for about 7 years. He was very lax this past 6 months on following through with things, returning phone calls and/or emails. It really got bad when he was not contacting the auditor at our insurnace company to discuss some serious financial issues with the annual audit that had just been completed. Basically, they wanted tens of thousands of dollars and without my agents assistance we were screwed....We were left with no choice but to handle the situation. We read online articles, read our insurance company website in and out, and read and read and read. Needless to say, I had learned more about our W/C insurance than I ever wanted to know. We resolved the issues and got a new policy in place - I am now working directly with my insurance company (good or bad).

I need COIs (Form 25) on a fairly regular basis. I don't believe there is any reason why I cannot fill out the form and submit it to our customers - other than I am not an agent/broker. So, I am not a "Producer" per say as the "How to fill out an Acord 25 Form" describes on many sites.

So, can I fill out and sign the form....or NOT.

I am the owner/president of the company. THANKS

[OldIndyAgent]

Soooo, I have only one company, a very small regional, for CPP and BOP but it quotes and underwrites online, prefills the application with all the codes, premium basis, checks required fields, uploads online, etc. Is that an unusual thing?