ACORD Form Number 1 - Purpose and Some Important Fields

24.01.2019
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ACORD Form Number 1 – Purpose and Some Important Fields

Primary Purpose – The ACORD 1 form: Property Loss Notice, is used to document the personal lines property losses including Homeowners, Dwelling Fire, Inland
Marine, Commercial Property, Flood, Wind and others, happened to the insured locations so as to file a claim.

It is important that all of the agent’s clients file the insurance claims immediately after an incident occurs. Any delay in filing a claim can delay the claims process and the time it takes to receive funds.

In case a customer does not want to apply himself, with the agent’s help, an insured customer can comprehensively report damages to his property as well as damages to any third-party assets in the incident in a timely manner.

One may contact his agent directly and provide the following information so that he may submit the claim on the insured’s behalf:

– Insured’s name and location (city, state, zip code)
– Contact name and phone number(s) for person reporting the claim
– Date of loss
– Description of loss

The ACORD 1 form looks at the losses happened to the locations of the insured customers.
This form asks below information apart from the basic information related to the Agent, Insurer and the Customer:

Insured Location Code – The code that a policyholder defines is used to allocate loss experience to cost centers. For example, if a grocery store chain is insured and the entire chain was under one policy, the grocery store chain might choose to allocate the losses for each store. To do this they would provide a store number or store code (something the insured defines) when they report a claim. The insured would include that store number in the “Insured Location Code” field so that the carrier can record the code in their claim system and then the right store is assessed the loss experience

Date of Loss – The date when the loss occurred.

Time of Loss – The approximate time when the loss occurred.

AM – Indicates the loss occurred in the morning.

PM – Indicates the loss occurred in the afternoon or evening.

Location of Loss Street – The loss location’s physical street address.

Location of Loss City, State, Zip – The loss location’s city, state or province code and postal code.

Location of Loss Country – The loss location’s country code.

Describe Location of Loss if not at Specific Street Address – The description of the location of loss if not at a specific street address

Police or Fire Department Contacted – The name of the municipal, county or other police department, fire department or other authority to which the accident was reported, including any station number, if available.

Report Number – The report number assigned by the authority contacted. For example, the number of the vehicle incident report filed by the police after an automobile accident

Kind of Loss – There are in total 6 losses you can claim for. If none of your claims fall in those 6, you can go for the 7th blank check box that asks the description of the loss occurred.
1. FIRE: Indicates the loss was due to fire.
2. THEFT: Indicates the loss was due to theft.
3. LIGHTNING: Indicates the loss was due to lightning.
4. HAIL: Indicates the loss was due to hail.
5. FLOOD: Indicates the loss was due to flooding.
6. WIND: Indicates the loss was due to wind.
7. BLANK: Indicates the loss was due to other that those types listed.
8. The text field next to the additional CheckBox asks for the description of the non-listed cause of the loss.

Probable Amount Entire Loss – The estimated dollar amount which may be paid on all claims arising from this incident. If no dollar estimate is available, provide a description such as “small” or “substantial”.

Description of Loss & Damage – The description of the cause of the loss and resulting damage, including the areas of buildings which were damaged.

Note: If the loss resulted in bodily injury to individuals or damage to the property of others, indicate in the Remarks Section and complete the appropriate additional claim form.

Reported By – The name of the individual that reported the loss.
Reported To – The name of the individual within the agency or company to whom this loss was
reported.

The other related forms to Claim are ACORD 2, ACORD 3, and ACORD 4.

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