ACORD AL3 Archives - Insurance Software development

What is Towing and Labor Costs Coverage?

Author - Webner
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4:49 am
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Introduction

Towing and labor cost coverage is an optional coverage that pays the cost of towing the vehicle to a repair shop when it is unable to be driven. It also covers a specified amount of necessary labor charges at the place of the breakdown

By adding this coverage to the car insurance policy, insureds can protect themselves against some of the costs and hassles associated with common roadside breakdowns like dead batteries, flat tires, or even an embarrassing lockout. An insured must ask the insurer while buying the policy as some the insurers automatically fold this coverage […]

What Are Insurance Premiums, Deductibles, And Limits?

Author - Webner
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4:36 am
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INSURANCE PREMIUM

An insurance premium is the sum of money an individual or a business unit pays to the insurance company for an insurance policy. These policies cover home, automobile, health, or life insurance. The premiums are paid to get coverage against the loss arising from death, accidents, health issues, natural calamity, etc. The insurance premium must be paid regularly as per the conditions mentioned in the insurance contract i.e, it can be paid monthly, quarterly, half-yearly, or annually. In case of failure of payment of insurance premium, the insurance policy may be canceled by the […]

What is Property Damage Liability and in which AL3 group its details can be found in Personal Lines policies? Which elements are important in this group to get the details?

Author - Webner
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4:38 am
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PROPERTY DAMAGE LIABILITY:

Automobile insurance covers property damage liability. If the person (insured) is at fault who caused damage to another person’s property or vehicle, it helps in covering damage charges of another person which took place in a car accident. In most states, it is mandatory to take property damage liability coverage. However minimum amount requirement of property damage liability depends upon the state in which the insurance policy has been taken.

INCLUSIONS IN PROPERTY DAMAGE LIABILITY:

PRIVATE PROPERTY: vehicles, houses, lawn, fence.
PUBLIC PROPERTY: street lights, fencing, building, road […]

Insured Information in an ACORD AL3

Author - Webner
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4:42 am
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“Insured Information” in an AL3 file. How can we get separate data of Insured from the complete AL3 file?

AL3 file:

AL3 stands for Automation level- 3. AL3 is a batch communication method designed by ACORD for both policy and commission data. A complete overview of AL3 standards is available in the Access database with supporting data dictionaries and documentation as well.
We can also say that AL3 is an EDI standard for the insurance industry. ACORD AL3 is a library that implements AL3 messaging standards for communication between the property and casualty insurers, their agents […]

How to open ACORD AL3 files

Author - Webner
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4:32 am
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What is AL3?

AL3 is one of the P&C standards created by ACORD. This standard was developed in the early 1980s. AL3 is designed as a batch communication method for policy and commission data. Data dictionaries and supporting documentation of AL3 standards are stored in the Access database maintained by ACORD. This database is mainly updated every 6 months with new variations and changes.

AL3 standard is widely used across the Insurance industry of the USA for property and casualty data transmission. As per ACORD, more than 500 companies are using this standard.

ACORD AL3 Library […]

Personal and Commercial AUTO Insurance and related ACORD AL3 groups

Author - Webner
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5:11 am
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The main difference between personal and commercial auto insurance depends on who owns the vehicle. If your business owns a vehicle that is used for business purposes, it will be covered by commercial auto insurance.

Commercial auto insurance covers accidents that occur while you or your employees are driving a commercial vehicle. While both personal and commercial auto policies pay for legal and medical bills associated with auto accidents, commercial auto insurance usually covers higher claims, different types of vehicles, and more complex legal issues.

A commercial policy typically ensures all the business’s employees and additional insureds, It means […]

JSON to AL3 / DAT File Creator Details

Author - Webner
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7:53 am
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Overview

WinsurTech Al3 Creator is a WinsurTech product to convert JSON or CSV format data into AL3 / DAT files. It supports all the P&C lines of business. WinsurTech AL3 Creator saves the output into an AL3 file which can be consumed by any software that can read Al3 files (like any insurance agency management system). This product also includes a bulk feature to convert any number of JSON / CSV files into AL3 format with a single command. This document will help in understanding the working of this product by going through all the commands and flags […]

What is Automobile Insurance ID Card (ACORD 50)?

Author - Webner
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4:51 am
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Introduction

An automobile insurance ID card provides basic auto insurance information, such as the driver and vehicle insured and policy effective dates. The auto insurance ID card is applicable for Personal and Commercial Auto Insurance. Sometimes, It also refers to an insurance identification card or a binder.

What does an Automobile Insurance ID Card include?

Proof of insurance documentation is a little card given to the insured by his/her insurance provider that shows the insured person indeed has insurance on his/her vehicle. If someone never files an insurance claim, the piece of paper is […]

What is AUTO Personal Insurance (ACORD NY 90)?

Author - Webner
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4:57 am
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Introduction

Automobile owners buy auto insurance policies to decrease the costs associated with getting into auto accidents. Instead of paying out of pocket for accident losses, people pay annual or monthly premiums to insurance companies, therefore the companies become responsible to pay all or most of the costs related to the accidents or other vehicle damage.

Auto insurance premiums differ depending on age, gender, years of driving experience, accident and moving violation history, and other factors.

Coverages included in an AUTO Personal Insurance Policy

In substitution for paying a premium, there is an agreement between the […]

What is Inland marine Personal Insurance (ACORD 81)?

Author - Webner
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5:13 am
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Introduction

Personal inland marine insurance acts as an extension of the homeowner’s insurance policy to offer additional coverage for personal belongings ranging from jewellery to collectables, musical instruments, cameras, and fine art. Personal property can also be damaged or destroyed while being transported, that’s where personal inland marine insurance kicks in. One’s personal property is precious and valuable and hence requires adequate insurance protection, which personal inland marine can provide.

What does an Inland marine Personal Insurance policy cover?

Covered property damages in a Personal Inland Marine Insurance Floater are as follows:

What is Auto Commercial Insurance (ACORD 127)?

Author - Webner
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4:32 am
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Introduction

Commercial vehicle auto insurance is defined as a coverage policy that covers the physical damage and liability coverage for amounts, situations, and usage not covered by a personal auto insurance policy. This type of business insurance policy includes many types of commercial vehicles that are used for business purposes, including company vans, to a wide variety of commercial trucks used in transports and other business vehicles.

What does an Auto Commercial Insurance Policy Cover?

Commercial vehicle insurance, like the personal auto policy, provides similar coverages such as liability, collision, comprehensive, medical payments (or personal injury […]

What does EXCESS Commercial Insurance (ACORD 131) mean?

Author - Webner
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5:23 am
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Introduction

Excess Liability insurance is defined as a type of coverage policy that provides limits that exceed the underlying liability policy. It does not concern the broader range incidents covered by the primary insurance that means it does not expand the stated coverage but provides higher limits on top of the original policy. The primary goal of Excess Liability insurance is to close the coverage gaps and to offer an extra layer of reassurance in case the underlying insurance is exhausted of all possible resources.

How does EXCESS Commercial Insurance Policy work?

When someone reports a […]

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