What is a Supplementary Acord Form?
Acord Forms attached to the main Acord application are labeled supplementary Acord Forms.
Depending on the scenario, these forms might be linked to a Personal or a Commercial application. These supplemental forms might contain details about anything additional not mentioned in the main application form. These Supplementary Forms can be a notice for anything, an undertaking, or indeed an additional application that include the remarks or attachments indicated by an applicant.
Supplementary Forms For Acord 80 –
The homeowner application is referred to by Acord 80. It is utilized during the underwriting process for homeowners. As such, it keeps track of the insurance coverage that an insured should receive in case of an unfortunate event at home. It is the common language and documentation used by all insurance companies for homeowner applications.
The form is necessary because it is a legally binding document between insurance brokers and their clients, making it a legitimate resource when resolving any dispute related to damage to your home. The Acord 80 is a must-have document for homeowners seeking insurance. It provides homeowners with legal protection and peace of mind.
Some of the Supplementary Acord Forms attached to Acord 80 are listed below:
- Additional Interest Schedule (Acord 45)
This schedule is used in multiple situations to expand upon the additional interest section within any form. This form may be used for both Personal and Commercial Accounts. This form is used to collect information on additional interest and certificate holders.
- Flood Insurance Selection/Rejection (Acord 60)
This supplement is used to explain to applicants, for property insurance, the value of purchasing flood insurance coverage, and to record the signature of the applicant if flood insurance coverage is selected or rejected. This form contains advisory text provided by the Federal Emergency Management Agency (FEMA).
- Personal Insurance Supplement – Extraordinary Life Circumstances Disclosure (Acord 66)
An insurer authorized to do business in certain states that uses credit information to underwrite or rate risks for a policy of personal insurance may, on written request from a consumer, provide reasonable exceptions to the insurer’s rates, rating classifications, company or tier placement, underwriting rules, and regulations, or guidelines for a consumer who has experienced and whose credit information has been directly influenced by events considered extraordinary life circumstances mentioned in the supplement.
- Electronic Delivery Supplement Electronic Selection/ Rejection Option Form (Acord 68)
This supplement is the consent given by the applicant to receive information regarding policy activity electronically. An applicant can either choose an electronic mode or both electronic or paper. An applicant can withdraw this decision at any time and has the right to know the condition and consequences if he or she does so. This form can be used in conjunction with Acord 84 if required.
- Residence-Based Business Supplement to ResIdential Section (Acord 74)
The Acord 74 is used as a supplement to any personal property insurance application, where there is a business located on the premises.
The above-mentioned are some of the supplements that are used with Acord 80 (Homeowners).