If your insurance company wants you to fill out an Acord 140 form, you may be scratching your head and wondering what it is. Here is an explanation of what Acord forms are and the type of information the Acord 140 asks for.
While some paperwork that insurance agents collect is unique to their specific agencies, others documents are standardized ones called Acord forms. Insurance agents use these forms to gather specific information about items that clients want to insure. Several types of Acord forms exist, including the following:
- Acord 25 – Liability insurance
- Acord 125 – Commercial insurance
- Acord 130 – Workers’ compensation
The Acord 140
If your insurance agent wants you to complete this form, then you are probably seeking commercial property insurance. Agents may also refer to the Acord 140 as the property section because it contains information about the physical structure of your place of business. It asks questions about the building’s construction and its safety features such as burglar alarms and sprinkler systems.
Sometimes it seems that insurance agents speak a different language. You don’t have to understand all of it because their expertise is part of what you pay for. However, it is good to know a little of the jargon so that you can communicate effectively.