ISO BUSINESS AUTO COVERAGE FORM ACORD FORMS CONSIDERATIONS

(October 2019)

OVERVIEW

ACORD forms are designed primarily for use with products associated with standard insurance industry rating and forms organizations, such as the Insurance Services Office (ISO), for use with its manuals, rules, rating plans and coverage forms, such as the Business Auto Coverage Form. For the most part, ACORD forms are relatively generic in nature. If the Business Auto Coverage Form is written in combination with a specific independent specialty or company program, company-specific forms may be needed for that account instead of, or in addition to, the normal ACORD forms that apply.

RELEVANT ACORD FORMS

Note: Only countrywide forms are listed in this section. Specific state ACORD forms are not listed.

• Form 125–Commercial Insurance Application–Applicant Information Section
• Form 127–Business Auto Section
• Form 129–Vehicle Schedule
• Form 137–By State Coverage and Limits Section
• Form 163–Driver Information

SPECIFIC ACORD FORM CONSIDERATIONS

Form 125–Commercial Insurance Application–Applicant Information Section

All the information requested in this form is relevant and important. Be sure to check the appropriate boxes so the insurance company underwriter understands the lines of insurance being submitted for consideration. Both the first named insured and all insureds must be listed in order for coverage to apply. The applicant information is important for notification purposes covering a number of disciplines, such as the inspection, financial and premium audit functions. Loss information on larger accounts should probably be submitted in the form of copies of currently valued loss runs for the past five years, as well as for the current year to date. Accurate and currently valued loss information for the latest three full and complete years is required for experience rating on larger accounts.

Form 127–Business Auto Section

All information is relevant on this form. However, it is not final until Form 137 is completed and attached.

Form 129–Vehicle Schedule

This schedule should be used when the named insured has more than four autos.

Form 137–Commercial Auto Coverages/Limits Section–State Specific

All information for the business auto section must be completed. This application is used to describe the specific coverage desired. Each requested coverage must have the appropriate symbol(s) entered. The desired limits and deductibles must also be entered. The trucker/motor carrier section must be completed if the business is a motor carrier or trucking operation.

This form is state specific. When multiple garaging states are on a policy, Form 137 should be completed for each state in order to satisfy the state specific disclosure, uninsured/underinsured motorist and other requirements.

Form 163–Commercial Auto Driver Information Schedule

This schedule should be used with accounts having more than twelve drivers. If company vehicles can be taken home and driven for personal use, all family members who might drive them must be included.