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ACORD Form 146 Equipment Floater Instructions

 

 
ACORD 146 (2007/02) 1 of 4
Section Name Field Name Field and/or Section Description
TITLE ACORD 146 (2007/02) Equipment Floater Section This chapter provides basic instructions for completing the ACORD Equipment Floater Section (ACORD 146). Although the main function of this form is to collect underwriting and rating information for contractors' equipment schedules, it may also be used for any other applicable Inland Marine coverage and schedule including those for cameras, musical instruments and physician and surgeon equipment. This form was designed to be used in conjunction with the Commercial Insurance Application - Applicant Information Section (ACORD 125). Refer to the chapter on the ACORD 125 for information on that form.
IDENTIFICATION SECTION Most information for the Identification Section should match the data found within the Applicant Information Section (ACORD 125). However, it is still important to complete the section. Many companies, for rating purposes, separate the applications by line of business. Not completing this part of the application makes it difficult to keep track of the full account.
IDENTIFICATION SECTION Date Month/day/year (MM/DD/YYYY) on which the form is completed.
IDENTIFICATION SECTION Agency Agency's name and address.
IDENTIFICATION SECTION Phone No. Producer's telephone number.
IDENTIFICATION SECTION Fax No. Producer's fax number.
IDENTIFICATION SECTION Code Identification code assigned to the agency or brokerage firm by the insurance company receiving this form.
IDENTIFICATION SECTION Subcode If the agency uses a sub-code identification system with the company, enter the appropriate code.
IDENTIFICATION SECTION Agency Customer ID Customer's identification number assigned by the agency.
IDENTIFICATION SECTION Applicant (First Named Insured) First Named Insured as it appears on the ACORD 125.
IDENTIFICATION SECTION Proposed Eff. Date Effective date on which the terms and conditions of the policy will commence.
IDENTIFICATION SECTION Proposed Exp. Date Expiration date on which the terms and conditions of the policy will terminate unless renewed.
IDENTIFICATION SECTION Billing Plan Indicate whether the agency or the company (direct) will bill the insured or other payor for the policy.
ACORD 146 (2007/02) 2 of 4
Section Name Field Name Field and/or Section Description
IDENTIFICATION SECTION Payment Plan Indicate the plan to be used to pay the company for the policy. Use the company's specific designation for the plan where possible (e.g., Prepaid, Annual, Semi-annual, Bi-monthly, 40-30-30).
IDENTIFICATION SECTION Audit Indicate the audit term for policies that are periodically audited. If the audit period is known, enter the code: A . . . . . . . . . . . . . . . . . . . . . . . . . . . . annual S . . . . . . . . . . . . . . . . . . . . . . . . . . . . semi-annual Q . . . . . . . . . . . . . . . . . . . . . . . . . . . . quarterly M. . . . . . . . . . . . . . . . . . . . . . . . . . . . monthly O . . . . . . . . . . . . . . . . . . . . . . . . . . . . other.
TERRITORY OF OPERATION Specify exactly where the equipment or schedule of items is normally located. For a specific location, give the address, or information such as the construction site name and address, city, county or state.
TYPE OF OPERATION Describe the type of work performed by the applicant and nature of this business. This information may also appear on the Application Section (ACORD 125). If so, enter "see ACORD 125."
COVERAGE/DEDUCTIBLE List the form of coverage desired and all appropriate deductibles in the space provided. Indicate if the Floater is to be written on a Scheduled or Blanket basis. If scheduled, list all the items. Specify if All Risk or Named Perils. Enter any other options chosen as Replacement Cost or Actual Cash Value and the desired deductible. Deductibles may be written on a "dollar amount" or "percentage" basis. Specify how the deductible is to be applied if not familiar with each company's policy (e.g., Contractors' Equipment, Commercial Articles Floater or Musical Instrument Dealers).
EQUIPMENT STORAGE Collect limit information applicable to contractor's equipment. If other limits for coverages as Commercial Article Floaters fit, enter them here. Limits that don't fit within these section headings should be listed within the Coverage and Deductible section.
EQUIPMENT STORAGE Months in Storage Number of months the equipment is kept in storage. (If less than one month, enter one. All partial months should be rounded up).
EQUIPMENT STORAGE Maximum Value in Building Indicate the maximum value of the scheduled items stored inside a building.
EQUIPMENT STORAGE Maximum Value Outside Indicate the maximum value of all scheduled items stored outside.
EQUIPMENT STORAGE Type of Security Briefly describe the kind of security employed by the applicant at each location. Specify guards, alarms, fences, dogs, etc.
UNSCHEDULED EQUIPMENT It may be necessary to individually schedule all items owned by the applicant. This section should be used to group similar items together for unscheduled coverage.

ACORD 146 (2007/02) 3 of 4

Section Name Field Name Field and/or Section Description
UNSCHEDULED EQUIPMENT Description Describe the unscheduled grouping (e.g., Miscellaneous Hand Tools or Camera Lens)
UNSCHEDULED EQUIPMENT Maximum Item Maximum value of any single item within this grouping.
UNSCHEDULED EQUIPMENT Amount of Insurance The total value of all of the unscheduled items. Values can be either on a Replacement Cost or Actual Cash Value basis.
UNSCHEDULED EQUIPMENT Coinsurance Percent Coinsurance percentage contemplated by the amount of insurance required. Most insurers require 100 percent coinsurance.
ADDITIONAL INTEREST/CERTIFICATE RECIPIENTS Interest Indicate all appropriate options for the individual named.
ADDITIONAL INTEREST/CERTIFICATE RECIPIENTS Rank Primarily used for Mortgagees - indicate the ranking such as 1st, 2nd or 3rd mortgagee.
ADDITIONAL INTEREST/CERTIFICATE RECIPIENTS Name and Address List the additional interests name and address. If the additional interest is the owner of a motor vehicle, and the owner is different from the Named Insured, show the owner's name here.
ADDITIONAL INTEREST/CERTIFICATE RECIPIENTS Reference # Indicate the additional interests reference number for this applicant such as the loan or mortgage number.
ADDITIONAL INTEREST/CERTIFICATE RECIPIENTS Certificate Required If a Certificate of Insurance is required check this box.
ADDITIONAL INTEREST/CERTIFICATE RECIPIENTS Interest in Item Number List the item number corresponding with the application for the item of interest for this additional insured.
ADDITIONAL INTEREST/CERTIFICATE RECIPIENTS Item Description If needed, further clarify the item of interest in this field. For a vehicle list the make, model and VIN number. For a scheduled item list the description, such as 3 carat diamond in six point setting.
GENERAL INFORMATION The underwriting questions have been designed for applicants dealing in contractors' equipment. The Remarks section provides additional information for any questions answered "Yes" and for applicants not associated with contractors' equipment. The following overview lists information that should be added to the Remarks section for "Yes" responses.
Section Name Field Name Field and/or Section Description
GENERAL INFORMATION 1. Equipment rented, loaned to or from others with or without operators? If the applicant is involved in any sort of rental or loan agreement, explain the circumstances and the nature of the agreement, including who is carrying the insurance for the equipment.
GENERAL INFORMATION 2. Is applicant operating equipment that is not listed here? Indicate if applicant owns, leases, or hires equipment not to be insured by this policy. Identify equipment and nature of operations.
GENERAL INFORMATION 3. Property used underground? Indicate if any work is done underground and if equipment is left underground. Explain all circumstances of underground operations.
4. Any work done afloat? Indicate if any work is done on bodies of water and if equipment is left afloat unattended for extended periods. Explain circumstances and indicate which bodies of water are involved.
GENERAL INFORMATION REMARKS Provide any additional information required for underwriting or rating.
SCHEDULED EQUIPMENT Individually schedule items.
SCHEDULED EQUIPMENT Number (#) Assign an individual item number to each item scheduled.
SCHEDULED EQUIPMENT Type Indicate the type of equipment to be insured.
SCHEDULED EQUIPMENT Description Provide a description of the equipment.
SCHEDULED EQUIPMENT ID#/Serial No. Item's identification or serial number or any other identifying symbol.
SCHEDULED EQUIPMENT New/Used Indicate if the item scheduled was purchased new or used by the applicant.
SCHEDULED EQUIPMENT Date Purchased Date when each piece of equipment was purchase by the applicant.
SCHEDULED EQUIPMENT Manufacturer Indicate the manufacturer for each item listed.
SCHEDULED EQUIPMENT Model Indicate the name and model number, if applicable, for each item listed.
SCHEDULED EQUIPMENT Model Year Model Year of each item scheduled, or the specific year in which the equipment was manufactured, if applicable.
SCHEDULED EQUIPMENT Capacity Indicate the capacity for each item listed.
SCHEDULED EQUIPMENT Amount of Insurance Amount of insurance representing the liability limit for the particular described equipment. The limit should reflect the required coinsurance percentage and the requested basis of valuation (ACV or Replacement Cost).

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