ACORD Form 501 Surety Report of Execution Instructions

 

Section Name	Field Name	Field and/or Section Description
TITLE	Surety Report of Execution	Use ACORD 501, Surety Report of Execution to notify a carrier that a bond has been executed.
IDENTIFICATION SECTION	Date	Month/day/year (MM/DD/YYYY) on which the form is completed.
IDENTIFICATION SECTION	Producer	Agency's name and address.
IDENTIFICATION SECTION	Phone No.	Agency's telephone number. (Include area code and extension if applicable)
IDENTIFICATION SECTION	Fax No.	Agency's fax number. (Include area code)
IDENTIFICATION SECTION	Code	Identification code assigned to the agency or brokerage firm by the insurance company receiving this form.
IDENTIFICATION SECTION	Sub Code	If the agency or brokerage 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 or brokerage.
IDENTIFICATION SECTION	Account Name and Mailing Address	Enter the account name and address to which the principal belongs.
IDENTIFICATION SECTION	Phone Number	Telephone number at which the account contact may be reached. Include area code and extension, if applicable.
IDENTIFICATION SECTION	E-mail Address	Indicate the e-mail address where the account contact may be reached.
PRINCIPAL	#	Enter a number in chronolgical order to identify the principal.
PRINCIPAL	Name (As it Appears on Bond)	Enter the name of the principal as it appears on the bond.
PRINCIPAL	Address	Enter the address of the principal as it appears on the bond.
OBLIGEE	#	Enter a number in chronolgical order to identify the obligee.
OBLIGEE	Name (As it Appears on Bond)	Enter the name of the obligee as it appears on the bond.
OBLIGEE	Address	Enter the address of the obligee as it appears on the bond.
COUNTERSIGNING AGENT	Agent Name	Enter the name of the countersigning agent.
COUNTERSIGNING AGENT	Agency Code	Identification code assigned to the countersigning agency or brokerage firm by the insurance company receiving this form.
COUNTERSIGNING AGENT	Address	Enter the address of the countersigning agent. (Include county and zip+4)

UNDERWRITING SURETY/REMITTANCE SURETY	Name	Enter the name of the Underwriting or Remittance Surety Company
UNDERWRITING SURETY/REMITTANCE SURETY	Address	Enter the address of the Underwriting or Remittance Surety Company
UNDERWRITING SURETY/REMITTANCE SURETY	Name Type Code	Enter the name of the Underwriting or Remittance Surety Company
UNDERWRITING SURETY/REMITTANCE SURETY	Bond Percent	Enter the percentage of the contract for which the Surety Company receiving this form will be held liable.
UNDERWRITING SURETY/REMITTANCE SURETY	Bond Amount	Enter bond amount for which the Surety Company receiving this form will be held liable.
UNDERWRITING SURETY/REMITTANCE SURETY	Branch Office Code	Enter the branch office of the Surety Company to which this form should be routed.
BASIC BOND AND EXECUTION INFORMATION	Description	Enter the bond description
BASIC BOND AND EXECUTION INFORMATION	Bond Form Number	Enter the bond form number
BASIC BOND AND EXECUTION INFORMATION	Bond Number	Enter the bond number for this bond assigned by the Surety Company receiving this form.
BASIC BOND AND EXECUTION INFORMATION	Execution Date	Enter the date the bond was executed
BASIC BOND AND EXECUTION INFORMATION	Bond Term Code	Term Code For Bond. Codes: CON ..Continuous NRN ..Non-renewing REN ..Renewable

BASIC BOND AND EXECUTION INFORMATION	Renewal Method Code	The method by which the bond should renew. Codes: AT Automatic CR ..Continuation Certificate MS ..Miscellaneous NB New Bond NR Not renewable
BASIC BOND AND EXECUTION INFORMATION	Current Term Amount Premium	Enter the total premium amount being billed for the current term of this bond.
BASIC BOND AND EXECUTION INFORMATION	Cancelable	Check the applicable box.
CONTRACT INFORMATION	Project Description	Enter a description of the project being bonded.
CONTRACT INFORMATION	Contract Price	Enter the price stated on the contract.
CONTRACT INFORMATION	Estimated Completion Date	Enter the estimated completion date of the project.
CONTRACT INFORMATION	Maintenance Term - Years	Indicate the number of years.
CONTRACT INFORMATION	Maintenance Term - Month	Indicate the number of months.
LOCATION OF RISK	Street	Indicate the street name where the risk is physically located.
LOCATION OF RISK	City	Indicate the city where the risk is physically located.
LOCATION OF RISK	State/Province	Indicate the state or province name where the risk is physically located.
LOCATION OF RISK	Zip Code	Indicate the zip or postal code where the risk is physically located.
LOCATION OF RISK	County	Indicate the county (if applicable) where the risk is physically located.
LOCATION OF RISK	Country	Indicate the country where the risk is physically located.

SURETY TERMS AND PREMIUM BILLING INFORMATION	Type of Surety Terms Code	Enter the sub-classfication of the type of bond. Codes: ADPAY .Advanced Payment Bond ANBBD .Annual Bid Bond B Combination - Left To Bill and Cost To Complete C Cost To Complete COME ..Commercial COMPL Completion Bond DESGN.......Design Bond EFFC..........Efficiency Bond L.................Left To Bill MAINT.........Maintenance OT..............Other PERFM.......Performance PMT............Payment PYMPF.......Payment/Performance
SURETY TERMS AND PREMIUM BILLING INFORMATION	Effective Date	Enter the effective date of the bond.
SURETY TERMS AND PREMIUM BILLING INFORMATION	Expiration Date	Enter the expiration date of the bond.
SURETY TERMS AND PREMIUM BILLING INFORMATION	Bond Amount	Enter the full amount of the bond.

		Enter the individual charges being reported with this bond. Codes:
		ATTIFF Agent Filing Fee BND Bond Premium
		CANCE Cancel/Close CTSGN Countersigning Fee DIVND Dividend
		ICCFE Interstate Commerce Handlign Fee MLMTX Municipal Tax NOTFF Notary Filing Fee OT Other
		SBAFE SBA Fee
		SERFE Service Fee
SURETY TERMS AND PREMIUM BILLING INFORMATION	Charge Type Code	STSR State Surcharge SURTM Time Surcharge SURTX Tax Surcharge TAX Tax
SURETY TERMS AND
PREMIUM BILLING
INFORMATION	Gross Amount Premium	Enter the full premium amount of the premium transaction, including pre-paid terms.
SURETY TERMS AND
PREMIUM BILLING
INFORMATION	Commission Amount	Enter the full commission amount of the premium transaction.
SURETY TERMS AND
PREMIUM BILLING
INFORMATION	Commission Percent	Enter the commission percent that applies to the Gross Premium Amount
SURETY TERMS AND
PREMIUM BILLING
INFORMATION	Net Amount	Enter the net premium amount after commission is subtracted from the gross premium.
SURETY TERMS AND
PREMIUM BILLING		Currency Code. The applicable codes are defined by
INFORMATION	Currency Code	International Standards Organization (ISO-4217).
SURETY TERMS AND
PREMIUM BILLING	Premium Transaction Effective
INFORMATION	Date	Enter the effective date of the premium transaction.

SURETY TERMS AND
PREMIUM BILLING	Premium Transaction Expiration
INFORMATION	Date	Enter the expiration date of the premium transaction.
REMARKS		Use this space for any additional remarks or comments.