ACORD 131 Fillable PDF – Commercial Umbrella Policy Application

ACORD 131 (2016/04)

UMBRELLA SECTION

Form Number:

ACORD 131 (2016/04)

Category:

Commercial Insurance

Last Updated:

April 2016

Page Count:

05 pages

File Format:

PDF, Fillable PDF

Acord 131 Umbrella Form

An Acord 131 is a document that provides important information when applying for Umbrella excess liability coverage. The form is used as a supplemental section, along with Acord 125 or Acord 126, to provide additional details, such as the requested limit, existing coverage, and liability exposure. Access the form now and fill it out online or download the PDF form for manual submission.

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Benefits of Using Umbrella Acord 131 Fillable

Clear & Detailed Excess Liability

Fillable Acord 131 allows users to fill out exactly how much Umbrella or liability coverage they need, ensuring the insurer can easily provide the right policy limits.

Support Multi-Policy Accounts

If a business has multiple locations or has multiple types of liability policies, the Acord 131 form helps organize the information in one place.

Faster Processing

Incomplete or missing details can delay the processing and approvals. The form ensures that the required information is properly included and that no required text fields are left blank.

Discloses Underlying Insurance Policies

The 131 form discloses the applicant’s existing insurance policies, including auto liability, primary policies, and employer’s liability, avoiding coverage gap or duplication.

Key Sections of Acord 131 (2016/04)

Insurer Information

It contains information about the insurer, including the agency name, address, fax number, phone number, effective date, NAIC code, etc.

Policy Information

Specify the policy type, such as a new, renewal, umbrella, excess, transaction type, limit of liability, and retained limit.

Underlying Insurance

List all compensation policies or liability (general, auto, employer), including carrier name and policy limits.

Care, Custody, and Control

Describe property type (real or personal), value of the property, building size in square feet, and property type.

Producer’s Information

The section includes the producer’s details, including name, signature, the state’s producer and the national producer’s license number.

Signature

Authorize the form by the applicant’s signature and the application date.

How to Fill Out Acord Umbrella Application Form?

  1. Access The Form: Download or access the latest fillable version of the Acord 139 form.
  2. Enter Details: Enter the insurance agency information, your business name, the effective date of the policy, and the policy number.
  3. Enter Property Details: List each building or location, including address and location number.
  4. Breakdown Each Location: Assign a building number to each location, list the building type, and add a coinsurance clause, valuation basis, special coverage notes, and estimated replacement cost.
  5. Calculate the Total Values: Usually, the form calculates total values automatically. If not, calculate the total values manually.
  6. Download & Submit: After completion, download or print the form and share it with your insurance agent.
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Frequently Asked Questions

It is an important document used for applying umbrella or excess liability insurance. It helps insurance agents and underwriters assess the risk, coverage, and request higher limits.

Of course, the form is necessary in most cases. Mostly, insurers require this form before issuing umbrella coverage.

Umbrella coverage offers broader protection and covers gaps in existing policies. Whereas, excess liability follows the original policy term and may increase limits.

Of course, you can list multiple underlying policies, including general, auto, etc. Also, list their limits as well to ensure proper risk evaluation.

The umbrella application requires additional Acord forms, such as Acord 125 or Acord 126.

Related Forms

Commercial Property Isurance

Acord 140

. It supports insurers and underwriters with clear details of coverage requested, loss history, construction information, and property details

Acord 140 Fillable 2016/03

Personal Lines

ACORD 80

The form ensures the desired coverage to protect home and personal property from financial loss.

Acord 80 Fillable

Certificates

ACORD 24

It is often required for real estate agreements, building leasing, obtaining a loan, or construction site work.

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