ACORD 147 (2016/03) – Installation & Builders Risk Section PDF
ACORD 147 (2016/03)
Installation / Builders Risk Section
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Form Number: |
ACORD 147 (2016/03) |
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Category: |
Commercial Property |
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Last Updated: |
March 2016 |
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Page Count: |
03 pages |
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File Format: |
PDF, Fillable PDF |
Acord 147
The Acord 147 form, also known as the “Installation / Builders Risk Section”, is specially designed to collect detailed information about Installation or Builders Risk insurance coverage. This section of the commercial inland marine application focuses on construction-related exposures involving materials, equipment, and structure during installation, construction, or renovation. Additionally, it helps insurers to evaluate risks associated with job sites, transportation, storage, rigging operations, and temporary locations. Start your application now by downloading a fillable version of the form or filling it out online on AcordForm.net.
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Benefits of Acord 147 PDF
Specific Job Coverage
The form supports both open reporting and specific job coverage through clear fields for annualized and job-specific limits.
Detailed Installations Risk Data
The form gathers detailed information about installation and builders risk exposures, including start and completion dates, job description, job values, and owner-supplied materials. It helps underwriters evaluate risks accurately.
Standardized & Carrier-Supported Document
This is standardized, carrier-accepted form, helping reduce underwriting delays, supporting faster quote or policy issuance.
Additional Interests
Fillable Acord 147 form allow applicants to list loss payees, lenders, and lienholders involved directly in the insured items or buildings.
Detailed Transportation Information
It specifies how materials are delivered, such as by the applicant’s vehicles or contract carriers, and how far they travel.
Key Sections of Acord 147 Fillable
Policy & Applicant Information
The first section collects applicant and general policy information, including the agency name, policy number, NAIC, applicant’s name, and effective date of coverage. It also indicates whether the form applies to installation risks, builders risk, or both.
Coverage Type and Limits
List the specific limits of insurance requested, such as transit coverage, temporary location limit, per-disaster limit, and per location limit. Also, it lets the applicant choose the causes of loss.
Territory
This section describes the area where the applicant operates.
Installation Receipts
It includes the gross installation receipts for the past 12 months and the upcoming months. Additionally, this section breaks down commercial and residential job activity by number of jobs, duration, average, and maximum values.
Transportation & Security
This section collects information for a description of job site security measures in place to prevent theft, damage, or vandalism.
Rigging and Hoisting Operations
It contains information on any lifting, hoisting, or rigging operations used during installation, including the type of equipment used and whether third parties are involved.
Specific Job
Includes if the coverage applies to a specific job, such as job number and description, start and ending date of the job, contract amount, value of owner-supplied property, causes of loss, etc.
Additional Interests
This section lists loss payees, lienholders, or lenders with an interest in insured property. The applicant must provide the name, description, address, and certificates.
Remarks
Attach the Acord 101 form to add the extra information or clarifications.
Signature
The applicant and producer must sign the acord 147 form to certify that the provided information is accurate.
How To Complete The Acord 147 Builders Risk?
- Download the Form: Download the latest version of the form or fill it out online.
- Applicant & Insurance Information: Write the agency details, applicant name, policy term, and contact information.
- Define the Job Site Location: Provide the job site location, such as the full address of where the installation or construction work is taking place..
- Type of Work: Describe whether the project is commercial, residential, industrial, or infrastructure-related. Also, describe the type of work in detail.
- Project Values: List the total value of the project, including the full cost of materials, labour, and installation.
- Disclose Transit & Storage Needs: Explain whether materials will be stored off-site or in transit, and include coverage limits (if applicable).
- Timeline Details: Provide the timeline information, including start and completion of the project.
- List Safety Measures: Describe the use of security measures, such as fencing, guards, or other safety protocols.
- Past Claims: mention if there were past losses, including the type of loss, amount, and year.
- Sign and Date: Review the application before signing. The applicant must sign it.
Frequently Asked Questions
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