ACORD 160 Fillable PDF – Business Owner’s Policy Section Form
ACORD 160 (2016/09)
Business Owners Section
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Form Number: |
ACORD 160 (2016/09) |
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Category: |
Commercial Insurance Forms |
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Last Updated: |
September 2016 |
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Page Count: |
06 pages |
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File Format: |
PDF, Fillable PDF |
Acord 160 Fillable Form
The Acord 160, Business Owner Section, is an insurance document used to apply for a Business Owners Policy (BOP). The form gathers important information regarding business operations, liability exposures, property, and risk factors, ensuring the most accurate evaluation and policy underwriting. At AcordForm.net, you can easily access, fill out, and download the form online. Start your application today to ensure smooth and accurate insurance coverage for your business.
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Benefits of Acord 160 Fillable PDF
Improves Risk Evaluation
By specifying risk factors, such as subcontractor certificates, equipment usage, and employee leasing, the document ensures the insurers have accurate details for underwriting.
Minimal Follow-Up
The information, like general details, property information, liability, and property coverages, as well as a blanket summary, avoids delays and minimizes follow-up questions.
Transparent Premium Breakdown
It provides dedicated sections for liability and property premiums, minimum premiums, and blanket coverages, promoting clear communication of costs and policy terms.
Reliable Record of Application
Once the form is completed and signed, it serves as a verifiable record of the insurance application, suitable for renewals, disputes, and audits.
Key Sections of Business Owners Application Form
Applicant and Policy Information
The first section of the form collects all necessary details related to the applicant and the insurance, including agency name, applicant name, policy number, effective date, NAIC, policy date, and carrier information.
Premium Section
This section lists estimated insurance premiums, including premium amounts for liability and property coverage, minimum premiums, and total estimated premiums.
Blanket Summary
It provides a summary of blanket coverages, such as blanket number, amount of coverage, and type of coverage.
General Information
The section has a series of “Yes/No” questions to identify business risks. Explain all answers with “Yes”. It includes sponsorship of athletic teams, subcontractor insurance verification, hazardous materials handling, employee leasing arrangements, equipment (both rental and owned), and ownership of the business.
Liability and Property Coverages
Both sections describe requested coverages, deductibles, limits, and premiums, including options like business income, extra expense, equipment breakdown, and more.
Remarks
The section provides additional space for remarks or additional notes. You can attach Acord 101 for extra space.
Signature and Fraud Statement
It requires the applicant’s and producer’s signatures to confirm that the provided information is accurate.
How to Fill Out the Fillable Acord 160 PDF?
- Download the Form: Download the Acord 160 form or fill it out online.
- General Policy Information: Complete the section by answering “Yes or No.” For any “Yes” response, provide clear explanations…
- Provide Business & Property Details: Specify details of each location individually, including street, address, state, zip code, operation, and ownership interest in the building.
- Premium Section: Complete the premium section by providing the estimated premium for liability coverage, property coverage, and the total estimated premium.
- Blanket Summary: Provide the blanket summary (if applicable), including blanket number, amount of coverage, type of blanket coverage, etc.
- Other Information: Write the other details, such as liability and property coverages, including requested coverage limits, deductibles, and additional policy-level.
- Remarks: Fill the remarks section for any explanations or clarifications.
- Sign and Date: The applicant and producer must sign the form with the application processing date to certify that the provided information is accurate.
Frequently Asked Questions
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