ACORD 27 Form (2016/03) – Evidence of Property Insurance

ACORD 27 (2016/03)

Evidence of Property Insurance

Form Number:

ACORD 27 (2016/03)

Category:

Property Insurance

Last Updated:

March 2016

Page Count:

01 page

File Format:

PDF, Fillable PDF

Acord 27 Evidence of Property Insurance

An Acord 27 form is evidence of property insurance, which ensures smooth transactions during real estate closings. Clients, mortgage lenders, or property managers often require the form to verify the insurance coverage of a specific property. The property owner, insurance agent, or broker can use the form to fulfill the legal requirements and ensure transparent communication between all parties involved.

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Benefits of Fillable ACORD 27 (2016/03) Form

Quick Verification for Lenders

The form helps mortgage lenders quickly verify insurance coverage for a property during loan approval and disbursement.

Proof of Insurance Coverage

Acord 27 form provides proof to the landlords, lenders, and parties involved that a specific property has an active insurance policy.

Ensure Financial Protection

Accurately completing the form reduces financial loss due to unforeseen events, including fire, earthquake, or theft.

Real Estate Compliance

The Acord 27 ensures compliance with real estate regulations during the sale and purchase of a property with valid insurance coverage.

Key Sections of the Acord 27 form

Agency Information

Includes the insurance agent’s or broker’s name, address, phone number, and customer code.

Insured Details

Contains the insured’s name, address, contact number, and the additional insured involved.

Insurance Details

Records the policyholder’s name, address, contact number, policy number, effective date, expiry date, and loan number.

Property Information

Includes the location and description of the insured property.

Coverage Information

Manage the types of coverage, insured amount, and deductibles.

Remarks

Includes the special conditions of the personal property insurance.

Additional Interest

Contains the name and address of the additional interest involved and authorized representative signatures to validate the process.

How to Complete ACORD 27 PDF Form?

  1. Write the date of issuance.
  2. Write the name, address, phone number, fax number, email address, and customer ID number of the insurance agent or broker.
  3. Mention the name and address of the insured parties involved.
  4. Write the policyholder’s details, including name, address, loan number, policy number, effective date, and expiration date.
  5. Accurately mention the location and description of the Personal insured property.
  6. Mention the property’s basis, broad, or special insurance coverage, with the amount and deductibles.
  7. Provide additional remarks related to the property’s coverage.
  8. Mention the cancellation clause.
  9. Write the name, address, and contact number of additional interests.
  10. Get the signature of an authorized representative.
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Frequently Asked Questions

The active insurance coverage of the personal property aligns with the lenders’ and landlords’ requirements for sale or rental purposes.

Yes, it covers all key policy details, such as perils, limits, and deductibles, to ensure transparent communication between stakeholders and involved parties.

The accurate and concise information on the form helps the Landlords and lenders acquire evidence of property insurance.

No, this form is valid only for personal property and specific equipment of the property.

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