ACORD 75 (2016/03) Insurance Binder – Download Fillable PDF
ACORD 75 (2016/03)
INSURANCE BINDER
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Form Number: |
ACORD 75 (2016/03) |
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Category: |
Commercial Insurance |
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Last Updated: |
March 2016 |
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Page Count: |
02 Pages |
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File Format: |
PDF, Fillable PDF |
ACORD 75
The Acord 75 form, “Insurance Binder,” is a document used to provide temporary insurance coverage until the official policy is issued. It works as a binding contract between the insured and the insurer, describing coverages, limits, and conditions. If you’re an insurer, agent, or lender and looking for immediate evidence of coverage, access the form now, fill it out online, and submit.
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Benefits of Acord 75 Fillable PDF
Immediate Coverage Confirmation
The form acts as an official document, confirming that coverage is started on the effective date and time, even before the full policy is issued. Additionally, it ensures that the insured party, lenders, or stakeholders have documented proof of protection without unnecessary delays.
Legally Binding Agreement
The Acord 75 form serves as a temporarily valid insurance contract, which is recognized by lenders, mortgagees, and other stakeholders. It outlines specific limits, coverages, and conditions, binding the insured and insurer until the binding expires.
State-Specific Regulations
The form is applicable to specific states, including Oregon, Arizona, Maryland, Michigan, and more, ensuring compliance with regulatory requirements in different jurisdictions.
Time-Limited Security
The insurance binder provides coverage for a period up to 90 days, giving insurers enough time to issue the official policy.
Key Sections of The Acord Insurance Binder
Agency & Insured Details
The first section of the form specifies insurer and insured information, including their name, mailing address, customer ID, etc.
Description of Operations
This section provides details related to the property or operation being insured.
Coverage Section
It contains all liability, property, auto, general liability, workers’ compensation, and umbrella coverage.
Additional Interest
It includes mortgagees, loss payees, or any insured third parties.
How To Complete The Acord 75 (Insurance Binder) Form?
- Agency Information: Enter the agency name, customer ID, agency code, phone number, fax number, binder number, effective date of application, ending date, insured name and mailing address, and description of operations.
- Coverages: Select the required insurance type, coverage limits, deductibles, and enter the coinsurance percentage.
- Property and Vehicle Description: List all insured property, vehicles, or operations.
- Additional Interest: Specify mortgagees, loss payees, or additional parties with their address.
- Signature: The authorized representative of an insurance company must sign the form to make the binder valid.
Frequently Asked Questions
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