What are Acord forms and why are they used?

Acord forms are like company resumes.
They include, years of experience, basic operations information, loss claim information, detailed information on property owned by an insured, sales figures, payroll figures, employee count, and the list goes on.
Acord isn’t just a made up name either. Acord stands for the Association of Cooperative Operations Research and Development.
For 50 years they’ve been setting the standards for accurate data collection, standardized forms, and tools in the insurance industries and the insurance related financial services industries.
If you work with Brokers, MGAs and Wholesalers, most of them will require acord forms with every submission.
If you’re a business owner filling out acord forms, keep in mind the more accurate and detailed you are, the better picture you will paint for underwriting.
This will create a more efficient underwriting process and overall provide a more pleasant experience.
In some cases it will also improve the rates you get back because you provided enough detail for underwriting to better understand the risk and they will work harder to find credits available.
If you’re a broker, keep in mind the same exact information.
Be sure to do your own underwriting on the risk thoroughly and accurately so that you can convey an accurate picture of the company that the carriers are contemplating on doing business with.
It’s like filling out an application for a new job. Think of it like a resume and you want to put your best foot forward.
Please contact us with further questions on this or any other risk management topic. We will see you again soon!