ACORD 146

What the ACORD 146 is for

The ACORD 146 collects the information behind an equipment floater: the equipment being insured, how it is valued, and the coverage extensions a contractor needs for tools, rented equipment and equipment in transit.

It matters disproportionately for contractors, because equipment is usually the second largest insurable asset after the payroll and is the one most often underinsured. Scheduled items go stale, and rented equipment gets forgotten until a rental company sends an invoice for a machine that was destroyed.

What it collects

Described in our own words, block by block. This is a summary of the information the form gathers, not a reproduction of the form itself.

Scheduled equipment

Each item with its description, year, make, model, serial number and insured value.

Unscheduled and small tools

The blanket limit for items below the scheduling threshold, and any per-item sublimit.

Rented, leased and borrowed equipment

The limit for equipment the insured rents from others, and whether rental reimbursement or loss of use is included.

Valuation and deductible

Replacement cost or actual cash value, and the deductible that applies.

Coverage extensions

Equipment in transit, employee tools, rental reimbursement and similar extensions the account needs.

Additional interests

Lienholders and lessors with an interest in specific units.

Check before it leaves the agency

The defects that cause trouble later are nearly always the same handful. Run these before the form goes out.

• The schedule is reconciled against the client's current asset list, not the one from the last renewal. Equipment bought mid-term is uninsured until it is scheduled.
• Serial numbers are present and correct, since they are how a claim is proved.
• The small-tools blanket limit and its per-item sublimit are both realistic. A generous blanket with a low per-item cap covers less than it appears to.
• Rented and leased equipment is covered at a limit that reflects the largest single machine the client rents, not the average.
• Valuation matches the client's expectation, and any lender's requirement, on each financed unit.
• Loss of use or rental reimbursement is addressed if the rental agreements the client signs make it liable for it.

What the ACORD 146 does not do

• It does not cover licensed vehicles used on the road; those belong on the commercial auto section.
• It does not automatically cover equipment the insured rents to others, which is a different exposure.

Which edition?

ACORD revises its forms, and the edition date is printed in the bottom-left corner beside the form number. This page deliberately does not name an edition, because a hard-coded one goes stale and a stale edition on a reference page is worse than none. Produce the form from your own management system, which will give you the current version, and read the corner if a carrier or a contract has asked for a specific one.

At renewal

BindCheck reads a bound renewal against the prior policy and reports every form, limit, deductible and endorsement that changed, with each finding cited to the page it came from. That matters for this form because what you put on an ACORD is only correct for as long as the policy behind it is unchanged: a certificate, an evidence form or a schedule of interests prepared from last term's facts is a defect nobody sees until the party relying on it needs it.

Related forms