ACORD 24

What the ACORD 24 is for

Where the ACORD 25 reports liability coverage, the ACORD 24 reports property coverage. An agency issues it when a contract, a landlord or a business partner asks for proof that a building, its contents or business income are insured, and the requester is not a lender exercising rights under a mortgage.

Choosing between the 24 and the ACORD 27 or 28 comes down to who is asking and why. A certificate reports coverage to an interested party. Evidence forms are built for a lender or mortgagee whose interest is recorded on the policy itself.

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.

Producer and insured

The issuing agency, and the named insured as shown on the property declarations.

Company affording coverage

The property carrier and its policy number, with effective and expiration dates.

Property description

The location, building number and description of the property the certificate is reporting on.

Coverage information

Coverages, limits, deductibles and the causes-of-loss basis carried on that property.

Special conditions and certificate holder

Any remarks the request calls for, and the party the certificate is issued to.

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 location and building number correspond to the correct scheduled premises, not the first location on a multi-location schedule.
• The causes-of-loss basis is stated correctly. Basic, broad and special are materially different grants and a certificate that overstates the basis is a real exposure.
• Deductibles include any separate percentage deductible for wind, hail or named storm, which a flat dollar figure on the certificate would misrepresent.
• Blanket limits are described as blanket rather than being split into figures the policy does not contain.
• The named insured and any additional interests match the declarations.

What the ACORD 24 does not do

• It does not confer rights on the holder or amend the policy.
• It does not satisfy a lender who requires evidence of property insurance with its mortgagee interest recorded. Use the ACORD 27 or 28 for that.

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.

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