INSURED INFO and DESCRIPTION OF OPERATIONS THIS BINDER IS ISSUED TO EXTEND COVERAGE IN THE ABOVE NAMED COMPANY PER EXPIRING POLICY # - enter the policy number of the existing policy for this company for these coverages. See these limits on the second page of the ACORD 75 form.ĮXPIRATION TIME - Indicate 12:01 AM or Noon, or whatever time your specific state law dictates. Some states limit the amount of time a binder can be in force. If your binder is to go into effect immediately, enter the actual time you complete this document.ĮXPIRATION DATE - this is the day the insurance contract created by this binder ends. If your binder is effective on a day later than the day your are completing this binder, the effective time would normally be 12:01 AM on that date. It will normally be the same as the effective date of the insurance policy.ĮFFECTIVE TIME - Indicate whether the time is A.M or P.M. This binder and binder number should be tracked using the ACORD 76 Binder Log.ĮFFECTIVE DATE - this is the date the coverage created by this contract begins. How to Complete the ACORD 75 Insurance BinderĬOMPANY - the name of the insurance carrier providing the insurance contract created by this binder.īINDER # - this can be created by either the agent or the carrier. If your agency does not do this, leave this blank. SUB-CODE - If your agency uses a sub-code to identify specific agents with this carrier, enter that code here.ĪGENCY CUSTOMER ID - this is the customer ID number your agency or your agency management system assigned to this customer. "No" stands for number.ĬODE - The ID number assigned to your agency by the insurance carrier listed on this binder.
EXT stands for extension.įAX - enter your insurance agency's fax number. PHONE (A/C, No, EXT) - Enter the your agency's phone number. There is a good document on this subject at the link below.ĭATE - enter the date this form is being completed.ĪGENCY - Enter your insurance agency's full name and address. Certificates and Evidence forms only warrant they such coverage exists. When a Binder is issued an actual insurance contract is created. The binder is normally issued when proof of coverage for the insured is required but time does not allow the issuance of the policy quickly enough.īinder differ from Certificates and/or Evidence of insurance forms. Instructions for ACORD 75 Insurance BinderĪn insurance binder is a legal document issued by either the agent or the carrier which records the basic information about a pending insurance policy contract. How to Complete The ACORD 75 Insurance Binder
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