Property Application overhaul?

[Jim Jensen]

The Acord Working Group I participate in is considering whether to overhaul the Commercial Property Application. The current format is quite well established (aka old). It's terrible for download - lots of missing fields that we could use. But also on the broadstroke, there are possibly lots of other things that need to be updated for today's usage.

I know you all have complaints about the form, so gripe away! Tell me what you hate, what you love, what ain't there. What's old and meaningless now, too?

[Jan Regnier]

I asked our group your question about add/delete and this is what was indicated:

Delete "Tuition Fees" area as this is/was for specific need.
Add area to indicate debris removal
Add area to indicate Equipment Breakdown included
On first page where Addl Interest is - add chk box to indicate MORE than one Addl Interest since only one can be listed on that page and others have to be listed on a separate page. 

Other than the above, the info on the form was acceptable.

[Jim Jensen]

Great input, Jan. What do people think about premium fields? There are none currently. Not even a total property section premium.

Do blankets seem clear enough?

[brinkerdana]

Do blankets seem clear enough?

We've always used Location 000 Building 000 to show blanket limits and individual app sections for the breakdown of limits/underwriting on each location.  But something (what?) could be done to make blanket simpler.

[Jan Regnier]

Rates not essential on the application. No comment on Blanket coverage.

Comments above.....

[Jim Jensen]

Do blankets seem clear enough?

We've always used Location 000 Building 000 to show blanket limits and individual app sections for the breakdown of limits/underwriting on each location.  But something (what?) could be done to make blanket simpler.

If I recall correctly, that's the official ACORD stance on how to do it. There can be more than 1 blanket limit though - one for buildings and another for contents (yes, I know a carrier that does it that way), or by location only.

[Jim Jensen]

We've started the application review process and this is on the list - to create a short table for blanket limits - showing the blanket number, the type (building, contents, bldg & contents), the amount plus anything else needed.

Other suggestions? Any improvements to the building information needed, common additional coverages (Jan mentioned equipment breakdown)? Ask you CSRs and Producers since many people here don't work directly with policies.

Do blankets seem clear enough?

We've always used Location 000 Building 000 to show blanket limits and individual app sections for the breakdown of limits/underwriting on each location.  But something (what?) could be done to make blanket simpler.

If I recall correctly, that's the official ACORD stance on how to do it. There can be more than 1 blanket limit though - one for buildings and another for contents (yes, I know a carrier that does it that way), or by location only.