One of the main aspects of an insurance professional’s day is processing forms and form data. With this being one of the most common tasks to complete, shouldn’t this also be one of the least time-consuming and easiest tasks? In this article we will explore one of the most commonly used forms in P&C insurance while outlining a more effective way to access it, and process client information. Let’s begin by explaining what the ACORD125 form is used for.
What is the ACORD125?
The ACORD 125 form is intended to protect the owners and operators of businesses from a wide range of liability exposures. The ACORD 125 form (also referenced as the Commercial General Liability Insurance Application) is a general client application intended to obtain and record specific information such as business contact details – including the exact business location, as well as a description of the business, previous insurance information, and an outline of loss history.
The ACORD 125 requires specific agency information to be completed by the agent and should reflect the specific insurance agency code, the agent’s sub-code, and the agency’s customer code. This information is typically located in the top right corner of the ACORD 125 form and is required for proper processing. Now that we have a better idea of what the ACORD125 form is, let’s highlight some of the information that is required to process the form.
ACORD125 Essential Information…
Data disclosures required on the ACORD 125 include: the contact details of the business, applicant information, detailed policy elections and relevant policy information, the lines of business which the agency will be writing for in regard to the business being insured, and detailed prior insurance carrier information – to include a detailed disclosure of loss information for the business regardless of fault, insured status, or occurrences that relate to claims.
Other items outlined within the ACORD 125 include the interests of the business to be insured. The interest section of the ACORD 125 will not apply to all business entities. Therefore, applicants are only required to complete the interest section of the form if the insured’s business scenario requires such. Additional interest disclosure from the ACORD 125 can be attached with an ACORD 45.
Next, we will introduce you to the innovation that leads to faster and more efficient processing of the ACORD125 form and many others.
A BETTER way to process ACORD125 form data!
If you are accustomed to thumbing through printed forms to manually complete and submit, or if you find yourself searching your computer for saved form files, only to upload the completed form to another program for processing, we have great news for you!
Processing the ACORD125 form can be easier than ever when you partner with insurtech leaders like Appulate.
Companies like Appulate have created the automation technology to enable digital access to the ACORD125 form and thousands of other commonly used forms with the click of a button, and digital processing within a fraction of the time.
To view and download the ACORD125 form for instant digital submission, visit Appulate to start your FREE TRIAL and automate your submission process.