1. What is an ACORD form?
ACORD is a nonprofit insurance industry organization that provides standard forms, including insurance applications, binders, and certificates of insurance, that are used by nearly 90% of the Property and Casualty insurance carriers in the US and the agents, brokers and other producers that represent these carriers.

2. What is the full name of the ACORD 28 form?
ACORD 28, Evidence of Commercial Property Insurance. Click here to view a draft sample of the new ACORD 28 form .

3. What did the old form look like?
ACORD 27, Evidence of Property Insurance, was the only ACORD form previously available to certify insurance coverage to mortgagees and other lenders. The form includes a blank field where coverage, perils and other policy information can be described. Fields are also available to indicate the amount of insurance and the applicable deductible. There is very little pre-printed text to assist the preparer of the form. Click here to view a sample of the old ACORD 27 form .

4. Why has the name of the form changed from ACORD 27 to ACORD 28?
ACORD 27 has been re-named Evidence of Personal Property Insurance, and remains available to provide information about policies issued to homeowners and residential tenants. ACORD 28 is an entirely new form, intended solely for use with commercial property.

5. How does the new ACORD 28 help insurance agents and brokers?
ACORD 28 provides checkboxes and pre-printed text to clarify important insurance details. The intent is to reduce ambiguity and eliminate follow-up conversations and correspondence with respect to missing information that is required in most cases involving commercial real estate. These differences will lead to increased accuracy, improved customer service and a reduction in costs associated with completing the form.

6. How does the new ACORD 28 help commercial real estate lenders and servicers?
ACORD 28 provides checkboxes and pre-printed text to clarify important insurance details. The intent is to reduce ambiguity and eliminate follow-up conversations and correspondence with respect to missing information that is required in most cases involving commercial real estate. These differences will lead to increased accuracy, improved customer service and a reduction in costs associated with completing the form.

Also, the new form is tailored to specifically cover the primary requirements set forth in commercial real estate loan documents. ACORD 28 is important because the Evidence of Property Insurance Forms serve as proof of coverage until the lender secures a copy of the policy. In the event that a loss occurs prior to receipt of the actual policy, it may be the only evidence of coverage the lender or servicer has in their possession.

7. When do I use ACORD 28?
Use in all cases where commercial real estate or commercial personal property is involved.

8. When do I use ACORD 27?
Use in all cases where homeowners or residential tenants are involved.

9. Will Fannie Mae and Freddie Mac accept the new ACORD 28?
Yes. Fannie Mae and Freddie Mac will accept the ACORD 28 form on multifamily properties, however the ACORD form is not a substitute for obtaining a copy of the actual insurance policy. Both agencies played an active role in the creation of the new forms.

10. Do rating agencies require the use of the ACORD 28?
No, but the rating agencies have expressed their approval of the revisions to the ACORD form to increase communication and information between insurance agents/brokers and real estate lenders/servicers.

11. Who is required to fill out the information on ACORD 28?
Normally ACORD 28 is completed by the agency issuing the insurance policy to the property owner.

12. When is ACORD 28 available for use?
ACORD 28 became available before the end of October, 2003.

13. What is the effective date when I must use ACORD 28?
ACORD Form 28 replaces the use of ACORD Form 27 and is effective now.

14. How can I get a copy of ACORD 28?
Copies of ACORD 28 will be available to insurers, agents and others affiliated with ACORD through ACORD's Customer Service and on the ACORD web site at www.acord.org .

15. Can I use the form on my computer?
Initially, the ACORD 28 will be a paper-based form and electronic versions will still be forms that require completion by humans. Some parties, primarily on the insurance agent/brokerage side, have software that automates the completion of the form. ACORD and MBA (through its MISMO initiative) are working on XML-based standards that will enable the ACORD 28 to be populated from one database, electronically transmitted and automatically copied into another. Work on this electronic form is in its early stages, and it paves the way for robust and real-time e-commerce focusing on the delivery of insurance information.

16. What happens when I download the form from the ACORD website?
The initial electronic versions of ACORD 28 will use commercially-available formats, such as the Adobe Portable Document Format (PDF). Providing the form in these common formats gives users the ability to use popular software applications to "fill out" the form on their computers.

17. Can I send ACORD 28 to others via email?
As users "fill out" the initial electronic versions of the form on their computer, they will be able to send them electronically to others as attachments to e-mail, fax print-outs or mail them conventionally. This simple electronic capability will accelerate the transfer of information, and is the first step on the path to the efficiencies and benefits of e-commerce.

18. What is the benefit to having the ACORD 28 form in an electronic format?
The proper electronic format allows the form to be completed on a computer, and then transmitted by means of fax or email

19. How can I find out more about ACORD 28?
Visit the ACORD website at www.acord.org.

20. If I have questions or comments about ACORD 28, who can I contact?
If you have questions concerning the form, please contact Joel Volker at (845) 620-1700 ext. 422 or jvolker@acord.org. If you have questions concerning the real estate implications, please contact Katie Schwarting at (202) 557-2472 or kschwarting@mortgagebankers.org . If you have questions concerning the technology uses of the ACORD Form 28, please contact Dan Szparaga at (202) 557-2805 or szparaga@mortgagebankers.org

21. What is the difference between ACORD 28, Evidence of Commercial Property Insurance, and ACORD 24, Certificate of Property Insurance?
ACORD 28 conveys to the holder of the form all the rights that go with the policy, including notice of cancellation. These "rights" apply only to individuals identified in the policy, such as mortgage holders.

ACORD 24 conveys only information about existing insurance coverage to parties that are interested in such coverage, but have no insurable interest. These parties have no rights granted by the policy.