ACORD & MBA Create Property Form
NU Online News Service, Nov. 5, 2:55 p.m. EST?A new standard form to meet specific needs of the insurance and commercial mortgage industries was announced by the Pearl River, N.Y.-based Association for Cooperative Operations Research and Development and the Mortgage Bankers Association.
The form, ACORD Form 28, Evidence of Commercial Property Insurance, includes references to terrorism insurance, business interruption insurance and mold coverage.
Previously used was Form 27, Evidence of Property Insurance. That form will still be in use and be renamed ACORD Form 27, Evidence of Personal Property Insurance.
ACORD said it expects the new form to have immediate and widespread use throughout the United States by the insurance and mortgage industries.
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