inland

This refers to a software application designed to streamline the process of completing and submitting standardized insurance forms specifically for inland marine coverage, utilizing the ACORD (Association for Cooperative Operations Research and Development) format. An example would be a mobile application allowing insurance agents to fill out ACORD forms for a contractor’s equipment floater policy directly on a tablet device at the job site.

Such an application offers benefits in terms of increased efficiency, reduced paperwork, and minimized errors. By digitizing the form completion process, insurance professionals can save time and resources. The application’s use contributes to a more streamlined workflow and facilitates faster policy issuance and claims processing. The digitization of ACORD forms has evolved significantly over the past several decades, reflecting the broader transition from paper-based to digital workflows within the insurance industry.

Read more

The term refers to a standardized application form, developed by ACORD (Association for Cooperative Operations Research and Development), specifically tailored for inland marine insurance. This type of insurance covers property that is movable or in transit, as opposed to fixed location property. An example includes coverage for construction equipment transported between job sites.

Such standardized forms are crucial for efficiency and accuracy within the insurance industry. They provide a consistent framework for gathering necessary information, streamlining the underwriting process, and ensuring comprehensive risk assessment. The use of a standardized application helps to reduce errors and omissions, ultimately benefitting both the insurer and the insured. These forms simplify the submission process, reduce processing times and facilitates quicker policy issuance.

Read more