For the avoidance of doubt, ACORD is NOT a type of insurance or a company that sells insurance.
ACORD is an association. It stands for Association for Cooperative Operations Research and Development.
ACORD's objective is to increase the efficiency and accuracy of data use in the insurance industry.
ACORD provides standardized insurance documents, such as Certificates of Insurance. It also provides standardized documents for specific states, such the Louisiana Property Supplement - Hurricane Loss Mitigation Survey.
If a document meets ACORD’s standards, it will have “ACORD” stamped on the top left corner of the document.
Rather than have to read a different document for each insurance company, an ACCORD approved doc will look the same, regardless of the insurance company that gives it to you.
Since each ACCORD document looks the same, there's no need for it to be scrutinized each time another one is drawn up. This means greater efficiency in processing your claim.
The easier it is to process your document, the faster it takes to validate. This means a quicker response time for you.
If your insurance company is using ACORD documents, it means that your business is compliant with the latest industry standards.
ACORD Forms: What are they?
ACORD forms are categorized by number. They include: