ACORD 141 (Inland Marine Application)
The ACORD supplement form specifically for inland marine insurance applications covering specialized property risks.
What It Is
The ACORD 141 is the Inland Marine section supplement for specialized property risks that fall under the inland marine classification. These include contractors equipment, builders risk, electronic data processing, fine arts, signs, accounts receivable, and valuable papers.
The form captures the specific type of inland marine coverage being requested, property descriptions, values, coverage territory, and loss history. Each inland marine class has unique data requirements, and the ACORD 141 provides fields to accommodate the most common types.
For highly specialized inland marine risks, the ACORD 141 may be supplemented with carrier-specific questionnaires that go into greater detail about the particular type of property being insured.
Why It Matters for Brokers
Inland marine is a broad category that covers property that is mobile, in transit, or does not fit standard property coverage classifications. Brokers must understand which exposures qualify as inland marine and how to present them accurately on the ACORD 141. Proper inland marine placement ensures that clients' valuable mobile property — from construction equipment to computer systems — is covered for the specific risks they face, including theft, damage in transit, and mysterious disappearance.
Real-World Example
A civil engineering firm needs to insure $3.5M in surveying equipment, GPS systems, and mobile computers that travel to job sites across the state. The broker completes the ACORD 141 with an equipment schedule listing each item over $5,000, the total blanket value for smaller items, the territorial scope (entire state plus bordering counties), and security measures (locked vehicles, GPS tracking on high-value items). The inland marine carrier quotes a competitive premium with mysterious disappearance coverage included.
Common Mistakes
- 1Using a standard property form when inland marine is the correct coverage line for mobile or transit exposures.
- 2Not scheduling high-value items individually, which can result in sublimits applying to equipment that exceeds the blanket threshold.
- 3Failing to document the territorial scope accurately, which can void coverage for equipment used outside the stated territory.
How brokerageaudit.com Handles This
Submission Intake provides inland marine-specific guidance for the ACORD 141, with equipment schedule management and automatic value aggregation across all listed items.