ACORD 155 (Marine Application)
The ACORD supplement form for inland marine and ocean marine insurance applications.
What It Is
The ACORD 155 is the Marine section supplement used for both inland marine and ocean marine insurance applications. It captures information about the property to be insured, transit details, warehouse locations, and the specific type of marine coverage being requested.
For inland marine risks, the form documents equipment schedules, contractor tools, fine arts, electronic data processing equipment, and other types of movable property. For ocean marine, it captures vessel information, cargo details, and trade routes.
The ACORD 155 provides underwriters with the specialized information needed to evaluate marine risks that are fundamentally different from standard property exposures.
Why It Matters for Brokers
Inland marine is one of the broadest and most diverse coverage lines, encompassing everything from contractor equipment to fine arts to computer systems. The ACORD 155 helps brokers organize the specific data each type of marine underwriter needs. Brokers who properly complete the ACORD 155 with accurate values, detailed equipment descriptions, and clear transit information secure better terms and faster quotes than those who submit vague or incomplete marine applications. Accurate ACORD form completion reduces back-and-forth with carriers and accelerates the quoting and binding process significantly. Common data entry errors on ACORD forms include incorrect effective dates, mismatched coverage codes, and incomplete policyholder information that triggers carrier follow-up requests. Surety bond applications on ACORD forms require specific financial and project information that differs significantly from standard P&C submissions.
Real-World Example
An electrical contractor needs a contractors equipment floater for $1.2M in tools and equipment. The broker completes the ACORD 155 listing each piece of equipment over $5,000 with serial numbers, year of manufacture, and replacement cost value. The form also documents the geographical scope of operations and security measures at the primary storage yard.
Common Mistakes
- 1Using actual cash value instead of replacement cost for equipment schedules, leaving the client underinsured for newer equipment.
- 2Failing to list high-value items individually when the policy requires scheduling of items above a certain threshold.
- 3Not documenting security measures at storage locations, which underwriters consider when evaluating theft exposure.
How brokerageaudit.com Handles This
Submission Intake manages equipment schedules within the ACORD 155 framework, automatically calculating total insured values and flagging items that exceed the unscheduled property limit.