ACORD 24 (Property Loss Notice)
A standard ACORD form used to report property losses to carriers, documenting the details of the claim event.
What It Is
The ACORD 24, or Property Loss Notice, is the standard form used to report first-party property losses to insurance carriers. It captures the insured's information, policy details, date and cause of loss, description of damaged property, estimated loss amount, and any immediate actions taken to mitigate damage.
This form is distinct from the ACORD 1 (which reports general liability losses) and is specifically designed for property claims including building damage, business personal property, business income losses, and equipment breakdown events.
The ACORD 24 serves as the formal first notice of loss (FNOL) documentation that initiates the carrier's claims process.
Why It Matters for Brokers
Timely and accurate loss reporting directly affects claim outcomes for brokerage clients. A properly completed ACORD 24 ensures the carrier has all the information needed to assign an adjuster and begin the investigation without delays caused by missing data. Brokers who delay submitting loss notices or submit incomplete forms risk late-reporting denials and strained carrier relationships. For agencies that handle claims advocacy, the ACORD 24 is the starting point of the entire claims management workflow.
Real-World Example
A restaurant client experiences a kitchen fire that causes $180,000 in building damage and forces a three-week closure. The broker completes the ACORD 24 within hours of notification, documenting the fire date, cause, estimated building and contents damage, projected business income loss, and the fire department report number. The carrier assigns an adjuster the next morning based on the detailed FNOL.
Common Mistakes
- 1Submitting the ACORD 24 days or weeks after learning of the loss, triggering late-reporting provisions in the policy.
- 2Failing to include estimated business income loss on the form, which delays the carrier from reserving for that component.
- 3Using the wrong loss notice form (ACORD 1 instead of ACORD 24) for property claims, causing routing errors at the carrier.
How brokerageaudit.com Handles This
Submission Intake provides pre-populated ACORD 24 templates using stored policy and insured data, ensuring accuracy and speed when reporting property losses. The platform tracks submission timestamps to document timely reporting.