ACORD 45 (Commercial Insurance Application)
A multi-purpose ACORD application form used for commercial property and inland marine submissions.
What It Is
The ACORD 45, formally the Commercial Insurance Application, is a broad-purpose application form used primarily for commercial property and inland marine lines. It captures applicant information, location details, building construction, occupancy, protection class, and requested coverages.
This form is often used in conjunction with supplemental ACORD forms that provide additional detail for specific coverage lines. For example, a commercial property submission might include the ACORD 45 along with an ACORD 140 (Property Section) and a Statement of Values.
The ACORD 45 serves as the foundation document for many commercial submissions, particularly for accounts that do not fit neatly into a single line-specific application.
Why It Matters for Brokers
Brokers use the ACORD 45 as the starting point for many commercial accounts. A complete and accurate application is essential for obtaining competitive quotes — underwriters who receive incomplete ACORD 45 forms will either decline the submission or issue quotes with unfavorable assumptions. For brokerages processing high volumes of new business, the ability to accurately and efficiently complete ACORD 45 forms directly affects submission turnaround time and hit ratio with carriers.
Real-World Example
A broker is quoting a commercial property account for a chain of five retail stores. They complete the ACORD 45 with the applicant's general information, then attach an ACORD 140 with building details for each location and a statement of values spreadsheet. The complete submission package is sent to four carriers for competitive quotes.
Common Mistakes
- 1Leaving the protection class or construction type fields blank, forcing underwriters to make conservative assumptions that increase premium.
- 2Not attaching required supplemental forms like the ACORD 140, resulting in incomplete submissions that get declined.
- 3Using outdated ACORD 45 editions that are missing fields current carriers require, causing processing delays.
How brokerageaudit.com Handles This
Submission Intake auto-populates the ACORD 45 from stored client data and flags missing required fields before the form is submitted to carriers. The platform ensures the correct supplemental forms are attached based on the coverage lines being quoted.