ACORD 45, Ocean Marine / Inland Marine Application
What is ACORD 45?
The ACORD 45 covers both ocean marine and inland marine insurance applications. It captures cargo descriptions, shipping routes, valuation methods, and loss history specific to marine exposures.
Marine insurance is a specialized coverage line with unique terms like general average, particular average, and warehouse-to-warehouse coverage. The ACORD 45 standardizes the submission process for these complex risks.
When do brokers use ACORD 45?
Used when a client ships goods domestically or internationally and needs cargo coverage, or when inland transit of valuable equipment or goods requires coverage beyond what a standard commercial property policy provides.
Key fields explained
Cargo Description
Detailed description of goods being shipped, packaging, and handling requirements.
Routes/Destinations
Origin, destination, transit countries, and modes of transportation.
Valuation
How goods are valued, invoice cost, CIF, replacement cost, or agreed value.
Annual Shipment Volume
Estimated annual value and number of shipments.
Loss History
Prior cargo losses and claims for the past 3-5 years.
Common mistakes to avoid
Underestimating annual shipment values leading to coverage gaps
Not specifying all modes of transport (truck to port, ocean, port to warehouse)
Failing to include temporary storage locations in the transit route
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Related ACORD forms
Download the official form
Official ACORD forms are available from ACORD.org. This page explains how to complete the form, visit ACORD for the actual document.
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