Acord 142 is a standardized insurance form used to document specific schedule information for property or related exposures in a consistent, carrier-accepted format.
It provides a concise structure for capturing item details, values, and related coverage data so that underwriters, brokers, lenders, and service providers can reference the same clear record across different transactions and systems.
Organizations rely on Acord 142 to support disciplined documentation practices, make sure schedules remain aligned with policy terms, and reduce friction when complex portfolios or multi-party interests are involved.
What Is Acord 142?
Acord 142 is a standardized lenders loss payable endorsement form that records the rights of a lender or loss payee in relation to an insurance policy covering property or equipment.
It is used in contexts such as commercial insurance placements, equipment finance, asset-based lending, and leasing transactions to document how claim payments will be allocated between the insured and the lender.
Underwriters, brokers, lending officers, equipment finance companies, and claims professionals typically rely on Acord 142 as the accepted reference for confirming a lender's interest and the conditions under which that interest is protected.
By providing a uniform structure and set of terms, Acord 142 supports consistent treatment of lender interests across carriers and transactions, which helps reduce disputes and administrative friction in complex portfolios.
Its status as a widely recognized industry form makes sure that all parties, from insurers to financial institutions and service providers, can interpret coverage and loss payment obligations quickly and with a high degree of confidence.
When Is the Acord 142 Used? (Common Use Cases)
Acord 142 is typically used whenever a life, accident, or health risk needs a structured, supplemental detail sheet to support a carrier's underwriting file.
It is commonly triggered during new business submissions, policy changes that alter benefits or limits, and periodic reviews where an underwriter needs a clearer picture of exposures, riders, or special coverage requests.
Many organizations also incorporate Acord 142 into workflows tied to case intake, credit or financial suitability review, and certain complex claim situations where coverage terms and benefit structures must be verified against the original submission.
Because it standardizes how key data points are captured, the form helps underwriters, claims handlers, and compliance teams work from the same reference document, reducing inconsistencies between applications, endorsements, and policy records.
By fitting into these broader operational processes, Acord 142 supports more reliable risk assessment, cleaner documentation trails, and complete submission packages that make sure all necessary information is present from the outset.
What Is Included in Acord 142?
Acord 142 is structured as a focused schedule that organizes detailed information about specific items of property or inland marine exposures.
Its core layout starts with location identifiers, where the user records the precise site or premises for each scheduled item so the insurer can tie every value and coverage entry to a clear physical or operational location.
Next, property descriptions guide the user to outline what each item is, using descriptive fields that distinguish buildings, equipment, or movable property so there is no ambiguity about what is being insured.
Property values follow, capturing the reported amounts for each described item so rating and limits can be aligned with the insured's financial exposure.
Coverage details are then broken out to show how each item is protected, with structured fields that reflect limits, deductibles, or specific coverage terms tied back to the property values and descriptions.
Finally, remarks and supplemental data provide open space for clarifying notes, special handling instructions, or additional schedule information that does not fit neatly into the main fields, making sure unique characteristics are documented for underwriting and policy accuracy.
Why Is Acord 142 Important?
Acord 142 is important because it supplies a structured and consistent snapshot of insurance-related information that multiple stakeholders can rely on without needing to reassemble the details from scratch.
By organizing key data in a standardized format, it supports accuracy in submissions and renewals, cutting down on conflicting entries and transcription errors that tend to creep in when information passes through several hands.
The form's completeness helps reduce delays by limiting follow-up questions, preventing missing details, and giving insurers, lenders, underwriters, and professional services teams what they need to evaluate risk and coverage with confidence.
Because Acord 142 aligns information across organizations and systems, it contributes to more efficient workflows, smoother compliance with documentation requirements, and faster, more consistent decisions.
In daily operations, teams depend on this shared framework to keep records aligned, support audit-ready files, and maintain reliable documentation that stands up over time.
How Can Heron Help With Acord 142?
Handling Acord 142 forms for commercial applications can quickly become a bottleneck when teams rely on manual intake, review, and data entry.
Heron transforms this workflow by capturing Acord 142 forms the moment they arrive, whether they come in via shared inboxes, broker portals, or secure uploads.
The platform automatically detects that a document is an Acord 142, even when it appears in mixed packets or alongside other supporting materials.
Heron then extracts all relevant fields, from applicant and producer details to coverage selections, limits, and underwriting questionnaires, with consistent structure and formatting.
Built-in validation logic checks for completeness and consistency, flagging missing signatures, unanswered questions, or conflicting values before the form is passed downstream.
This early quality control helps underwriters and operations teams make sure that submissions are ready for evaluation instead of chasing follow-up corrections.
Once data is validated, Heron syncs the structured information directly into policy admin systems, CRMs, underwriting workbenches, or rating platforms.
Teams receive clean, organized data aligned to internal schemas, so they can immediately review risks, compare terms, and progress decisions.
By automating intake through to system updates, Heron removes repetitive keying, reformatting, and re-checking of Acord 142 information.
The result is faster decision-making, less operational friction between distribution and underwriting, and a more reliable flow of submission data from the moment the form arrives.
FAQs About Acord 142
What is the purpose of the Acord 142 form in commercial insurance workflows?
The Acord 142 form is used to request and document a loss run, which is a detailed history of an insured's prior claims activity across specific policy periods. Carriers, agents, lenders, and finance companies rely on this standardized format to evaluate loss experience, pricing, and risk profile before binding coverage or extending credit terms.
Who typically completes the Acord 142 and what information must they provide?
The Acord 142 is usually completed by the retail agent, broker, or risk manager on behalf of the insured organization. They provide the insured's legal name, policy numbers, lines of business, requested loss run dates, and the name of the carrier or wholesaler being asked to release the reports.
Why do underwriters, lenders, and equipment finance companies require an Acord 142?
Underwriters and credit teams rely on the Acord 142 to obtain verified loss runs directly from incumbent carriers so they can validate frequency, severity, and patterns of past claims. Without this form, they may lack the documentation needed to support pricing, collateral requirements, or approval decisions for large commercial programs and financed assets.
How is the Acord 142 submitted and processed within an organization's operations?
In many organizations the Acord 142 is generated from an agency management or policy administration system, then transmitted as a PDF or electronic file to the current carrier's loss run department. Once the carrier processes the request and returns the loss runs, internal teams import or attach the data into underwriting, credit, or CRM platforms so that analysis, rating, and approval steps can move forward.
