Acord 145 is a specialized insurance form used to document exposures tied to accounts receivable and valuable papers in a consistent, carrier-accepted format.
It serves as a concise framework for describing how an organization generates receivables, depends on critical records, and protects those assets so underwriters can evaluate financial and operational risk with greater clarity.
Organizations across commercial insurance, lending, and related financial services make sure they use Acord 145 to support reliable risk assessment, comparable submissions, and disciplined documentation practices.
What Is Acord 145?
Acord 145 is a standardized form used to capture detailed information about a commercial risk, often related to specific lines of coverage such as workers compensation, commercial auto, or other specialized exposures within a broader insurance submission.
It appears most often in commercial insurance workflows where brokers, agents, underwriters, and sometimes lenders or equipment finance providers rely on a consistent format to summarize operations, classifications, schedules, and key underwriting data.
By using Acord 145, organizations across insurance, financial services, lending, equipment finance, claims handling, and professional services share a common document that supports accurate evaluation, pricing, and documentation of risk.
Its status as a widely recognized industry-standard form helps make sure information is presented in a uniform way, reduces back-and-forth clarification, and supports more efficient processing in complex, multi-party transactions.
When Is the Acord 145 Used? (Common Use Cases)
Acord 145 is typically used whenever a producer or broker needs to request, modify, or document the assignment of commissions and related financial arrangements between agencies or individuals.
It commonly appears in workflows involving book-of-business transfers, producer changes, mergers or acquisitions of agencies, and adjustments to how commission is split on specific accounts or lines of business.
Underwriting and policy administration teams rely on the form to align producer records, reconcile who is credited on a risk, and make sure the correct parties are tied to policies, endorsements, and renewals in the carrier's systems.
It also supports accounting, credit review, and compliance functions by providing a clear, standardized record of producer relationships that can be audited across placements, premium movements, and compensation reviews.
Within broader case intake and ongoing account management processes, the form helps keep submissions complete, avoids ambiguity about producer roles, and maintains consistent treatment of commission arrangements throughout the policy lifecycle.
What Is Included in Acord 145?
Acord 145 is structured to capture specialized information about accounts receivable and valuable papers in a consistent, comparable format.
It begins with accounts receivable or valuable papers information, where the user identifies what types of receivables or records are being insured and provides descriptive fields that outline their nature and scope.
The business operations summary asks for a narrative-style description of how the organization generates receivables, uses documents, and depends on those records so underwriting can understand the exposure in context.
Record storage locations focuses on where physical or electronic records are kept, using location descriptions and related fields so carriers can evaluate concentration of risk.
Protection measures collects details on safeguards like security procedures or fire protections, often through check-style prompts and concise descriptions.
Maximum receivable values asks for the highest expected outstanding receivable amounts, typically tied to dates or peak periods to quantify potential loss severity.
Prior losses requires dates and descriptions of past incidents affecting receivables or records, helping identify patterns or special hazards.
Underwriting questions consolidate targeted items about practices, controls, and any unusual conditions that could affect insurability.
Remarks gives flexible space for supplemental disclosures that clarify earlier responses and make sure the submission presents a complete risk picture.
Why Is Acord 145 Important?
Acord 145 is important because it provides a structured, uniform way to capture key risk and coverage information, so teams can rely on a single, consistent view of the account.
By collecting details in a standardized format, it supports accuracy in data entry, reduces the likelihood of missing fields, and cuts down on repetitive follow-up across insurers, lenders, underwriters, and advisory teams.
This completeness helps prevent delays in reviews, helps make sure documentation lines up with internal standards and external regulations, and supports clean audit trails.
Because everyone is working from the same organized set of facts, Acord 145 contributes to smoother workflows, faster decision-making, and more dependable comparisons across submissions and renewals.
How Can Heron Help With Acord 145?
Handling Acord 145 forms is often a bottleneck for underwriting and risk teams, especially when submissions arrive through multiple email inboxes and broker portals.
Heron brings order to this chaos by automatically capturing incoming Acord 145 forms the moment they are received, whether they are attached to emails, uploaded through a portal, or dropped into a shared repository.
The platform instantly identifies that the document is an Acord 145 and distinguishes it from other submission types, so teams do not need to manually sort or route files.
Heron then applies AI-driven data extraction tailored to Acord 145, pulling out key information such as schedule details, coverage terms, limits, and exposure characteristics with strong precision.
In parallel, Heron runs validation checks to make sure required fields are present, values are consistent with business rules, and important sections are not missing or contradictory.
If issues are detected, the form is flagged with clear context so operations and underwriting staff spend their time resolving real questions instead of hunting for incomplete data.
Once structured, Heron syncs the extracted information directly into downstream systems like policy admin platforms, underwriting workbenches, CRMs, or data warehouses.
Teams receive clean, well-organized Acord 145 data as soon as the submission arrives, without rekeying or spreadsheet manipulation.
This removes manual data entry, reduces handoffs and rework, and cuts friction across underwriting, operations, and analytics.
As a result, organizations can evaluate risks faster, support more consistent decisions, and keep front-line teams focused on analysis rather than document handling.
FAQs About Acord 145
What is the primary purpose of the Acord 145 form in commercial insurance workflows?
The Acord 145 form standardizes information related to collateral, premium finance arrangements, or specific coverage schedules that must be documented for a commercial policy.
It helps carriers, agencies, and finance providers align on terms, exposures, and security interests so that underwriting, funding, and policy issuance can move in a controlled and auditable way.
Who typically completes the Acord 145 and at what point in the process is it used?
The Acord 145 is usually completed by the retail agent or broker, often with input from the insureds finance, risk management, or treasury team.
It is most often used during placement or renewal when collateral structures, premium finance, or related security details need to be captured before bind and again when documenting final terms for the carrier and any finance partner.
Why do insurers, lenders, or premium finance companies require an Acord 145 on certain accounts?
Insurers and finance providers rely on Acord 145 to document key financial and collateral terms in a format that can be consistently interpreted by underwriting, credit, and operations teams.
Without this form, organizations may have incomplete collateral data, unclear premium finance conditions, or conflicting instructions, which can lead to funding delays, booking errors, or compliance gaps.
How is the Acord 145 submitted and processed within modern insurance and financial operations?
Many organizations submit Acord 145 electronically through agency management systems, carrier portals, or secure email, often as a structured PDF or data file that can feed downstream systems.
Back-office and operations teams then validate the entries against internal guidelines, reconcile them with policy and finance records, and store the form within policy and account documentation so the collateral or finance terms are traceable throughout the policy term.
