ACORD 24 — Certificate of Property Insurance

Edition 2009/09 · PDF format

Provides evidence of property insurance coverage. Used by lenders, landlords, and business partners to verify adequate property protection.

What is ACORD 24?

ACORD 24 (Certificate of Property Insurance) provides written evidence that a business carries property insurance on a specific location, building, or scheduled property. It is used most often by commercial lenders verifying mortgage collateral and by landlords verifying tenant coverage.

Like ACORD 25 for liability, ACORD 24 is informational only. It summarizes coverage details without modifying the underlying policy. The certificate holder relies on it to confirm that property of value is protected against fire, wind, and other perils.

Who needs this form

Commercial mortgage lenders, landlords, equipment lessors, and any party with a financial interest in property covered by an insurance policy.

When to use it

Use ACORD 24 to evidence commercial property coverage when a lender, landlord, or contractual counterparty requests proof. Mortgage closings, lease execution, and equipment leases routinely require it.

Key Fields on ACORD 24

The information the form captures, in the order it typically appears:

Producer information
Named insured name and mailing address
Insurance company and policy number
Policy effective and expiration dates
Type of coverage: Building, Business Personal Property, Business Income, etc.
Coverage form (Special, Broad, Basic), valuation basis (RC vs ACV)
Coinsurance percentage and deductible
Property location/description
Additional Interests: mortgagee, loss payee, landlord clauses

Common Mistakes

Recurring errors that delay processing or expose brokers to E&O claims:

Confusing ACORD 24 with ACORD 28

ACORD 28 (Evidence of Commercial Property Insurance) is the newer, lender-specific form preferred by most banks. ACORD 24 is the general certificate. Confirm which the certificate holder requires before issuing.

Omitting the coinsurance percentage

Lenders care about coinsurance because it affects partial-loss recovery. Always include the policy's coinsurance percentage on the certificate.

Forgetting to add the mortgagee clause

On lender-required certificates, omitting the mortgagee or loss payee clause defeats the purpose. Always confirm the lender's exact required language and address.

Frequently Asked Questions

Should I use ACORD 24 or ACORD 28 for a bank?

Most U.S. commercial banks specifically require ACORD 28. Use ACORD 28 unless the lender explicitly accepts ACORD 24. ACORD 24 remains common for landlords and other non-lender certificate holders.

Does ACORD 24 evidence flood insurance?

It can if flood is a covered peril on the policy or a separate flood policy is also referenced. List the flood policy and limits separately. For NFIP flood policies, lenders typically require an additional NFIP-specific evidence form.

What's the difference between ACORD 24 and ACORD 27?

ACORD 24 evidences commercial property coverage. ACORD 27 evidences personal lines property coverage (homeowners, dwelling fire) for mortgage lenders.

Related ACORD Forms

ACORD 28