ACORD: Setting The Insurance Forms Standard.
November 19th, 2008 | by admin |A friend of mine (who’s getting ready to open his own contracting business) asked me what an Acord General Liability policy was.
After a little inside chuckle, I told him, “ACORD is an acronym for Association for Cooperative Operations Research and Development. Which is basically an insurance association focused on standardizing insurance, and other financial forms used within the industry.”
“So it’s not a specific company then?” he asked.
“No, ACORD develops the standard forms each company uses for easier communication and data entry. Don’t worry about it that much. Your insurance agent can answer most of your questions,” I reassured him.
The quizzical look on his face didn’t leave, however.
