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Certificates · ACORD 24
How to read ACORD 24
The Certificate of Property Insurance evidences a commercial property policy. The real skill is reading the causes-of-loss column and the covered-property limits — here is how.
At a Glance
- Form
- ACORD 24
- Evidences
- Commercial property
- Read closely
- Causes of loss
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Overview
A property form, not a liability form
ACORD 24 evidences a commercial property policy — the building, the contents, and the income the property produces. It is frequently confused with the liability certificate (ACORD 25), but it answers a different question: not "who is protected against a lawsuit," but "what property is insured, against which perils, and for how much." The annotated diagram below walks through each region so you can confirm the location, causes of loss, limits, and deductibles that actually matter on a property certificate.
Annotated form
ACORD 24, box by box
A schematic recreation of the form — not the copyrighted PDF. Match each numbered marker on the diagram to the explanation beside it.
Callout 1: Title, date, and disclaimer — this is a property form
The header names the form as the Certificate of Property Insurance and carries the same information-only disclaimer as its liability sibling: it is evidence only and confers no rights. The important first step is simply recognizing you are holding a property certificate — evidence of a commercial property policy, not a liability policy. If you needed proof of liability coverage, this is the wrong form.Callout 2: Producer and contact
As on every ACORD certificate, the producer is the agent or broker who arranged the coverage and should be the party issuing the certificate. Use the contact box to confirm the certificate is genuine and reflects coverage currently in force.Callout 3: Insured and insurers affording coverage
Confirm the named insured matches the entity that owns or is responsible for the property, and note which carrier (A–F, with NAIC number) writes the property policy. As always, the certificate does not show the carrier's financial strength — verify the A.M. Best rating separately.Callout 4: Location of premises and description of property
This is the single most important box on a property certificate. It identifies the specific address and the property being evidenced. Verify it is the right building, unit, or scheduled property — a certificate that evidences the wrong location or omits the premises you care about is of no use, even if every limit looks correct. Overflow detail moves to the ACORD 101.Callout 5: Certificate number and revision number
The identifying strip above the property grid. A revision number greater than zero means the certificate has been reissued — make sure you are working from the latest revision, not an earlier version that may show different property, limits, or causes of loss.Callout 6: Causes of loss — the real reading skill
This column tells you what perils the property policy responds to, and it is where most property certificates are misread. Basic is a named-perils form (fire, lightning, explosion, windstorm/hail, smoke, riot, vandalism, sprinkler leakage, sinkhole, volcanic action). Broad adds perils such as falling objects, weight of ice and snow, and certain water damage. Special is the broadest — an open-perils ("all-risk") form that covers any cause of loss not specifically excluded and shifts the burden of proof to the insurer. Separate checkboxes flag earthquake, wind, flood, inland marine, named perils, crime, and boiler & machinery / equipment breakdown. In Florida especially, confirm whether wind and flood are shown here or excluded and placed separately.Callout 7: Covered property and limits
The covered-property column lists what is insured and for how much: Building, Business Personal Property (BPP), Business Income, Extra Expense, Rental Value, and blanket options (blanket building, blanket personal property, blanket building & personal property). Match each limit to what a lease or contract requires — building limit is not the same as contents, and a blanket limit behaves differently from scheduled limits at claim time.Callout 8: Deductibles and policy detail
Deductibles are shown per subject of insurance — the building deductible may differ from the contents deductible, and a Florida hurricane deductible is frequently a percentage (2%, 5%, or 10%) rather than a flat dollar amount. Do not assume a single deductible applies to everything; check the column and the remarks.Callout 9: Special conditions and other coverages
The remarks area (overflowing to ACORD 101) is where coinsurance percentages, agreed-value provisions, blanket notes, and any special conditions appear. Coinsurance in particular can reduce a claim payment sharply if a building is underinsured, so it is worth confirming here rather than assuming.Callout 10: Certificate holder, cancellation, and authorized representative
The footer works like the liability form: the holder is the recipient of the evidence, cancellation notice follows the policy provisions, and the authorized representative's signature identifies who issued the certificate. One property-specific note: because a property policy typically obligates the insurer to notify a mortgage holder on cancellation, a lender with an actual insurable interest usually needs an ACORD 27 or 28 evidence form rather than this certificate.
ACORD 24 FAQs
Common ACORD 24 questions
- ACORD 24, the Certificate of Property Insurance, provides evidence that a commercial property policy exists. It shows the location and description of property, the causes of loss the policy responds to, covered-property limits (building, business personal property, business income, extra expense, and blanket options), and deductibles.
- Basic is a named-perils form covering specific listed perils such as fire, windstorm, and vandalism. Broad adds several more perils, including falling objects, weight of ice and snow, and certain water damage. Special is an open-perils ("all-risk") form that covers any cause of loss not specifically excluded — it is the broadest and shifts the burden of proving an exclusion to the insurer.
- Use ACORD 24 when the party requesting proof has no direct insurable interest in the property. When a mortgagee, lender, or other party with an actual insurable interest needs evidence — and often specific notice and loss-payment rights — an ACORD 27 (Evidence of Property Insurance) or ACORD 28 (Evidence of Commercial Property Insurance) is the appropriate form.
- It can, but you have to read the deductible column and the remarks carefully. Florida property policies often carry a percentage-based hurricane deductible (2%, 5%, or 10% of the limit) that is separate from the all-other-perils deductible. Confirm which deductible applies to wind before relying on the certificate.
- Coinsurance and agreed-value provisions usually appear in the special conditions / other coverages remarks (often continued on ACORD 101). Coinsurance matters because underinsuring a building can reduce a claim payment substantially, so it is worth confirming rather than assuming.
Sources
Authoritative references
- ACORD — Forms FAQ (certificates of insurance)
- IRMI — Causes of Loss Forms (definition)
- IRMI — Commercial Property Policy (definition)
This guide is an educational explanation of the ACORD 24 form reviewed against the references below. It is not legal advice, a statement of coverage, or a substitute for reading your actual policy and endorsements. ACORD form layouts and editions change over time. Last reviewed . Requirements and policy terms change — always confirm current rules with the relevant agency and verify coverage against the actual policy and a licensed agent.
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Next step
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We issue property certificates for active clients the same business day and can confirm whether the causes of loss and limits match a lease or lender requirement. Call 813-582-5215.