ACORD 24
A standardized ACORD form used as a certificate of property insurance, providing evidence of property coverage to interested third parties such as lenders and lessors.
The ACORD 24 certificate of property insurance serves as proof that property coverage exists for specified locations or assets. Unlike the more common ACORD 25 (certificate of liability insurance), the ACORD 24 focuses exclusively on property lines including building coverage, business personal property, and inland marine.
In COI compliance for commercial real estate, the ACORD 24 appears frequently when landlords require tenants to demonstrate property coverage. The form displays key information including covered locations, coverage amounts, deductibles, and the names of loss payees and mortgage holders.
Compliance teams should verify that property values listed on ACORD 24 forms meet contractual minimums, that the correct locations are scheduled, and that the certificate holder is properly listed as loss payee or mortgagee as required by the lease or loan agreement.
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