ACORD 139: Statement of Values Explained

ACORD 139 is a Statement of Values used to organize property and income values across multiple locations for average or blanket-rated commercial property coverage. It gives the insurer a location-by-location basis for underwriting, rating, and applying the requested structure.

It does not replace ACORD 140 or ACORD 160, and the values entered do not by themselves create policy limits.

What does ACORD 139 collect?

For each location and building, the form records the property description and address, class code, values by property category, and rating information. It also identifies requested causes of loss, coinsurance percentage, and whether a specific average or blanket rate is requested. A 2024 Vertafore sample shows buildings, business personal property, stock, furniture and fixtures, property of others, machinery, business income, and rental income among the value categories.^[1]

The completed total should reconcile to the property schedule and financial support. Duplicate buildings, outdated addresses, or values entered under the wrong category can distort both premium and claim expectations.

When is this form used instead of a separate-limit schedule?

Third-party field guidance describes the 139 as a collection tool when multiple locations are included in average or blanket-rated property insurance. It says the form is not intended to replace the property or businessowners application and points to ACORD 159 when locations have separate limits rather than average or blanket rating.^[2]

That distinction deserves attention. A blanket limit may allow value to move among scheduled locations under policy terms, while separate limits cap each location independently. A statement of values is evidence used to build the policy, not permission to move limits after a loss.

How should values be reviewed?

Use current reconstruction estimates for buildings, replacement costs for business personal property, peak rather than average stock where appropriate, and a supported business income analysis. Market value and tax assessment are not substitutes for reconstruction cost.

Confirm whether debris removal, foundations, tenant improvements, outdoor property, and ordinance or law exposure are inside the reported amount or handled separately. If the policy has a margin clause, coinsurance, or reporting condition, understated values can affect recovery even when the headline limit looks adequate.

Frequently asked questions

Does ACORD 139 set the final property limits?

No. The insurer uses it as application and rating information. Only the issued policy and schedules establish coverage and limits.

Is a blanket limit unlimited at each location?

No. It remains subject to the blanket limit and every applicable policy condition, including any margin or coinsurance clause.

Should building value equal market value?

Usually not. Building insurance commonly uses reconstruction cost, excluding land, while market value reflects different economic factors.

Where can you obtain ACORD 139?

Current licensed forms are available to eligible users through the ACORD Forms Portal.^[3] Applicants should use the edition supplied by their broker or authorized system rather than an unverified download.

This guide is for educational purposes and describes the application in original words. Menlo Insurance Services is not affiliated with ACORD Corporation. ACORD 139 does not bind or amend coverage. Your issued policy controls. Talk to a licensed broker about valuation and blanket structure.

The Bottom Line

ACORD 139 is the property values map behind an average or blanket-rated placement. Make every location, category, valuation basis, and total reconcile with the application, financial support, and issued policy.