ACORD 152: Commercial Inland Marine Section Explained

ACORD 152 is the Commercial Inland Marine Section. It organizes underwriting information for movable, transported, specialized, or scheduled business property that may not fit ordinary building and contents coverage. The exact property class and carrier supplement determine what details are required. The form is an application section, not a binder or policy.

What is commercial inland marine insurance?

The NAIC describes inland marine as coverage that can apply to property in transit, property held by another party, movable goods at different locations, certain fixed property, and scheduled items.^[1] The category is broad. A contractor's equipment exposure differs from installation property, fine arts, electronic equipment, or a customer's property in the insured's custody.

Vertafore's current commercial-lines catalog identifies ACORD 152 as the Commercial Inland Marine Section.^[2] Its release notes say ACORD 152 replaced ACORD 146 Equipment Floater Section in that system and can use overflow schedules for unscheduled equipment.^[3] An insurer may still require its own supplemental application.

What information should be prepared for ACORD 152?

Start with a current inventory. For scheduled property, record a specific description, manufacturer, model, serial number, year, value, ownership or lease status, and normal location. For unscheduled property, explain the types of items, maximum values at one place or in transit, storage, security, and geographic range.

Describe how property moves, who transports it, where it is stored, whether it is rented or loaned, and who owns property in the business's care. Include relevant prior losses and protective measures. Do not assume a building-and-contents policy follows equipment away from the premises.

How should limits and valuation be reviewed?

Compare schedules with invoices, equipment ledgers, leases, and appraisals. Ask how the proposed policy values a partial or total loss and whether coinsurance, catastrophe limits, sublimits, deductibles, or reporting provisions apply. A schedule amount does not guarantee that the same amount will be paid after a loss.

ACORD does not provide insurance coverage or process claims.^[4] After binding, compare the issued forms with the application and schedules, including territory and property exclusions.

Where can you get the official ACORD 152?

Eligible users can search current forms through the ACORD Forms Portal after login.^[5] Obtain the licensed application from the producer or insurer handling the submission. This page does not reproduce the form.

The Bottom Line

ACORD 152 helps describe commercial inland marine exposures for underwriting. Identify the right property class, prepare accurate schedules, explain transit and storage, and review valuation and limits. Then compare the insurer's issued documents with the submission. The application does not itself create coverage.

This guide is for educational purposes and describes ACORD 152 in original language. Form numbers and titles are cited for identification only, and Menlo Insurance Services is not affiliated with ACORD Corporation. Insurer requirements and policy documents control.