ACORD Forms
ACORD 147: Installation/Builders Risk Section
The ACORD 147 is the installation and builders risk section of the commercial inland marine application. It covers property in the course of construction or installation: the materials, the work in progress, and the value in transit and at temporary locations along the way. It attaches to the ACORD 125 applicant information section.
What it is
The ACORD 147 is the installation and builders risk section of the commercial inland marine application. It covers property in the course of construction or installation: the materials, the work in progress, and the value in transit and at temporary locations along the way. It attaches to the ACORD 125 applicant information section.
The form runs in two modes. One side handles an open reporting program covering all of a contractor's jobs on a running basis, with receipts and typical job values. The other side handles a specific job, with its own term, contract amount, and description. Knowing which mode the account needs is the first decision, and it changes everything the underwriter looks at.
When it's used
- Installation floaters for trade contractors: the HVAC, electrical, or plumbing sub insuring materials from the supplier through the finished install.
- Builders risk on a specific project, with a defined commencement date, completion date, and contract amount.
- Open reporting programs for contractors running many jobs at once who do not want to place coverage job by job.
Section-by-section walkthrough
Coverage and limits
The limits requested: at any single location, at temporary locations, in transit, and per disaster, with deductibles.
Watch for: Transit and temporary location limits left blank. Materials spend real time in trucks and staging yards, and a loss there is still a loss.
Causes of loss
Basic, broad, or special form, with flood and earthquake as separate choices carrying their own sublimits and deductibles.
Watch for: Flood and earthquake skipped without asking the insured, then a project turns out to sit in a flood zone.
Territory and receipts (open reporting)
Where the applicant operates and gross installation receipts for the past twelve months and the next twelve.
Watch for: Receipts guessed low. Reporting programs true up, and the estimate sets expectations for the audit.
Jobs and values (open reporting)
How many jobs run at once, typical duration, material cost, and job values split between residential and commercial work.
Watch for: Averages given where the form asks for maximums too. The biggest job is what tests the limit.
Job description and term (specific job)
What the work is, the contract amount, commencement and completion dates, and the value of owner supplied property.
Watch for: Owner supplied property ignored. On installation work the owner's equipment can dwarf the contract amount, and it needs a value on the form.
Transportation and rigging
How much value ships to the job site at the applicant's risk, the split between the applicant's own vehicles and common or contract carriers, and a description of all hoisting or rigging operations.
Watch for: Rigging glossed over. Lifting a chiller onto a roof is a different risk than carrying one through a door, and the underwriter needs to know which business they are quoting.
Job site security
How materials and work in progress are protected on site: fencing, lighting, storage, watch service.
Watch for: "Standard precautions." Theft of materials is a core builders risk exposure, so say what is actually done.
Additional interests
Owners, lenders, and others with an interest in the job, including who requires certificates.
Remarks
Anything that helps the underwriter: staging plans, subcontractor roles, protective safeguards that did not fit above.
In Relay
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Common errors
- Completion dates that were optimistic at binding and wrong by month two. Flag extensions to the carrier instead of assuming coverage follows.
- Owner supplied property left out of the values.
- Transit and temporary location limits set to nothing because nobody thought about the staging yard.
- Flood and earthquake decisions made by default instead of by conversation with the insured.
- Open reporting receipts understated, which surfaces at the true up.
Common questions
What is the difference between an installation floater and builders risk?
Scope and who buys it. Builders risk covers a structure under construction, usually bought by the general contractor or owner for a specific project. An installation floater covers a trade contractor's materials and work until installed and accepted. The ACORD 147 handles both, which is why it has open reporting and specific job modes.
Does the ACORD 147 go out alone?
No. It is marked to attach to the applicant information section, so it rides with the ACORD 125 as part of the commercial submission.
When does builders risk coverage end?
Typically at completion, acceptance, or occupancy, but the policy language controls and it varies by form. The dates on the 147 are where that conversation starts, which is why realistic completion dates matter.
Related forms
Part of the Relay ACORD form library. Updated 2026-07-11. See how we source content.
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