The ACORD 28 Evidence of Commercial Property Insurance confirms that a commercial property policy is in force for a specific location or asset. Lenders, lessors, and other interested parties use it as proof of coverage. Unlike the broader ACORD 24, the ACORD 28 is designed for commercial accounts and gives agents room to identify mortgagees, loss payees, and their financial interests accurately.
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The ACORD 28 is requested in these common situations: • Commercial mortgage lenders requiring proof of property coverage on financed buildings • Equipment finance companies requiring coverage evidence for leased equipment • Commercial lessors requiring tenants to show property insurance • SBA and other government-backed lenders requiring evidence prior to loan closing • Any lender or lienholder with a financial interest in covered commercial property
Complete ACORD 28 from the issued policy, not from memory or the original quote. Verify the named insured, property address and location, policy number, effective and expiration dates, coverage amount and valuation basis, then enter the mortgagee or loss payee exactly as shown in the lender instructions. Include the loan number, interest type, and any required endorsement details before sending it to the requesting party.
Both the ACORD 28 and ACORD 24 provide evidence of property insurance, but they serve slightly different purposes.
The ACORD 24 is a more general form and is used in both personal and commercial contexts. The ACORD 28 is commercial-lines specific and includes additional fields commonly required by commercial lenders, including space for multiple mortgagees and loss payees with their specific interests noted.
In practice, agents should check what the requesting party specifically requires — many commercial lenders have a preferred form. When in doubt, the ACORD 28 is more appropriate for commercial accounts.
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The ACORD 28 distinguishes between two important types of interested parties:
Mortgagee — a lender with a mortgage interest in the property. In a covered loss, the mortgage lender typically has the right to be named on the claim check and to have the proceeds applied to the loan balance.
Loss payee — a party with a financial interest in specific covered property (typically equipment or inventory). Loss payees receive claim payments jointly with the insured.
The distinction matters because mortgagees have additional protections under standard mortgage clauses — they are not affected by the insured's acts or omissions that might otherwise void the coverage.
The ACORD 28 typically shows the coverage amount on the property policy. Lenders want to confirm that the coverage amount is sufficient to pay off the loan balance in the event of a total loss.
A common error is showing market value (what the property would sell for) rather than replacement cost (what it would cost to rebuild). Replacement cost is the correct basis for commercial property insurance. For a building worth $500,000 in market value but $800,000 to rebuild, the policy should reflect $800,000 — and the ACORD 28 should show that amount.
Showing market value instead of replacement cost on the coverage amount
Not listing the correct mortgagee name and loan number exactly as the lender requires
Using the ACORD 24 when the lender specifically requires the ACORD 28
Issuing the ACORD 28 before confirming the mortgagee clause endorsement is on the policy
Forgetting to update the ACORD 28 when coverage amounts change at renewal
Send your client a plain-English intake link. When they finish, the completed ACORD 28 and all required companion forms are generated and ready to submit.