The courts in New York support this interpretation. The law provides that if the language in a certificate is not in the actual policy, the policy prevails and the holder of the certificate is out of luck. The New York Insurance Law, in a statute recently adopted at the request of the insurance lobby, supports this. For example, the ACORD 28 “is for information only” and “ confers no rights” on the holder of the certificate. However, it is not a contract of insurance and if the insurance policy varies from what the certificate says, or worse if the policy does not exist, the certificate adds nothing.ĪCORD forms make this clear. An ACORD certificate summarizes information about insurance coverage. ACORD is an insurance industry trade group that creates forms designed to satisfy the insurance industry, not bank mortgagees or and insurance consumers. Banks are often given an ACORD 25 “Certificate” of Liability Insurance and an ACORD 28 “Evidence” of Commercial Property Insurance as proof of insurance.
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