Guide

ACORD 25 vs ACORD 28: which certificate do you need?

A lease, loan or contract says "provide evidence of insurance", and the agent sends a form you didn't expect. Two forms get mixed up a lot: the ACORD 25 and the ACORD 28. They prove different kinds of insurance to different people. Plain English for GCs and property managers.

The ACORD 25: proof of liability coverage

The ACORD 25 is titled "Certificate of Liability Insurance". Its coverage table has rows for commercial general liability, automobile liability, umbrella or excess liability, and workers' compensation and employers' liability, each with a policy number, effective and expiry dates, and limits. The party it's issued to goes in the Certificate Holder box. See how to read an ACORD 25 for a box-by-box walkthrough.

The ACORD 28: proof of property coverage

The ACORD 28 is titled "Evidence of Commercial Property Insurance". Instead of liability limits, it describes property: a location and description, whether the insurance is on the building or business personal property, the amount of insurance and deductible, and which perils are insured (basic, broad or special). It has a loan number field, and it covers one insurer per form: "If multiple companies, complete separate form for each."

It then asks yes/no questions on items such as business income or rental value, blanket coverage, replacement cost, coinsurance, ordinance or law, flood, and wind/hail.

Who asks for which

• GCs and property managers, from subs and vendors: usually the ACORD 25. Connecticut's Insurance Department says certificates are "typically requested in connection with insurance-related contractual requirements". NYC's youth department, for example, publishes a sample ACORD 25 for the community organizations it contracts with.
• Lenders, from borrowers: the ACORD 28. A law firm's guide for borrowers and tenants says the 28 is the property form, and that it should show the lender "as 'mortgagee' and either 'loss payee' or 'lender loss payable,' depending on the lender's requirements".
• Landlords, from tenants: often both. The same guide says "Lenders and landlords want proof of your property and general liability insurance": the 28 for property and the 25 for general liability.

Who's named where

On the ACORD 25:

• Certificate holder: IRMI calls it "the entity that is provided a certificate of insurance" as evidence of insurance someone else carries. It's information, not coverage.
• Additional insured: a party added as an insured on the policy at the named insured's request, often because a contract requires it. The 25 says that if the certificate holder is an additional insured, "the policy(ies) must be endorsed". See additional insured vs certificate holder.

On the ACORD 28, the receiving party is the additional interest, with boxes to show what kind: Mortgagee, Lenders Loss Payable and Contract of Sale. A plain "loss payee" box is on the ACORD 27, not the 28.

• Mortgagee: the lender on a mortgage. IRMI says a mortgagee clause directs property loss payments to the lender, promises it advance written notice of cancellation, and keeps its coverage even if the policy is "voided by some act of the insured (e.g., arson)".
• Lenders loss payable: per IRMI, an endorsement that gives a creditor who lent money on the insured's personal property "the same rights and duties that a mortgage clause gives a mortgagee". It's one of three options in the standard Loss Payable Provisions endorsement, CP 12 18.
• Loss payee (no box on the 28, but lenders often use the term): IRMI describes it as a party "entitled to all or part of the insurance proceeds" for covered property it has an interest in, often a company that leased equipment to the insured.

Additional insured status can come up in property insurance too: IRMI notes it often arises under a lease, where a tenant insures the building and names the owner.

What neither form does

Both forms open with nearly the same disclaimer. The 25 is "issued as a matter of information only and confers no rights upon the certificate holder"; the 28 "confers no rights upon the additional interest named below". Both say they don't "amend, extend or alter" the coverage and aren't a contract between the issuing insurer, authorized representative or producer and the holder. Both say cancellation notice "will be delivered in accordance with the policy provisions".

Connecticut's Insurance Department says certificates "cannot be used to amend, expand or alter the terms of the underlying insurance policy". So the mortgagee's or lender's real protection comes from the policy and its endorsements, not from the box ticked on the 28. When ACORD added that disclaimer in 2006, Rough Notes reported, citing Freddie Mac, that lenders objected to the new 28 and asked for the prior edition, a binder or a copy of the policy instead.

And the ACORD 27?

The ACORD 27, "Evidence of Property Insurance", is a shorter property form with the same disclaimer. It lists coverages on open lines (coverage, perils or forms, amount of insurance, deductible) instead of the 28's yes/no questions, and its additional interest boxes include additional insured, lender's loss payable, loss payee and mortgagee. Sources describe its use differently: one California insurance agency says the 27 "is typically used for residential properties and small commercial properties" and the 28 is for larger commercial properties, while Erie County, New York's mental health department publishes a sample ACORD 27 for the agencies it contracts with.

Which one do I ask for?

• ☐ A sub or vendor is doing work for you: ACORD 25, plus the endorsements your contract requires.
• ☐ You're a lender with a loan secured by a commercial building: ACORD 28, with you as mortgagee and the loan number filled in.
• ☐ You lent money on equipment or other business personal property: ACORD 28 (or whatever form your loan documents name), with you shown as lenders loss payable or as your documents require.
• ☐ You're a landlord with a commercial tenant: usually both, the 25 for the tenant's liability and the 28 for any property the lease makes the tenant insure.
• ☐ Your loan or lease names a specific form or edition: ask for exactly that one.

Check that the named insured, property or job, policy number and dates match, and call the producer on the form if they don't. Forms come in several editions (the samples above are 2014/01 and 2016/03), so layouts vary slightly.

This guide is general information, not legal or insurance advice. Your loan documents, lease or contract, and your own insurance agent or lawyer, decide what you need and whether a form meets it.

Sources

All fetched November 6, 2026.

• NYC Department of Design and Construction, blank ACORD 28 (2014/01): Evidence of Commercial Property Insurance (PDF).
• NYC Department of Youth & Community Development, sample ACORD 25 (2014/01): General Liability Insurance Sample (PDF).
• Erie County, NY, sample ACORD 27 (2016/03): Sample ACORD 27 property (PDF).
• Connecticut Insurance Department: Bulletin S-14, Use of Certificates of Insurance.
• IRMI glossary: certificate holder, additional insured, mortgagee clause, lenders loss payable endorsement, loss payee.
• HCMP Law Offices (Lauren Anderson): Insurance Certificates: Why Lenders and Landlords Want Them (November 2017).
• Rough Notes (Donald S. Malecki): Evidence of property insurance changes (January 2007).
• Old Harbor Insurance: What Is Evidence Of Property Insurance? (July 2024).

ACORD is a registered mark of ACORD Corporation. GreenlightSubs is not affiliated with ACORD. GreenlightSubs tracks documents and reminds vendors; it doesn't verify coverage with insurers.