Hundreds of insurance companies across the globe have adopted these standards. Over the years, it has developed a number of industry standards that govern the acquisition and use of data. It's a global organization that strives to improve the accuracy and efficiency of data use in the insurance sector. What Does ACORD Stand For?ĪCORD is the acronym of the Association for Cooperative Operations Research and Development. If you're signing a contract with another company, you might be required to provide a copy of your certificate of liability insurance, which is also known as an ACORD insurance certificate.
As such, many companies make sure they only hire firms that have enough liability insurance to cover any property damage or injury they may cause. Every business owner wants to avoid getting sued, especially if it's because of the negligence of a vendor.
