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BUSINESS INCOME & EXTRA EXPENSE WORKSHEET COLLEGES AND SCHOOLS (Not Public Schools) Insured 's Name: Type of College or School: Location(s) Covered: Agent / Broker: PLEASE REFER TO THE NOTES AT.

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How to fill out the Business Interruption Worksheet online

Completing the Business Interruption Worksheet online is crucial for accurately estimating your needed amount of insurance in the event of a major loss. This guide provides clear, step-by-step instructions to assist you in filling out the form correctly.

Follow the steps to complete the Business Interruption Worksheet online.

  1. Click the ‘Get Form’ button to access the worksheet and open it in your editor.
  2. Begin by entering the insured's name, type of college or school, and location(s) covered in the designated fields.
  3. Provide the name of your agent or broker in the appropriate section.
  4. Fill in the most recent 12-month period ending date and the anticipated 12-month policy period beginning date in the specified fields.
  5. List your expenses and deductions, including contractual adjustments, cost of goods sold, and any ordinary payroll expenses to be excluded or limited.
  6. Determine and calculate the business income exposure, considering specific factors such as period of restoration and the number of months anticipated for reduced income post interruption.
  7. Consult with your accountant to finalize estimates and ensure accuracy in your submissions.
  8. Once all fields are complete, save your changes, and utilize the options to download, print, or share the filled-out form.

Start completing the Business Interruption Worksheet online today to ensure your organization is adequately prepared.

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Most policies will cover business interruption as a result of: damage caused to your premises or equipment by fire, storm or flooding. the breakdown of essential equipment.

Gross Profit is defined as the amount by which the sum of - a) the turnover and the amount of the closing stock shall exceed b) the sum of the opening stock and the amount of the Specified (uninsured) Working Expenses.

BI = T x Q x V where: BI = business interruption and: T = the number of time units (hours, days) operations are shut down Q = the quantity of goods normally produced, or sold, per unit of time used in T V = the value of each unit of production, usually expressed in profit.

One way to calculate loss revenue from a business interruption is to determine the difference in sales and then subtracting the expenses saved as a result of not having the sales. In other words, determine projected sales, subtract actual sales, and then subtract expenses saved as a result of not having those sales.

Calculate the expected gross profits of the business over the indemnity period. This equals expected gross revenues minus expected changes in inventory values, business material use and freight costs.

The starting point for calculating BI values is revenues for the most recently completed twelve month financial period. Most worksheets take a top-down or deductive approach to calculating this value: annual net sales plus other earnings from business operations minus certain non- continuing expenses.

Business interruption: While commercial property pays for actual physical damages or losses, BI covers lost net income due to the closure of the business while repairs are underway. These policies may cover rent or lease payments, relocation costs, employee wages, taxes, and loan payments.

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