Business Income Losses

Level: Intermediate

Why you need this course:
After completing this course, you’ll be able to evaluate financial statements and apply the information to a business income loss.

Upon successful completion of this course, you should be able to:

• Explain the purpose of business income coverages.
• Explain the basics of accounting for organizations and how losses affect accounting statements.
• Explain the insuring agreement of the Business Income (and Extra Expense) Coverage Form (BIC).
• Explain the types of, and the extent of, extra expense coverage under the BIC policy.
• Given a loss, calculate the loss of business income.
• Explain how to determine the period of restoration.
• Explain the additional, optional, and extended coverages under the BIC.
• Explain the application of the coinsurance requirement or optional coverages instead of coinsurance for the BIC policy.

Cost: $20 per Professional Development Hour (PDH). Information on Professional Development Hours (PDH) provided can be found here.

Business Income Losses Topics Include:

• The purpose of business income coverages
• The basics of accounting for organizations and how losses affect accounting statements
• The insuring agreement of the BIC policy
• The types of and the extent of extra expense coverage under the BIC policy
• Calculating the loss of business income
• Determining the period of restoration
• Additional, optional, and extended coverages under the BIC
• Application of the coinsurance requirement or optional coverages instead of coinsurance for the BIC policy

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