The Four KEY Business Income Concepts
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1 The Four KEY Business Income Concepts Thursday, February 28, 2013, 8:30 a.m. Christopher J. Boggs, CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA, CRIS, AINS Director of Education Insurance Journal Academy of Insurance Matthews, N.C. Christopher J. Boggs, the director of education with Insurance Journal s Academy of Insurance, is charged with managing all operations of the academy including researching, preparing, and presenting technical insurance training webinars; managing a group of renowned instructors; developing and managing the online training schedule; and promoting the academy. One of Boggs current projects is the creation of continuing education classes for CE providers to license rather than spending their time developing a class. Beyond these duties, Boggs also writes articles, white papers, mini books, and books covering a wide array of insurance and risk management topics. Prior to being appointed director of education, Boggs was an associate editor with Insurance Journal, writing most often for its MyNewMarkets website. As associate editor, Boggs produced and edited articles and commentaries focused on coverage issues, market trends, policy comparisons, and risk evaluations. During his tenure in this position, Boggs authored more than 250 insurance- and risk management-related articles on topics as diverse as credit default swaps, the real purpose of the MCS-90, and the truth about enterprise risk management. With more than 22 years in insurance and risk management industries, Boggs background prior to the Insurance Journal includes experience in loss control, insurance production, consulting, and teaching. Besides the Insurance Journal, Boggs articles and research papers have been featured in International Risk Management Institute's The Risk Report, The John Liner Review, RIMS' Risk Management magazine, the American Public Power Association magazine, and several CPCU s Risk Management Interest Group magazines. In addition to his professional experience and activities, Boggs has written and published five insurance and risk management books. Boggs released his first two books in 2009: "The Insurance Professional's Practical Guide to Workers' Compensation: From History through Audit," in April, which is already in its second edition, and "Business Income Insurance Demystified: The Simplified Guide to Time Element Coverages in August., The second edition became available in July Boggs third book, Property and Casualty Insurance Concepts Simplified: The Ultimate How to Insurance Guide for Agents, Brokers, Underwriters and Adjusters, became available in April Wow! I Never Knew That! 12 of the Most Misunderstood and Misused P&C Coverages, Concepts and Exclusions, Boggs fourth book, hit the market in 2011, as did his fifth book, Insurance is Not Risk Management! The
2 Insurance Professional s Guide to Risk Management and Insurance. A graduate of Liberty University in Lynchburg, Va., with a bachelor s degree in journalism, Boggs has continually pursued career-related education, obtaining nine professional insurance designations. These are the Chartered Property Casualty Underwriter, Associate in Risk Management, Associate in Loss Control Management, Legal Principles Claims Management, Accredited Advisor in Insurance, Associate in Premium Auditing, Certified Workers Compensation Advisor, Construction Risk and Insurance Specialist, and the Associate in General Insurance designations. Session Description: Business income protection is of utmost importance if any business is to survive following a catastrophic loss. Properly understanding business income (a.k.a.: time element ) protection necessitates a full understanding of four key business income definitions and concepts: Business Income what it REALLY means Period of Restoration and its effect on coinsurance and coverage limits Operational Capability when is it reached Time Doctrine (why business income is called time element coverage) Each of these definitions and concepts will be discussed in this one-hour session. As odd as it sounds, this one, single, solitary hour may serve to simplify a coverage that leaves many insurance professionals cowering in the corner. Hyperbole, maybe or maybe not! You have to be there to find out. Top Three Session Ideas Tools or tips you learned from this session and can apply back at the office
3 The Four KEY Business Income Concepts Session Outline Overview Business Income Definition Key Terms o Net Income o Continuing Normal Operating Expenses Period of Restoration (POR) Definition Specific Requirements Objectives 10 Factors Affecting POR Building Codes and the POR o Jurisdiction Enforcement Categories POR Time Factors POR and Coinsurance POR and Coverage Limit Operation Capability Time Doctrine Questions & Answers
4 The Four KEY Business Income Concepts CHRISTOPHER J. BOGGS, CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA, CRIS, AINS DIRECTOR OF EDUCATION INSURANCE JOURNAL ACADEMY OF INSURANCE Agenda Four KEY Concepts Business Income Period of Restoration Operational Capability Time Doctrine 2013 NAMIC Commercial Lines Seminar - Boggs Page 1 of 9
5 Business Income Defined Net income or loss that would have been earned or incurred had no loss occurred PLUS continuing normal operating expenses, including payroll. Key Terms in Business Income Net Income : Continuing Normal Operating Expenses : 2013 NAMIC Commercial Lines Seminar - Boggs Page 2 of 9
6 Period of Restoration Defined Time period beginning after the direct physical loss or damage and ending on the earlier of (1) the date the property should be repaired, rebuilt or replaced with reasonable speed and similar quality; or (2) the date when business is resumed at a new permanent location. Specific Requirements Direct physical loss/damage to the insured property itself (can be endorsed to other property) Loss causes a suspension of business operations Damage is caused by a Covered Cause of Loss 2013 NAMIC Commercial Lines Seminar - Boggs Page 3 of 9
7 Four Period of Restoration Objectives 1. Repair or rebuild the insured structure or find an alternative permanent location 2. Locate, purchase, install and have operational replacement machinery and equipment 3. Replace or replenish stock 4. Return as quickly as possible to the same level of operational capability existing just prior to the loss 10 Factors Affecting POR 1. Time to adjust the direct property loss; 2. Building plans must be drawn and approved; 3. A contractor must be found and hired; 4. The insured must apply for an wait for building permits to be issued; 5. Site preparation must be scheduled and completed, including clearing the site of damaged or destroyed property; 2013 NAMIC Commercial Lines Seminar - Boggs Page 4 of 9
8 10 Factors - Continued 6. Time required to rebuild (may be adversely affected by 10. ); 7. Time required to restock; 8. Rehiring and hiring new employees; 9. Replacement machinery and equipment must be found, purchased, installed and made operational; and 10. Federal, state or local government may involve themselves following a loss. Building Codes and the POR The unendorsed BI policy excludes increased rebuilding time resulting from enforcement of any building code. Building codes increase the time and cost to rebuild NAMIC Commercial Lines Seminar - Boggs Page 5 of 9
9 Building Codes and the POR Jurisdictional enforcement of building codes fall under one of two broad categories: 1. The Percentage Rule: 2. The Jurisdictional Authority Rule: Building Codes and the POR The business income policy must be endorsed to account for any increase in building time attributable to an ordinance or law! 2013 NAMIC Commercial Lines Seminar - Boggs Page 6 of 9
10 Period of Restoration Time Factors The 10 period of restoration factors are not necessarily linear or in order of importance. Several steps may be able to be accomplished simultaneously. Period of Restoration & Coinsurance The coinsurance percentage is a function of the estimated worst case period of restoration: POR/12 = Coinsurance % 2013 NAMIC Commercial Lines Seminar - Boggs Page 7 of 9
11 POR and Coverage Limit The business income limit is a function of the 12- month business income exposure and the coinsurance percentage (Note: the coinsurance percentage is a direct function of the POR) Coinsurance % x 12-month BI exp. = BI Limit Operational Capability An entity s ability to operate at or as nearly as possible at pre-loss sales or production levels. Not to be confused with pre-loss income levels! 2013 NAMIC Commercial Lines Seminar - Boggs Page 8 of 9
12 Time Doctrine All business income losses are settled based on the coverage limit purchased. An accurate business income coverage limit calculation depends on the legitimate estimation of the worst-case period of restoration. Estimating the worst-case period of restoration necessitates understanding the time required to accomplish the 10 steps within the four period of restoration objectives. The key to business income is the correct estimation of time. Books Published 2013 NAMIC Commercial Lines Seminar - Boggs Page 9 of 9
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