OVERVIEW OF BUSINESS INTERRUPTION INSURANCE

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1 OVERVIEW OF BUSINESS INTERRUPTION INSURANCE ANDREW C.M. BOURNE, CPA, CMA, DIFA, CFF Partner, BDO Canada LLP - FINANCIAL ADVISORY SERVICES 2 March 2015

2 AGENDA Property Insurance vs. Business Interruption Insurance Business Interruption Claim Examples Super Crust Pizza Jimmy s Sporting Goods Common Misconceptions about Business Interruption Insurance Recap Page 8

3 PROPERTY INSURANCE v. BUSINESS INTERRUPTION INSURANCE

4 PROPERTY INSURANCE VS. BUSINESS INTERRUPTION INSURANCE Property Insurance Property insurance provides coverage to a business in the event of a loss to tangible equipment, buildings and contents. Normally, the insurance is triggered in the event of a major incident at a company s premises, including fires, floods, hurricanes, etc. Business Interruption Insurance Business Interruption Insurance is generally intended to put the company in the same financial position as if no loss incident occurred. The BI coverage is a contract between the company and the insurer to provide coverage for a limited period of time known as the indemnity period. BI coverage covers the ongoing or fixed expenses and the pre-tax net income. Page 10

5 BUSINESS INTERRUPTION CLAIM EXAMPLE SUPER CRUST PIZZA

6 OVERVIEW OF BUSINESS Super Crust Pizza Manufacturing, Ltd. Family-owned business with a head office located in the outskirts of Calgary. 2 manufacturing facilities: 1 located at the head office in Calgary 1 located outside Lethbridge The company is in the business of producing frozen pizzas on behalf of major consumer goods companies. The 2 manufacturing facilities produce similar products, but service different customers from each facility. Page 12

7 OVERVIEW OF LOSS INCIDENT April 10th, 2014 Fire Incident On April 10 th, 2014, a fire occurred at Super Crust s Calgary facility. The facility and all of its equipment was completely destroyed in the fire. Due to the specialized nature of the building and the equipment, it will take Super Crust over 12 months to return the facility to its pre-incident production. Page 13

8 IMPACT OF LOSS INCIDENT ON SUPER CRUST S OPERATIONS Shortly following the loss incident, Super Crust transfers 25% of its production to its Lethbridge location. This leads to increased transportation costs and inefficiencies in production. In addition, Super Crust contracts with competitors to transfer another 25% of its production to competitors in the province of Alberta. This leads to increased transportation costs and co-packing expenses. Unfortunately, Super Crust loses 50% of its Calgary business for over 12 months following the loss incident. Page 14

9 HOW DOES BUSINESS INTERRUPTION INSURANCE HELP SUPER CRUST? Business Interruption Insurance allows Super Crust to recover its incremental expenses and lost gross profits resulting from the loss incident. Super Crust can recover the incremental expenses incurred to mitigate approximately ½ of its business during the interruption period. Super Crust can recover the lost gross profit on the sales reduction during the interruption period. Super Crust can fund retention of key individuals which will help Super Crust open its facility in 12 months time, which will assist in re-opening the facility. One of Super Crust s key assets is its skilled and experienced employees. The only way to retain these employees is to pay them. Insurance can help Super Crust to retain these key people for the future. Page 15

10 BUSINESS INTERRUPTION CLAIM EXAMPLE JIMMY S SPORTING GOODS

11 OVERVIEW OF BUSINESS Jimmy s Sporting Goods Family-owned retail sporting goods business operating in the Calgary area. Jimmy s has been in operation for over 15 years. The local community relies upon Jimmy s to provide various sporting apparel for all 4 seasons. Jimmy s has sponsorships in place with local sports teams, including little league teams and hockey teams. Page 17

12 OVERVIEW OF LOSS INCIDENT May 1st, 2014 Flood Incident On May 1 st, 2014, a fire occurs at Jimmy s retail store. The facility and all of its stock was completely destroyed in the flood. Jimmy s facility will be closed for a 6-month period. Page 18

13 IMPACT OF LOSS INCIDENT ON JIMMY S OPERATIONS In order to mitigate the impact on its business, Jimmy s acquired a temporary location within 2 kilometres of the loss location (the temporary space was approximately half the size of the loss location). As a result of the temporary space, Jimmy s was able to maintain approximately 50% of its revenues for the 6 month interruption period. As a result of renting temporary space, Jimmy s sustained significant incremental costs to mitigate its losses. Page 19

14 HOW DOES BUSINESS INTERRUPTION INSURANCE HELP JIMMY S? Business Interruption Insurance allows Jimmy s to recover its incremental expenses and lost gross profits resulting from the loss incident. Jimmy s can recover the incremental expenses incurred to mitigate approximately ½ of its business during the interruption period Increased costs for the new lease, utilities costs, and any initial set-up costs at the temporary location). Page 20

15 HOW DOES BUSINESS INTERRUPTION INSURANCE HELP JIMMY S? (continued) Business interruption insurance provides Jimmy s with the opportunity to recover the lost gross profit on the reduction in sales. Jimmy s is able to fund the retention of key individuals which will assist Jimmy s when it returns to the original location in 6 months time. Extra Expense coverage may also assist in the recovery of certain losses set out above. Peter Rogers will address Extra Expense coverage in more detail later. Page 21

16 COMMON MISCONCEPTIONS ABOUT BUSINESS INTERRUPTION INSURANCE

17 COMMON MISCONCEPTIONS ABOUT BUSINESS INTERRUPTION INSURANCE My company will never suffer a total loss, so I don t need to insure 100% of my business. My company will never suffer a loss simultaneously at multiple facilities, so I only need to insure the value of my largest operation. My business interruption insurance limit should equal the amount of my annual net income. My business interruption insurance limit should be equal to the annual profits at the date of my Policy renewal. Business Interruption Insurance provides me the opportunity to continue paying all of my staff for the entire period of interruption. Page 23

18 RECAP

19 RECAP BUSINESS INTERRUPTION INSURANCE Business Interruption insurance covers businesses for the lost contribution to the net income and fixed expenses of the business. It also covers businesses for extra costs incurred to mitigate its insurance losses. Regardless of the expected extent of an insurance loss, the company needs to insure to the full value of its company to ensure that it can receive 100% recovery on its insurance claim. Most companies purchase property insurance to insure their assets. The reason a company is in business is to make a profit. Therefore, a business should insure for that profit. After all of the hard work required to build your business to where it is today, why would you not protect all that hard work? Page 25

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