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Business Interruption The CPA’s Perspective. November 12, 2009. Background. Charles S. Amodio, CPA, CFF, MBA Partner Bollam, Sheedy & Torani, CPA ’ s (BST) 26 Computer Drive West Albany, NY 12205 (800) 724-6700 camodio@bstco.com Specializing in Economic Damage Claims

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Business Interruption The CPA’s Perspective


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Presentation Transcript
background
Background

Charles S. Amodio, CPA, CFF, MBA

Partner

Bollam, Sheedy & Torani, CPA’s (BST)

26 Computer Drive West

Albany, NY 12205

(800) 724-6700

camodio@bstco.com

Specializing in Economic Damage Claims

Business Interruption

Lost Profits

No-Fault Automobile Claims

what do you know about business interruption
What do you know about Business Interruption?
  • Business Interruption Insurance
  • What impact will a business interruption have on your business?
  • Do you have a plan in place to deal with a business interruption?
  • Will you be able to successfully document a business interruption loss?
  • Business Income Loss Calculations
business interruption insurance coverage
Business Interruption Insurance Coverage
  • Do you have business income coverage?
  • What are you covered for?
  • Limitations to coverage
  • Do you have sufficient coverage?
  • Is the coverage right for your business?
impact of a business interruption
Impact of a Business Interruption
  • Loss of sales
  • Loss of customers/clients long-term
  • Loss of production
  • Employees and staff
  • Loss of inventory
  • Loss of records
  • Facility and equipment loss
  • Bankruptcy
  • Stress
business interruption plan
Business Interruption Plan
  • What is your first reaction?
  • Temporary facilities
  • Mitigating the loss
  • Outsourcing
  • Lease agreement
  • Recordkeeping
  • Backup financial information
  • Up to date with tax filings
  • Review insurance coverage annually
documenting a loss
Documenting a loss
  • Annual income tax records and/or financial statements
  • Monthly Profit & Loss statements
  • Sales records
  • Payroll records
  • Extra expense
  • Inventory records
  • Asset listings
  • Segregating business income loss by divisions
  • Accounting Software
understanding how losses are calculated
Understanding how losses are calculated
  • Losses are not based solely on lost sales or net income
  • Economic Loss
  • Net Income plus continued expenses
  • Gross Profit less discontinued expenses
  • Seasonality
  • Make-Up sales/Deferred Sales
  • Unrecorded sales
  • Rental properties
  • Equipment losses based on replacement cost