Get the free Loss of Income Worksheet and Extra Expense Worksheet

This document provides worksheets for estimating loss of income and extra expenses due to disruption of operations following damage or destruction of premises. It contains sections for calculating

How to fill out loss of income worksheet

How to fill out Loss of Income Worksheet and Extra Expense Worksheet

1. Begin by gathering all relevant financial documentation, such as tax returns, profit and loss statements, and bank statements.
2. For the Loss of Income Worksheet, identify the period during which income was lost due to the incident.
3. Calculate your average monthly income prior to the incident by reviewing financial records.
4. Document any additional income streams that may have been affected.
5. Input the calculated income loss for each month affected into the worksheet, ensuring to note the source of income.
6. For the Extra Expense Worksheet, list all additional expenses incurred as a direct result of the incident.
7. Categorize these expenses, providing details like dates, descriptions, and amounts for each extra expense.
8. Total each section: the loss of income and the total extra expenses at the end of each worksheet.
9. Review to ensure all necessary documentation is attached and all entries are accurate.

Who needs Loss of Income Worksheet and Extra Expense Worksheet?

1. Anyone who has experienced a financial loss due to a displacement event, such as a natural disaster or business interruption.
2. Business owners seeking compensation for lost revenue and additional costs incurred during recovery.
3. Individuals or families who are unable to work due to a covered incident affecting their income.

For pdfFiller’s FAQs

What is Loss of Income Worksheet and Extra Expense Worksheet?

The Loss of Income Worksheet is a document used to calculate lost income due to a business interruption, while the Extra Expense Worksheet is used to document additional costs incurred to maintain operations during such interruptions.

Who is required to file Loss of Income Worksheet and Extra Expense Worksheet?

Business owners who experience income loss or incur extra expenses due to events like property damage, natural disasters, or other interruptions are required to file these worksheets.

How to fill out Loss of Income Worksheet and Extra Expense Worksheet?

To fill out these worksheets, businesses should gather financial records that reflect prior income and expenses, estimate the duration of the interruption, and document any extra costs incurred to mitigate losses during the interruption period.

What is the purpose of Loss of Income Worksheet and Extra Expense Worksheet?

The purpose of these worksheets is to accurately assess and document financial losses and extra costs due to business interruptions, which can be used for insurance claims or financial planning.

What information must be reported on Loss of Income Worksheet and Extra Expense Worksheet?

Required information includes historical income data, projections of lost income, detailed descriptions of extra expenses incurred, and the time frame of the business interruption.