Time Element Coverages Exposure Analysis Checklist

TIME ELEMENT COVERAGES EXPOSURE ANALYSIS CHECKLIST

(December 2025)

This checklist is intended to help initiate the analysis of time element coverage. It provides an initial baseline, and as exposures expand, additional risk-specific questions may arise. This process should be supplemented with checklists for other coverages to develop a complete understanding of the insured’s operations.

This checklist is intended to complement the ACORD application.

Related Article: Time Element Coverages ACORD Form Considerations

A list of endorsements may be helpful when discussing exposures with your client.

Related Articles:

Time Element Coverages Available Endorsements and Their Uses

Time Element Coverages Endorsements Checklist

One of the main challenges in developing time element values is that it can be quite difficult.

Related Articles:

Extra Expense Worksheet

CP 15 15–Business Income Report/Worksheet

Business Income Sample Monthly Limitation Worksheet

NOTE: This exposure analysis includes the Commercial Property Program Exposure Analysis because the exposures impacting Commercial Property coverages also affect Time Element coverages.

GENERAL INFORMATION

Legal business name(s)

____________________________________________________________________________________

Mailing address:

____________________________________________________________________________________

Type of entity:

___ Individual	___ Corporation	___ Sub-S Corp.
___ Partnership	___ Joint Venture
___ Not-for-profit	___ Limited Liability Company

SIC Code(s): _________________________________________________________________________

NAICS Code(s):_____________________________________________________________________________________

Federal ID Number: _________________________________

When did the applicant start business operations? __________

When did the present management assume control? __________

How many years of experience does the owner have in this type of business? __________

How many years of experience does the manager have in this type of business? __________

Has the applicant ever been involved in a bankruptcy procedure? ___ Yes ___ No

If yes, explain, including the type of bankruptcy, the filing date, and the resolution.

____________________________________________________________________________________

Names of subsidiary companies or joint ventures that are not part of this application:

____________________________________________________________________________________

Important People	Name	Phone Number
Owner/Principal:	____________________________________	____________________
Other Decision Makers:	____________________________________	____________________
Plant and Grounds:	____________________________________	____________________
Financial:	____________________________________	____________________
Legal:	____________________________________	____________________
Claims:	____________________________________	____________________

The applicant’s primary operations are:

____________________________________________________________________________________

The applicant’s secondary and incidental operations are:

____________________________________________________________________________________

The applicant used to be involved in the following operations, but they have been discontinued:

____________________________________________________________________________________

The hours of operations are: _____________________________________________________________

How many days per week is the applicant open? ______

Is this a seasonal operation? ___ Yes ___ No

If yes, what is the season? From _____________ to _____________

Does the applicant have a safety program? ___ Yes ___ No

If yes, answer the following:

Name of safety director: _________________________________________________________

Safety director phone number: __________________________________________________

Safety director email address: ____________________________________________________

Attach a copy of the safety program.

Does the applicant have a disaster plan? ___ Yes ___ No

If yes, answer the following:

Name of disaster coordinator: ____________________________________________________

Disaster coordinator phone number: _______________________________________________

Disaster coordinator email address: ________________________________________________

Attach a copy of the disaster plan.

PROPERTY – BUILDING

Premises #_______ Building # _______

Location address:

____________________________________________________________________________________

Does the applicant own the building? ___ Yes ___ No

If no, answer the following:

Who owns the building?

_________________________________________________________________________________

Is the applicant contractually obligated to insure the building? ___ Yes ___ No

If yes, attach a copy of the contract.

If the building sustains a major loss, would the applicant replace it with the same type of
structure? ___ Yes ___ No

If no, what would the applicant do?

____________________________________________________________________________________

If the building sustains a major loss, what new building codes would be imposed on the applicant in order to rebuild?

___________________________________________________________________________________________________

Describe any barriers that would prevent the fire department from responding to a fire at the applicant’s building in a timely manner. These could include locked gates, railroad crossings, and congested or narrow roads.

___________________________________________________________________________________________________

Describe any barriers or bottlenecks that would prevent efficient evacuation of the building.

___________________________________________________________________________________________________

How many fire extinguishers and smoke alarms are on the premises?

_______Fire extinguishers _______Smoke alarms

When was the building built? __________

In what year were the following systems last updated?

_________Heating _________ Electrical _________ Roof _________ Plumbing

Have any additions been made to the building? ___ Yes ___ No

If yes, describe the addition and the date it was completed.

____________________________________________________________________________________

PROPERTY – BUILDING – ADDITIONAL PROPERTY

Premises # _______ Building # _______

Location address:

____________________________________________________________________________________

The ISO Building and Personal Property coverage form excludes the following property. If you need coverage for any of them, check the box and place a limit under the selected valuation.

	RCV	ACV
Costs required to excavate, grade, fill, or backfill	$____________	$____________
Fences	$____________	$____________
Bridges	$____________	$____________
Piers/wharves, docks, pilings, or bulkheads	$____________	$____________
Underground pipes, flues, and/or drains	$____________	$____________
Paved surfaces	$____________	$____________
Foundations below the ground’s surface	$____________	$____________
Detached retaining walls	$____________	$____________
Other	$____________	$____________

Describe Other

___________________________________________________________________________________________________

NOTE: Coverage applies only if CP 14 10–Additional Property is attached. The property to be covered must be fully described, and the 'Property Not Covered' paragraph in CP 00 10 should indicate the not-covered property is now included. Additionally, the building limit on the declarations must be increased to account for the value of the additional property because the coinsurance calculation also includes that property’s value to determine the coinsurance penalty once the property is added.

PROPERTY – BUSINESS PERSONAL PROPERTY

Premises # _______ Building # _______

Location address:

_______________________________________________________________________________________

Describe the business's personal property.

_______________________________________________________________________________________

Do the applicant’s business personal property values fluctuate? ___ Yes ___ No

If yes, is the fluctuation ___Monthly ____Seasonal (from_________ to _________)

Is the business personal property:

Highly flammable: ___ Yes ___ No

Susceptible to severe damage from: ___Smoke ___ Heat ___ Water ___ Temperature

Do any other occupancies in this building present a significant exposure hazard to the applicant?

Examples include explosion, fire, or chemical hazards, but are not limited to just these. ___ Yes ___ No

If yes, describe.

____________________________________________________________________________________________

Would the applicant’s business personal property be damaged if the off-premises supplied heat, light, or power failed? ___ Yes ___ No

If yes, answer the following:

Describe what would be damaged and how quickly.

____________________________________________________________________________________

How is the heat, light, or power transmitted to the applicant?

_________________________________________________________________________________

Will alarms sound, or will there be other notifications if power fails or shuts off? ___ Yes ___ No

Are backup generators available? ___ Yes ___ No

Are detailed records kept of all inventory, machinery, fixtures or equipment, including purchase date and price? ___ Yes ___ No

Are all items labeled and assigned inventory numbers? ___ Yes ___ No

BURGLAR ALARM

Describe any burglary exposures beyond what is usual to the applicant’s type of business.

_______________________________________________________________________________________

Describe any special features of the applicant’s burglar alarm or safe or vault alarm systems not noted elsewhere.

_______________________________________________________________________________________

IMPROVEMENTS AND BETTERMENTS

Is the applicant a tenant? ___ Yes ___ No

If yes, answer the following.

Describe all improvements or betterments that have been added by or for the applicant but that will remain with the building when the applicant leaves.

____________________________________________________________________________________

What is the term of the applicant’s lease? ___________________________________________________

What is the applicant’s lease renewal option term? ____________________________________________

PROPERTY – BUSINESS INCOME

Premises # _______ Building # _______

Location address:

_______________________________________________________________________________________

What expenses of the applicant continue during any business suspension?

$______________ preceding 12 months $______________ current year

How many days does the applicant need to resume operations? _________________________

Will the applicant’s net income equal its pre-loss levels as soon as operations resume? ___ Yes ___ No

If no, how many days will it take for the applicant's income to return to its pre-loss level?

___ 30	___ 60	___ 90	___ 120	___ 150	___ 180
___ 210	___ 240	___ 270	___ 310	___ 340	___ 370

Describe a piece of equipment or type of operation that might force the applicant to suspend operations until it is replaced, repaired, or resumed.

_______________________________________________________________________________________

PROPERTY – LEASEHOLD INTEREST

Premises #_______ Building # _______

Location address:

_______________________________________________________________________________________

Is the lease between the lessor and the applicant in writing? ___ Yes ___ No

If yes, attach a copy of the lease.

What is the agreed-upon monthly rent? $________________

What is the estimated monthly cost to rent similar nearby facilities? $________________

Did the applicant make a cash payment, such as a non-refundable advance rent or a bonus, in order to lease the current space? ___ Yes ___ No

If yes, what was the amount? $________________

What is the value of improvements and betterments the applicant made to the leased premises:

$ _____________

What is the term of the applicant’s lease? _________________________________________________________

What are the applicant’s lease renewal term options? ________________________________________________

Does the applicant occupy the premises? ___ Yes ___ No

If no, answer the following:

Does the applicant sublet any or all of the premises? ___ Yes ___ No

If yes, is the lease between the applicant and the sub-lessee(s) in writing? ___ Yes ___ No

If yes, attach a copy of the lease.

PROPERTY – EXTRA EXPENSE

Premises # _______ Building # _______

Location address:

_______________________________________________________________________________________

Would it be necessary to resume operations immediately following a direct damage loss, regardless of cost? ___ Yes ___ No

Develop an estimate of the extra expense exposure using the following formula:

$ _____________ Estimated daily expenses in excess of normal (rent, employees, utilities, etc.)

X _____________ Estimated number of days the extra expenses may have to be incurred

= $ ____________ Total exposure for daily expenses

+ $ ____________ Anticipated one-time expenses (equipment, generators, transport cots, advertising, etc.)

= $ ___________ Total extra expense exposure

Attach a copy of the current emergency plan to ensure uninterrupted services.