What documentation is required?

Provide baseline financials, profit-and-loss statements, tax returns, payroll registers, bank statements, invoices, proof of physical loss or civil authority orders, photos, and any mitigation expense receipts. Organized exhibits that reconcile to claimed totals expedite review and reduce follow-ups.

Can this form be e-signed?

Yes. Electronic signatures are enforceable under the ESIGN Act (15 U.S.C. ch. 96) and UETA where adopted, provided intent, consent, attribution, and reliable record retention are met. Confirm any consumer-disclosure requirements for third-party financial records.

Is notarization required?

Not generally required for most BI claim forms, though some insurers or state rules may request notarized proofs of loss. Where notarization is needed, remote online notarization (RON) is acceptable if permitted by the state notary laws.

How should dates be entered?

Use MM/DD/YYYY format consistently for loss start and end dates. Inconsistent date formats can create disputes over the indemnity period; if the loss is ongoing, note 'ongoing' and submit periodic updates with supporting evidence.

What if names don't match?

If policy names, tax records, or bank accounts differ, attach corporate filings, DBA registrations, or ownership documents to verify insured identity. Name mismatches commonly delay processing and may trigger additional verification steps.

How long should I retain submissions?

Retain claim files through the active claim and for post-termination periods; follow IRS guidance for tax documents (IRC §6501(a)) and HIPAA rules for PHI (45 CFR §164.530(j)). State laws may impose longer retention periods.

Insurance BI Form

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What the Insurance BI Form Is and Why It Matters

An Insurance BI Form (Business Interruption claim form) documents financial losses when a covered peril disrupts business operations. It collects policy details, loss period, revenue and expense data, and supporting exhibits such as income statements, payroll registers, bank records, and proof of physical loss or civil authority orders. Insurers use the form to calculate indemnity under business interruption and extra expense provisions. Accurate, well-documented submissions reduce processing time, limit requests for supplemental proof, and support timely loss adjustment and settlement.

Why Completing This Form Carefully Reduces Risk

A complete Insurance BI Form preserves coverage by documenting loss magnitude, supports calculation of indemnity, and minimizes avoidable denials or delays. Clear evidence and consistent math reduce disputes and help adjusters resolve claims using policy terms.

Who Typically Prepares and Reviews a BI Claim

Primary users who complete or review this form include claims managers, insured business owners, and third-party adjusters.

Insured business owners — provide revenue and expense records, payroll details, and proof of interruption.
Insurance claims professionals — verify coverage, validate calculations, and coordinate adjuster investigations.
Forensic accountants and public adjusters — prepare loss reconstructions and detailed computation work papers.

Other stakeholders can include legal counsel, lenders, and auditors who may request certified copies during adjudication.

Step-by-Step: Complete an Insurance BI Form

Follow these steps to complete an Insurance BI Form accurately, attach required exhibits, and reduce processing delays.

01

Gather Records: Assemble tax returns, bank statements, payroll, and sales ledgers for comparison and baseline calculations.
02

Calculate Loss: Reconstruct lost revenue and extra expenses using consistent methodology and supporting schedules.
03

Attach Exhibits: Include invoices, POS reports, payroll registers, photos, and any government orders affecting operations.
04

Sign & Submit: Ensure an authorized signature and submit via insurer portal, mail, or authorized e-submission channel.

Core Sections of a Professional Insurance BI Form

A well-structured form separates policy data, loss timeline, financials, exhibits, mitigation details, and certification for efficient review.

Policy Details

Enter insurer name, policy number, coverage period, limits, and endorsements. Precise policy references identify covered causes, sublimits, waiting periods, and applicable extensions such as civil authority or extra expense endorsements.

Loss Timeline

Provide clear start and end dates of the interruption, including the date of physical loss or governmental order, and document phased reopenings or partial restoration affecting income recovery.

Financial Statements

Attach profit-and-loss statements, general ledger extracts, sales journals, and tax returns used to calculate baseline income and quantify lost profits for the indemnity period.

Mitigation Actions

Describe steps taken to limit loss, such as temporary relocations, alternative suppliers, overtime, or additional expenses incurred to resume operations faster.

Supporting Exhibits

List and attach invoices, payroll registers, bank statements, POS reports, photos of damage, inspection reports, and official orders supporting the claimed losses.

Certification

An authorized officer must sign a certification attesting to the accuracy of information under penalty of perjury and authorize release of records to the insurer or its agents.

Configuring an Online Submission Workflow

Set up a digital workflow that enforces field requirements, attachments, and secure routing to claims platforms.

Field	Configuration
File Format	PDF recommended; DOCX accepted for editable drafts
Authentication	Email verification with optional SMS or KBA for high-value claims
Attachments	Attach exhibits as separate, indexed PDFs for easy review
Retention	Set seven-year retention with legal hold capability

Technical Requirements for eSubmission and Storage

Ensure your eSubmission platform supports required formats, audit trails, and integrations with claims systems.

Integrations: Salesforce, NetSuite, or policy admin systems
Formats: PDF, DOCX, XLSX supported
Security: AES-256, TLS, SOC 2 compliance

Choose platforms that maintain chain-of-custody, searchable archives, and configurable access controls to meet audit and regulatory needs.

How a Typical BI Claim Moves Through Intake and Settlement

Understanding the claims flow helps set expectations for response times, evidence requests, and settlement stages.

Submit: Sender uploads completed form and exhibits to insurer portal or secure mailbox
Acknowledge: Insurer confirms receipt, assigns a claim number, and opens a file
Adjust: Adjuster reviews documentation and may request clarifications or additional evidence
Settle: Insurer issues payment or denial with a written calculation and reserve adjustments

Practical Examples: How Documentation Affects Outcomes

Real-world examples illustrate how thorough documentation and accurate calculations change claim outcomes and settlement timelines.

Regional Restaurant

A regional restaurant closed for ten weeks after a covered fire and filed an Insurance BI Form with detailed sales data.

Forensic accountants reconstructed weekly lost sales and validated POS reports.
The insurer reconciled reconstructed revenue to tax returns and POS reports, accepted the calculations, and paid a settlement covering lost profits and extra operating expenses after standard waiting period deductions.

Manufacturing Plant

A small manufacturer claimed business interruption from a civil authority shutdown and submitted payroll, production logs, and inventory reports.

Discrepancies in inventory counts required supplemental schedules.
After adjusting for pre-shutdown backorders and validating payroll continuity, the claim settled following negotiation over restoration period and agreed allowances for extra expense mitigation.

Common Preparation Challenges to Anticipate

Collecting historical revenue and expense data across multiple accounting systems is time-consuming and may require reconciliation by forensic specialists.
Determining the correct indemnity period and applying policy waiting periods or coinsurance clauses often leads to calculation disputes.
Missing or unorganized supporting documents such as tax returns, bank statements, and payroll reports commonly prompt insurer requests for supplemental proof.
Inconsistent period comparisons, for example using calendar versus fiscal year, can materially change loss estimates and trigger additional review.

Penalties and Risks From Errors or Omitted Information

Late Filing: May delay payment

Incomplete Proof: Claim denial risk

Incorrect Dates: Coverage gaps possible

Mismatched Names: Identity disputes

Unsigned Forms: Invalid submission

Missing Authorization: Legal challenges

Security and Compliance Considerations

Data Encryption: AES-256 at rest; TLS 1.2/1.3 in transit

Access Controls: Role-based access with multi-factor authentication

Audit Trail: Timestamps, IP, and action history retained

HIPAA Support: BAA available when PHI accompanies claims documentation

Document Formats: Accepts PDF, DOCX, XLSX, and HTML

Retention Settings: Configurable retention and legal hold options

Key Deadlines to Track for BI Claims and Related Records

Monitor claim notice, proof of loss, tax reporting, and RON recordkeeping deadlines to preserve rights and comply with regulators.

Initial Notice to Insurer:

Provide prompt notice within the period the policy specifies to preserve coverage

Proof of Loss Deadline:

Many policies require a sworn proof of loss within 60–90 days unless an extension applies

Tax Reporting Effects:

Claim recoveries and settlements may affect tax filings; consult tax counsel and IRC guidance

RON Session Records:

When using remote notarization, retain audio-video recordings as required by state RON rules, often five to ten years

Appeal Timelines:

File coverage disputes within contractual or court-prescribed limitation periods to preserve remedies

Best Practices to Reduce Review Time and Disputes

Apply repeatable practices that improve clarity, reduce disputes, and streamline insurer review.

Organize Exhibits Clearly

Number and reference each supporting document in an index, group financial schedules by period, and use cross-references in the main form to make validation straightforward for adjusters and auditors.

Use Forensic Accounting

Engage a forensic accountant for complex revenue reconstructions; document methodologies, assumptions, and formulas used, and retain work papers that support computations during insurer review or litigation.

Maintain Chain of Custody

Record how digital evidence was collected and stored, preserve metadata where possible, and use tamper-evident storage or an e-signature platform with audit trails to protect evidentiary integrity.

Confirm Signer Authority

Verify signer authority with corporate resolutions or signature cards, and provide notarization or witness attestations when the policy or state law requires them.

eSignature Vendor Comparison for Filing and Submitting BI Forms

Compare common eSignature vendors for secure submission, audit trails, and compliance; signNow is positioned first in the table below per vendor data.

	signNow	DocuSign	Adobe Sign	PandaDoc	HelloSign
Starting Price	$8/user/mo	$15/user/mo	$14/user/mo	$19/user/mo	$15/user/mo
Free Trial	7-day trial	Varies	Varies	Varies	Varies
Bulk Send	Yes	Yes	Yes	Yes	No
Audit Trail	Yes	Yes	Yes	Yes	Yes
HIPAA Compliant	Yes	Yes	Yes	No	No
Envelope Cap	No cap	100 envelopes/user/year	Varies	Varies	Varies

Frequently Asked Questions About the Insurance BI Form

Answers to common questions about completing, signing, and submitting an Insurance BI Form for U.S. claims and audits.

Need help? Contact support

What documentation is required?
Provide baseline financials, profit-and-loss statements, tax returns, payroll registers, bank statements, invoices, proof of physical loss or civil authority orders, photos, and any mitigation expense receipts. Organized exhibits that reconcile to claimed totals expedite review and reduce follow-ups.
Can this form be e-signed?
Yes. Electronic signatures are enforceable under the ESIGN Act (15 U.S.C. ch. 96) and UETA where adopted, provided intent, consent, attribution, and reliable record retention are met. Confirm any consumer-disclosure requirements for third-party financial records.
Is notarization required?
Not generally required for most BI claim forms, though some insurers or state rules may request notarized proofs of loss. Where notarization is needed, remote online notarization (RON) is acceptable if permitted by the state notary laws.
How should dates be entered?
Use MM/DD/YYYY format consistently for loss start and end dates. Inconsistent date formats can create disputes over the indemnity period; if the loss is ongoing, note 'ongoing' and submit periodic updates with supporting evidence.
What if names don't match?
If policy names, tax records, or bank accounts differ, attach corporate filings, DBA registrations, or ownership documents to verify insured identity. Name mismatches commonly delay processing and may trigger additional verification steps.
How long should I retain submissions?
Retain claim files through the active claim and for post-termination periods; follow IRS guidance for tax documents (IRC §6501(a)) and HIPAA rules for PHI (45 CFR §164.530(j)). State laws may impose longer retention periods.

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Insurance BI Form