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INSURANCE PREMIUMS
6 Months Ended
Apr. 01, 2023
Insurance [Abstract]  
INSURANCE PREMIUMS

(6) INSURANCE PREMIUMS

 

During the first quarter of our fiscal year 2023, for the policy year commencing December 30, 2022, we paid the premiums on the following property, general liability, excess liability and terrorist policies, totaling approximately $3.281 million, which property, general liability, excess liability and terrorist insurance includes coverage for our franchisees (which is $658,000), which are not included in our consolidated financial statements:

 

(i)       For the policy year beginning December 30, 2022, our general liability insurance, excluding limited partnerships, is a one (1) year policy with our insurance carriers. The one (1) year general liability insurance premium is in the amount of $512,000;

 

(ii)        For the policy year beginning December 30, 2022, our general liability insurance for our limited partnerships is a one (1) year policy with our insurance carriers. The one (1) year general liability insurance premium is in the amount of $672,000;

 

(iii)       For the policy year beginning December 30, 2022, our automobile insurance is a one (1) year policy. The one (1) year automobile insurance premium is in the amount of $190,000;

 

(iv)       For the policy year beginning December 30, 2022, our property insurance is a one (1) year policy. The one (1) year property insurance premium is in the amount of $1,248,000;

 

(v)       For the policy year beginning December 30, 2022, our excess liability insurance is a one (1) year policy. The one (1) year excess liability insurance premium is in the amount of $634,000;

 

(vi)        For the policy year beginning December 30, 2022, our terrorist insurance is a one (1) year policy. The one (1) year terrorist insurance premium is in the amount of $14,000; and

 

(vii)        For the policy year beginning December 30, 2022, our equipment breakdown insurance is a one (1) year policy. The one (1) year equipment breakdown insurance premium is in the amount of $11,000.

 

We paid the $3,281,000 annual premium amounts on January 9, 2023, which includes coverage for our franchisees which are not included in our consolidated financial statements.