b'STEPS TO AVOID COSTLY INSURANCE MISTAKESby NIE Business InsuranceBUILDING depreciationisthemaximumNIEdepreciates If you own your building or your lease requires youbuildings in the event of a loss.to carry the insurance, are you adequately insured?BUSINESS PERSONAL PROPERTYYouwanttomakesureyouhavetheappropriateYour Business Personal Property is located in or on limitsbeforealossoccurs.Thedenitionofthethe building described on the declarations pages of buildingisthestructureitself. Keepinmindtheyourpolicyorwithin100feetofthedescribed value of the land should never be included in thepremises,consistingoffurnitureandxtures, limit. machinery&equipment,stock,improvements& There are ways to check to make sure your Buildingbetterments(whichincludesxtures,alterations, iscoveredproperlysoyouavoidcostlyinsuranceinstallations or additionsall things you cannot take mistakes: Have a replacement cost survey done onwithyou). ItalsoincludesanyleasedBusiness your building Personal Property for which you have a contractual Ask a builder in your area what the dollar amountresponsibility.per square footage is running to calculate your limit TakeapersonalinventoryofallyourBusiness Ask your agent for help. NIE orders detailed on-sitePersonalPropertyandwriteeverythingdown. surveys on every property we insure. Upon receiptCalculateguresforreplacementcostvalueon ofthatsurvey,wewillprepareadetailedeach item to determine a limit.replacement cost survey on that building.We willSuggested ways to make sure you have adequate send you a copy of that survey to make sure youlimits on your Business Personal Property:are in agreement.If you feel changes need to be Askyourequipmentvendortoreviewtheprices made,youmaymakethosechangesandsendyouputonthevaluesofyourBusinessPersonal back to NIE for revision. Property to make sure it is within reasonRemember, the market value of your building is notMakesuretaxes,installationanddeliveryare thesameastheinsurableorreplacementvalue.included.You may be able to sell the building for $1,000,000,Ask your agent to review and see if they have any butitmightonlycost$500,000torebuildbigsuggestions and/or changes to make.difference and important to understand. If you are an NIE policyholder, we have designed a Two ways to insure your building are: replacement cost survey to help you determine an Replacement cost valuethe cost to rebuild withadequate limit for your Business Personal Property like kind and quality at the time of the loss; so you can avoid costly insurance mistakes. Actual cash valuethe replacement cost of thebuilding, minus physical depreciation. Buildings areIt is a great tool to take advantage of.Once you normallydepreciated1%peryearofage. 50%complete the survey, we input the data in our Midwest Drycleaning & Laundry Institutewww.MWDLI.org/ 800-638-2627 12\x00'