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• Being unprepared to prove one's loss may prove to be extremely costly,particularly if one had not gone through the exercise and cost of perpetually being prepared in advance. • The insurance company will not pay for betterments, meaning if you have an old Model A asset and now a Model B is only available you will not receive the settlement for a Model B loss. Check insurance contracts in this regard concerning betterments. • The insurance company may well not pay for engineering or intangible assets relating to specific tangible assets. Check the policy and/or discuss this matter with the broker. • Understand what the insurance policy says. One can under-insure as well as over-insure. A personal note. Are you prepared for a loss at your home? Do you have the proof of value and listing of the assets,or at least photos or a movie/video of the residence and the contents? Is this information somewhere else other than in your residence? All are encouraged to get prepared for an unfortunate insured event. But imagine in a loss situation how much less of a fair settlement you would receive if such data is not available. Then project this thought into your business situation. Not good? You are encouraged to cure this situation in all regards. About the Author Alex Ruden, ASA(M&TS,ARM),CO/GA,Business Valuer American Society of Appraisers Senior Appraiser, Machinery and Technical Services, Appraisal Review and Management Certified General Real Property Appraiser,Georgia,Elsewhere by Temporary Permit Business and Intangible Asset Valuation Manager Education: Villanova University,Engineering 2 years Rutgers University,BS Accounting,Emphasis on Managerial Accounting/Finance Rutgers University,Business Administration Graduate School, 75%complete Military Service: United States Marine Corp,3 years,Aviation Radar Technician Alex is the fourth generation of his family in the appraisal / valuation business. Ibis great grandfather was a Public Adjuster being a partner in a well known Manhattan insurance district firm. Both his grandfather and father were"machinery experts" assisting staff and independent insurance adjusters with their loss work. Alex worked within the family firm but eventually moved on to certain national firms prior to establishing Southeast Appraisal in 1988. The firm not only provides insurance related services but also multi-disciplined appraisal/valuation and fixed asset accounting services for financial and tax reporting,property taxation,financing,Eminent Domain matters. fixed asset accounting.and so forth. - 123-