News & Analysis as of

Wildfires

Reed Smith 2017 Southern California Wildfires Relief Resources Guide

by Reed Smith on

Though the wildfires continue to burn across California, insurance industry insiders have estimated that the reconstruction cost value for homes potentially at risk in the Santa Barbara, Ventura, Los Angeles, Riverside, and...more

Firing On All Cylinders

by Locke Lord LLP on

The wildfires raging in Northern California are already the worst in the state’s history. The risk of cataclysmic fires is greater in Southern California, but the elements (fierce winds, high temperatures, and low humidity)...more

Heard It Through The Grapevine: Wine Country Wildfires

by Locke Lord LLP on

The wine country wildfires of October 2017 are expected to have caused greater losses than any other in U.S. history. AON Benfield predicts that on an aggregated basis, “this is costliest insured wildfire event ever...more

Three Questions on Disaster Response with Ernie Abbott, Of Counsel, Baker Donelson

by Baker Donelson on

What is the status of funding for rebuilding after the recent disasters in Florida, Georgia, Texas, Puerto Rico, and the U.S. Virgin Islands, and what can we expect moving forward? After each of the big disasters that have...more

Disaster Losses and Gains for Business or Employee Property

by Moskowitz LLP on

I have business property that was destroyed in a disaster. Is the tax loss calculated the same way for business property as for personal use property?...more

Calculating Gain from Reimbursement for Loss of Personal Use Property

by Moskowitz LLP on

The proceeds from my insurance coverage were more than the adjusted basis of the property I lost but less than the fair market value. Does that mean I can't take a tax deduction?...more

Claiming Disaster Loss Deductions for Personal Use Property

by Moskowitz LLP on

How do I calculate my disaster loss? Take the lesser of the adjusted basis of the property, or the decrease in fair market value due to the disaster, and subtract any insurance or other reimbursement you received or expect...more

California Wildfires: Tax tips, what you need to know.

by Moskowitz LLP on

What types of federal tax relief am I entitled to if I lost property in a disaster? You may be eligible for several types of federal income tax relief... ...more

We’ll Drink to That… Not So Fast?

by Locke Lord LLP on

Although there are still 9 active wildfires in California’s wine country, Cal-Fire anticipates that nearly all of these will be fully contained by the end of this week. Even as the fires continue, the region’s vineyards,...more

Helping Handbook for Those Affected by Northern California Wildfires

by Morrison & Foerster LLP on

This handbook provides an overview of some of the issues that individuals, families, and small businesses may face as a result of the wildfires that swept Northern California in October 2017. Please note that this handbook...more

Is Event Cancellation Coverage Up In Smoke?

by Zelle LLP on

As of the date of the publication of this blog entry, the wildfires that have been ravaging Northern California since October 8, 2017 have been somewhat contained. However, the slightest change in weather conditions could...more

Northern California Wildfires — Important Insurance Coverage Considerations

by K&L Gates LLP on

The ongoing Northern California wildfires are already the most destructive in the state’s history. In addition to the tragic loss of dozens of lives, California officials have reported that at least 5,700 structures have been...more

Wildfires Rage: Insurance Advice for Recovery After the Smoke Clears

Some guiding principles, taken from decades of experience representing insurance policyholders in California and around the globe - The Wine Country fires, and the uncertainty of their cause, may complicate insurance...more

FinCEN Provides FBAR Relief To Victims Of The California Wildfires

by Fox Rothschild LLP on

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced today that California wildfire victims in affected areas of California have until January 31, 2018, to file their Report of Foreign Bank and...more

Tax Relief for Victims of Natural Disasters

by Moskowitz LLP on

Losing a loved one, a home, or a livelihood due to a natural disaster is among the worst things that can happen to a person. And the last thing you should be worrying about in times of crisis is your tax bill....more

In Wake of Disasters, Do Not Just Assume No Coverage Available for Cannabis-Related Losses

by Reed Smith on

As reported extensively in the media over the past week, the cannabis industry has been hit hard by recent natural disasters. While companies doing business in this industry may face some unique challenges in purchasing...more

Tax Extensions Available to Victims of California Wildfires

by Moskowitz LLP on

Yesterday, the IRS announced that victims of the California wildfires have been granted extensions to file certain individual and business tax returns. ...more

Reed Smith 2017 California Wildfires Relief Resources Guide

by Reed Smith on

Though the wildfires continue to burn across California, insurance industry insiders have estimated that the reconstruction cost value for homes potentially at risk in the Napa and Santa Rosa areas alone will be more than $65...more

Steps to Follow to Protect Your Wildfire Insurance Recovery

by Blank Rome LLP on

Steps to Follow to Protect Your Wildfire Insurance Recovery - Locate copies of your insurance policies or request them from your agent or broker. Consider and carefully review all insurance policies that might apply (such...more

You Should Know - October 2017

We Will Get Through This Together - Americans are hurting. First it was Hurricane Harvey slamming into Texas and Louisiana. Then Hurricane Irma chased thousands from their homes in Florida. Puerto Rico is still reeling...more

Fire Departments Across the Country Use Drones for Faster Response

Unmanned aerial vehicles (UAV or drones) are being sent out to fire locations as scouts, using gas sensors and cameras with thermal imaging technology to help fire departments in their rescue efforts. With this new tool, fire...more

2017 Wildfires Expected to Cause Surge in Insurance Claims

by Zelle LLP on

Wildfire season in North America is off to a raging start this year. Fire activity in the western United States increased significantly in June as preexisting dry conditions and record-setting heat events created the perfect...more

Environmental Law: H.R. 2936 a Solution to Fire-borrowing?

by Lewitt Hackman on

The federal House Natural Resources Committee (HNRC) recently passed H.R. 2936, a bill to improve the overall health of forests and other lands across the country. The bill was introduced by Bruce Westerman (R-AK), who is...more

110th Tennessee General Assembly Session Ends for 2017

The Tennessee Legislature completed its first session of the 110th General Assembly this Wednesday. The flag flying over the Capitol, signifying the body is in session, was taken down. The General Assembly will reconvene on...more

Gatlinburg Property Owners Affected by Wildfires May See Tax Relief

Property owners affected by the Gatlinburg fires last fall could receive tax relief – thanks to a bill approved by the Senate State & Local Government Committee this week....more

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