McGuireWoods recently launched a webpage that offers vital resources to support those affected by the devastating Los Angeles fires and other disasters.
The most recent fires in the Los Angeles area have caused extensive damage, resulting in significant financial losses for individuals and businesses. Many businesses have property insurance that will cover losses from these fires and other disasters. Such insurance may cover physical property damage and additional expenses. This insurance also may cover financial losses related to the disasters, including economic losses suffered far from the disaster areas and economic losses over months, or even years, after the disasters.
So far, the fires have impacted communities, businesses and individuals across Southern California. But businesses located outside of the affected areas, including outside the Golden State, should consider potential losses — for example, income loss resulting from the fires’ impact on customers or suppliers — that also may be covered by insurance.
Despite the destruction caused by the fires, businesses can maximize their recovery for claims by taking several steps:
- review insurance policies to understand coverage specifics;
- check the governing laws and rules, including California’s Fair Claims Settlement Practices Regulations and California Department of Insurance Bulletins and Notices;
- notify insurers to comply with policy conditions;
- document all costs/expenses and the extent of physical damage (photographs and videos);
- submit proof of loss by the time stated in insurance policies;
- reasonably cooperate with insurers in their investigations;
- request early or advance payments for losses (physical and economic); and
- don’t take “no” for an answer without appropriately considering all bases for disagreeing.
Those impacted by the Los Angeles fires and other disasters have recourse and McGuireWoods’ dedicated insurance recovery team can help.
Practice Co-Leaders
- Kirk A. Pasich, Partner (Los Angeles)
- Shaun H. Crosner, Partner (Los Angeles)
- Anthony P. Tatum, Partner (Atlanta)
For more information about the McGuireWoods resources mentioned above, click here.