Camp Fire Now Deemed Costliest Natural Disaster of 2018

The Camp Fire has now been deemed the costliest natural disaster of 2018 in the latest news, completely destroying the town of Paradise and threatening to bankrupt PG&E, who will likely be found responsible for the entire incident. The Camp Fire was recently declared the deadliest and most destructive fire in all of California history.

Today, the losses of the entire fire are coming out close to $16.5 billion. Only about $12.5 billion of these losses were insured. Along with that, the fire spread over a span of 150,000 acres and killed 88 people, causing injuries to many others. Families lost their homes and the entire town of Paradise was scorched, making it nearly impossible to rebuild just as it was.

Because of the severity of the fire, this past week it was also stated in a press release that PG&E could be facing severe penalties such as murder or manslaughter as well due to its role in the blaze. In December, many families joined together so that they could file a lawsuit against PG&E, alleging that their equipment was not properly maintained and that this is why the entire wildfire event took place.

Now, based on this recent report, Hurricane Michael stands at only the second most expensive natural disaster of the world in comparison.

How Will PG&E Pay?  

Now that PG&E is facing virtually billions in potential losses due to their negligent role in the Camp Fire, they might choose to sell their natural gas division or file for bankruptcy. PG&E has filed for bankruptcy in the past so this will not be a new event, but one that could help them get back on track as they repay those who have suffered some of the most detrimental effects.

For now, the investigation continues, as the exact cause of the event is still being scrutinized at this time. The Public Utilities Commission is currently in charge of the major investigation that takes place at this time as they look into the company’s safety practices following the immense Camp Fire. Investors are starting to flee and stocks are down, which means that PG&E might be left to take care of many of these matters on their own. The truth is, they will likely not be able to pay unless they can turn toward the option of bankruptcy over this matter.

Many people who have received serious losses in this horrible natural disaster caused by the recklessness of a corporation are finding that their insurance might not cover everything and that they are on-the-hook for a variety of damages that they never thought they would have to face. Many people have received losses related to the loss of a loved one, injuries, loss of homes, loss of their business and land, and more.

At the Marlene Leiva Law Group, our wildfire accident attorneys understand how difficult it can be for you to move forward after you have sustained damages in this life-changing fire that has affected many. Even when you are feeling hopeless and wonder how you will receive necessary compensation to help you through this desperate time, you might wonder how you can move forward with the help of an attorney. We will answer all of your questions at this time. We can help you understand the ins and outs of the lawsuit against PG&E and how you can become a part of it. Contact us for more information at 415-459-7300.