Thursday, November 17, 2011

Ranch Insurance and Operating Companies

When I read articles like these, I questions whether my clients maintain enough insurance and have proper operating companies in place to protect their personal assetts from these types of claims:

$17 million Zaca Fire costs repaid

La Laguna Ranch LLC, Rancho La Laguna LLC, La Laguna Cattle Company LLC and Rancho Reata LLC made the final $5.5 million payment Tuesday to the U.S. Treasury in a $14 million federal settlement over the 2007 Zaca Fire, according to the U.S. Attorney’s Office in Los Angeles
The companies, which agreed to the settlement without admitting fault, also paid $3 million to the California Department of Forestry and Fire Prevention, the U.S. Attorney said.
The Zaca Fire ignited on July 4, 2007, when employees of La Laguna Cattle Company were using a grinder to repair a section of metal pipe.
Sparks from the grinder ignited dry vegetation, which started the fire.
It quickly spread from the ranch property to state and then federal land in Los Padres National Forest, where it burned 228,000 acres until it was fully controlled months later, on Oct. 28, 2007.
The Zaca Fire was the second largest wildfire in California history. At its peak, thousands of fire personnel were assigned to the blaze, which injured 43 people and destroyed one outbuilding.
However, no one was killed and no major structures were lost as the fire was steered away from communities and into Los Padres National Forest.