Tens of thousands of insurance claims draws army of adjusters to city

Losses from last week’s hailstorm will exceed those from May 10 tornadoes, insurance experts say.

BY DON MECOY | Published: May 26, 2010 Comment on this article

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IRS OFFERS SOME DISASTER RELIEF

Victims of damage from severe storms, tornadoes and straight-line winds beginning May 10 in Oklahoma may qualify for tax relief from the Internal Revenue Service.

President Barack Obama has declared Carter, Cleveland, McIntosh, Okfuskee, Oklahoma, Pottawatomie and Seminole counties federal disaster areas, and the IRS is postponing until July 9 certain deadlines for taxpayers who live or operate a business in the area.

For those who already filed federal individual income tax returns for 2009, disaster-related casualty losses may be claimed against 2009 individual income taxes by amending the previously filed return using a Form 1040X. Affected taxpayers who owed an estimated payment between May 10 and July 9 also would have until July 9.

The IRS also will waive the failure-to-deposit penalties for employment and excise deposits due on or after May 10 and on or before May 25, as long as the deposits were made by May 25.

If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply.

"It’s been a long time since I’ve seen hail this bad,” Dolezal said Tuesday.

Estimates of insured losses still are being compiled, although insurance experts expect the hailstorm will be more expensive than the deadly tornadoes that hit parts of Oklahoma on May 10.

"That’s what the claims count seems to be showing,” said John Lucido, Farmers Insurance Group executive director for Oklahoma. "The property and auto claims from the hail are higher than from the tornadoes.”

Farmers has deployed about 235 adjusters to the Oklahoma City area to deal with thousands of claims, Lucido said.

Jerry Johns, president of Southwest Insurance Information Service, earlier estimated that insured losses from the May 10 tornadoes would be in the "tens of millions of dollars.

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