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Excess casualty insurance is designed to cover events that happened when the policy was in force but that may not be discovered until years later. That means a customer's coverage is only as good as the ability of the insurer to stay in business and be around when a claim is finally made.
Casualty loss deductions are subtracted from your adjusted tax basis in the property as of the year the loss occurred. Once you have a deductible casualty loss, you must use the new, adjusted basis of the property, instead of the original basis, for depreciation purposes. What's more, you can no longer use the tables to compute your depreciation expense.