Gulf Coast Property Damage. BP Oil Spill Settlements

In December, 2010, Kenneth Feinberg, the administrator of the Gulf Coast Claim Facility, announced that the next stage of compensation program for the victims of the BP oil spill would soon be provided so that all the eligible claimants could receive their BP oil spill payments. In the result of the horrible Gulf of Mexico oil spill, which occurred on April, 20, 2010, five Gulf Coast states became seriously affected. Hundreds of thousands of property owners have sustained considerable financial losses and many of them went bankrupt.

Though the oil spill claims process is still in progress, the Gulf Coast Claims Facility issued the Status Report dated February 23, 2011. According to this report, 492,229 claims have been processed by the GCCF, including 403,049 individual claims and 89,180 business claims. All claims have been filed in 6 main categories, including Lost Earnings or Profits, Loss of Subsistence Use of Natural Resources, Removal and Clean Up Costs, Damage to Real or Personal Property, Physical Injury or Death as well as other related claims.

It is reported that 169,261 Gulf oil spill settlements have been successfully reached and claimants were paid over $3.4 billion. Among them, over $2.5 billion were paid to 168,869 claimants, who appealed for the Emergency Advanced Payments and 91,290 individuals and businesses, who applied for Quick Pay, Full Review and Interim Payments  received about $848 million. In accordance with the GCCF Status Report, 33 individual claimants were paid up to $500,000 each, while 103 business claimants received more than  $500,000 each.

Gulf Oil Spill Settlements

Prior to filing a BP oil spill claim, it is recommended to get to know whether you are eligible to the BP Gulf oil spill compensation. For example, if you faced BP oil spill property value loss, you are eligible for compensation.

Those claimants, who were lucky to reach Gulf oil spill settlements, admit that the whole procedure was not quite complicated. First, they had to decide what type of compensation they would like to get. Those claimants, who wanted to receive emergency relief for damages, which were caused by the oil spill, applied for Emergency Advanced Payments. They just had to fill out GCCF application forms and submit all the required documentation to confirm their claim.

Those who did not manage to file claims for Emergency Advanced Payments until November 23, 2010, filed either a Full Review Final Payment or Interim Payment Claims. Interim Payments cover compensation of all the past damages caused by the oil spill, while Full Review Final Payments presuppose coverage of all past and future losses associated with the incident.

To file an Interim Claim, the claimants had to fill out and submit an Interim Payment Claim Form and supporting documents as well. If a claimant had previously submitted the Emergency Advance Payment Claim, he/she was required to fill out the claim form only. By the way, Interim Payment claims have to be submitted every quarter of the year. Claimants, who decided to file Full Review Final Payment claims, were required to undergo the same procedure, but to fill out Full Review Final Payment Claim Forms.

After the claims were filed and submitted into the GCCF database, all claimants received private Claimant Identification Numbers. The GCCF had 90 days to determine whether to make a payment or not and (if the decision was positive) the amount of money that had to be paid. All claimants, who reached Gulf oil spill settlements, were notified about that in written form. In case of the Final Payment, claimants had to sign a release of legal rights. Generally, the GCCF required 14 days to issue the payment.

If you or someone you know has sustained serious Gulf Coast property damage or loss, you should not fall into despair. Instead, you may be entitled to the BP oil spill compensation. Please fill out our online form, or call 1 800 LAW INFO (1-800-529-4636) to discuss your case with one of our Gulf Coast lawyers today.