BP Property Value Claims. Filing a BP Claim

On December 13, 2010 Kenneth R. Feinberg, the administrator of the Gulf Claims Facility, reported that additional compensation for BP oil spill claimants would be provided in an effort to give claimants an opportunity to file their BP spill claims to get  damaged property covered.

Thousands of real property owners had their hotels, restaurants, charter boats, estates, lodging facilities etc. damaged or lost in the result of the Gulf of Mexico oil spill, which happened on April 20, 2010. The effects of this horrible ecological disaster led to almost half a million BP claims reviewed by the GCCF. Moreover, the incident’s negative impact is still observed today throughout Florida, Louisiana, Alabama, Mississippi and Texas.

Experts caution that it will be some time before the full environmental impact of the disaster is known. Eight  national parks and more than  400 endangered species of birds and water animals call the area home. One of the most frightening reports is that current oil spill water samples indicate that carcinogens are contained in it.

BP Oil Spill Economic Impact

The above mentioned environmental impact of BP oil spill substantially affected the region’s economy, especially international tourism, recreation, shrimping and oyster farming, commercial fishing. At the end of April 2010 the Coast Guard was reported that oil was observed near Delta National Wildlife Refuge and Breton National Wildlife Refuge. The National Oceanic and Atmospheric Administration considered it appropriate to ban recreational and commercial fishing in the affected areas. Shrimping in this region was prohibited as well. All in all, the financial loss of fishing industry equaled above $2.5 billion.

Speaking about hotels and lodging facilities in Alabama, Mississippi and Louisiana, BP oil spill affected them as well. Gulf Coast Florida rentals faced this problem as well. Thus, tourism industry fell into decay. In its turn, BP offered $25 million and $15 million to Florida and Alabama, Mississippi and Louisiana correspondingly so that they could promote their beaches, which were not damaged by the oil spill.

The EPA has worked out the oil spill facility response plan, a set of rules related to oil spill cleanup. It indicated the facility’s readiness to respond to any oil spill, irrespective of its seriousness.

Filing a BP Claim Issue

Filing a BP claim is regarded by many people as a responsible and significant step. Claims are being handled by the Gulf Claims Facility, which was set up to administer a fund to compensate individuals and businesses who suffered from the BP oil spill. BP property value claims are also accepted. It is emphasized that claimants may use the services of professional Gulf Coast attorneys. If they do not have money to use the help of the attorney, they may either request free legal assistance from the GCCF or file claims themselves.

If you or someone you know has faced loss of rental income or any other property damage associated with the oil spill, filing a claim with BP may be essential for you. Please fill out our online form, or call 1 800 LAW INFO (1-800-529-4636) to get legal assistance of one of our Gulf Coast lawyers today.