BP Settlement News

Overview Of  The BP Settlement Claims

The BP settlement is split up into 3 different settlements and I will out line each below with the claims you can file in each. You can also get this information in the raw form by looking in the document section of this website where the BP Settlement Document is available for review. I read the 1,022 page document and all I will tell you is that its not easy to figure out what you compensation will be. That is why I am tell you firmly that you need to fill out a form on this page and get in contact with an attorney that can help you though the BP settlement work up of you case and presentment. The difference between what you can get and what an attorney can get for you are miles apart because of the BP settlement and how you can submit your claim for multiple claims. Even this website simplifies the complicated network of the BP settlement, so fill out a form and talk to an attorney.

BP Settlement

BP Seafood Settlement Cap 2.3 Billion

To me this is the most sex of the BP settlements as it really starts to compensate the people that where really hurt by the BP oil spill. We call the people that it compensate the Seafood harvesters, that is people getting us all the lovely seafood and getting it to the restaurants and export markets. The seafood harvesters took the biggest loss from the BP oil spill and will in the future be most impacted. The seafood harvesters will get anywhere from 3.25 times 2010 loss to 9.75 times 2010 losses. The BP seafood settlement includes everybody on the boat from the deckhand to the captain. Also captains that run multiple boats will be able to get compensation under multiple claims.

The seafood harvester vessel owner will have to show federal fishing licenses and trip tickets to prove his claim, any deckhands that cannot provide a tax return are still eligible for a lump sum payment but not as much as if you can document your losses with tax returns.

The BP seafood settlement includes oyster leaseholders and fishing quotas shareholders in the finfish industry.

You will be able to find the Oyster aceres compensation in the seafood section of this website, there are many maps to look at to see what zone your oyster leases are in and what you compensation will be according to the BP settlement, again get an attorney to find out all the numbers for you and what exactly you are getting per acre for your oyster leases before you opt in to the bp settlement. Fill out a form and we can help you out.

BP Business Settlement No Cap On Payouts

The business loss that the BP settlement will pay out is the loss of profit in a selected 3 month of 2010, compared to the same month in 2009. The loss in profit will then get a industry growth trend attached to it. The growth trend is what profit would have looked like if he had not been for the oil spill. The total number from the loss of profit and the grows trend will be added together and multiplied by 4 to get the yearly loss. After the yearly loss is found a multiplier will be use to find the claim amount. The multiplier is by industry and where you business was located. The business multipliers are anywhere from 2.25 to 3.5 times your 2010 losses.

They use an example of a business that is in the tourist industry but 220 miles from the Louisiana coast would get a 2.25 multiplier on their 2010 losses.

I will make a section on BP Settlement Zones but for right now just know that Alabama, Mississippi and Louisiana are all in this Zone, 4 counties in Texas around Galveston is in the Zone and all the counties in Florida that is on the Gulf Of Mexico.  Now you know why the Florida AG was mad about the BP settlement going forward.

Florida Attorney General: BP Settlement limits the settlement to four southeastern counties of Texas and the Panhandle and west coast of Florida and adjacent Gulf waters, but includes the entire states of Louisiana, Mississippi and Alabama, she said, referring to a question-and-answer memo released by the lawyers.

“This document offers no rationale as to why anyone in the entire states of Louisiana, Mississippi or Alabama can claim economic damages, but Floridians and their businesses are limited to specific regions,” she said.

I am sure that some changes to this will come out where maybe all of Florida will be included in the BP settlement.

 Individual BP Settlement No Caps On Payouts

This would be for individuals that have had loss of wages, hours, commission, bonus etc. If you lost any money in 2010 because of the BP oil spill this is the claim that you would go after. The individual BP settlement compensate people base on their job in tourist industry, seafood industry or others. I have been busy adding the payouts for the different industries to this website today.

Remember just because you have an individual loss of income claim it does not mean you can not file for other claims like loss of use and enjoyment or Subsistence Claims, one claim does not bare you from filling other claims.

Even people with out much records like tax federal tax returns can file claims, they will get less than people that can prove their losses with a federal tax return but they can still file a claim and get compensation for their losses.

Other BP Settlement Claims You can file

We got the 3 major claims categories out of the way but there are still many more categories of BP settlement claim you can file for. The oil on land claims are especially big claims as any area where oil has been detected on the maps they have distributed in the BP settlement document can file claims for real property damage. Also there is property damage claims for oil spill clean up activity.

The other claims that can be filed are by resident of water front properties that can file for loss of use an enjoyment, the compensation model is somewhat difficult as its bas on the tax value of the land, see more about this in the section front front properties.

Also local residents or clean up workers can file for medical conditions related to the BP oil spill, again the compensation models are some what difficult and more about it in the medical section of this website.

Real property damage goes towards boat damage from use in the VOO program or just damage because of oil or other damage caused by the BP oil spill.

The BP settlement is trying to get many people paid and I think it will work for that but don’t opt in before you talk to an attorney about your compensation numbers as you can’t opt out if the numbers are bad. The BP settlement is right for some individuals and business but not for all.


BP VOO Claims