What is the purpose of the BP oil spill fund?
BP has agreed to set aside $20 billion to pay damage claims from individuals and companies financially affected by the oil spill. The fund will be administered by Kenneth Feinberg, an official with the Obama administration, after Gulf Coast residents complained to the government that BP's claims process was too complicated and the company was undervaluing claims. Although BP has stated that it is committed to paying all legitimate claims, the process of filing a claim and gathering of necessary evidence can be complex. Therefore, if you are interested in recovering compensation for your financial losses, you should speak with an oil spill lawyer before filing a claim.
Who can file a claim with BP?
Individuals, businesses and property owners can file oil spill claims to recover lost income, lost profits, clean-up costs and damages to personal or business property due to the oil spill. However, anyone considering filing a claim with BP should speak with an oil spill attorney before taking action. The oil spill lawyers at Morgan and Morgan are dedicated to ensuring Gulf employees and business owners are properly compensated for their losses and offer a free case review to those affected by the oil spill.
Can I file an oil spill lawsuit rather than submit a claim directly to BP?
Due to the magnitude of the Deepwater Horizon oil spill, many employees and business owners in the Gulf are now filing claims for lost wages and revenue. Many of these individuals have already agreed to participate in individual or class action lawsuits. Since the establishment of the $20 billion fund, however, anyone negatively affected by the oil spill is required to first file a claim directly with BP.
BP has expressed that those who submit claims will not waive their right to participate in further legal actions related to the oil spill; however, to fully understand your rights and legal options if you are dissatisfied with the claims adjuster's decision, you should speak to an oil spill attorney. To do so, simply complete our free case evaluation form for a no obligation review of your oil spill claim.
What if I am not satisfied with my recovery from BP?
Although it was designed to compensate Gulf residents who suffered spill-related damages, the claims process will not eliminate all litigation related to the oil spill. If you are dissatisfied with your recovery, you can file an oil spill lawsuit to recover additional damages. Anyone interested in filing a claim should speak with an attorney to understand their full legal rights in regard to compensation.
What types of damages are being compensated by the oil spill fund?
BP is paying all valid claims for damages caused by the oil spill. This includes the following: property damage; lost profits and earning capacity; loss of wages; and removal and clean up costs. BP is also accepting oil spill claims for bodily harm even though this damage is not compensable under the Oil Spill Pollution Act of 1990.
What proof will I need to have a successful claim?
BP is currently asking for the claimant's photo ID and documentation of their losses. A loss of income or wages can be demonstrated with tax records, wage loss statements, deposit slips and other paperwork. Depending on the specifics of your claim, additional documentation or evidence may be required.
Can I obtain legal representation if I choose to file a claim with BP?
Yes. Obtaining an oil spill attorney is highly recommended if you are looking to recover compensation for your losses. If you are interested in pursuing a claim for your oil spill damages, fill out our free case review form today.