Tomorrow is the last day businesses and individuals who sustained economic or physical damage from the BP oil spill will be able to file for Emergency Advance Payments from the Gulf Coast Claims Center. After that, they will only be able to submit claims for final, long-term damages.
In the wake of the disastrous Gulf of Mexico oil spill, BP agreed to provide at least $20 billion to compensate victims of the disaster. The fund is being administered by attorney Kenneth Feinberg via the Gulf Coast Claims Facility. Individuals, business and governmental entities who have suffered economic and/or physical damages due to the BP oil spill may submit a claim for Emergency Advance Payment for up to six months of losses and/or physical injuries through November 23, 2010. In addition, they may also apply for final payment of long-term damages through August 23, 2013.
Claimants may accept an Emergency Advance Payment without waiving any of their legal rights. Accepting a final payment of long-term damages requires that claimants waive their right to sue BP or any of the parties responsible for the Gulf of Mexico oil spill. You can accept an Emergency Advance Payment(s) and reject the final payment if you find it to be unsatisfactory.
The BP oil spill began on April 20, 2010 with an explosion aboard the Deepwater Horizon oil rig that killed 11 men. Attempts to staunch the gusher failed, until a cap was successfully deployed over the undersea well on July 15. By that time, roughly 4.4 million barrels of oil had spilled into the Gulf of Mexico. The BP oil spill, which now ranks as the largest offshore oil disaster in US history, paralyzed important segments of the Gulf Coast’s economy, including seafood and tourism.
According to a report on FT.com, Feinberg has reported paying out $2 billion to 125,000 people but had approved â€œless than halfâ€ of claims made. Although he accepted some criticism for delays in payments, he said he would not be looking favorably on claims that lacked evidence of loss.
Help filing claims and other legal assistance for the victims of the BP oil spill is available at www.bigspill.com.