As BP Claims for emergency advance payments made to individuals and business for lost income is getting under way, the real story comes when its time for the final claims payment to be made, BP has said this process should start in November 2010.
Final Claims Payment to start in November
A final claims payment is when you sign a contact with BP that you or your business after this final payment will have no other claims against BP no matter what happens in the next few years. This is all your are going to get from BP, even if the oil starts showing up again on the beaches or if the tourist don’t come back for the next 5 years. This is your final bite at the apple.
Final Claims payment Business Example.
Here is an example.
So lets say a business get a check for $10,000 for lost income for a 1 month period, and they have been getting this payment for 6 month now, what would the final claims payment be ?
Its all about how long time BP will say the effect of the oil spill will last will it be 1 year, 3 years or 10 years ?
So back to the examples with a business being paid $10,000 a month, now should their final payment be $120,000 (1 year) or should it be $360,000 (3years) or should it be more ?
Direction from BP on final claims payment
it will be very interesting to see what direction BP and their $20 billion oil spill fund will give on this subject. As a lot of people are getting ready to go into dealings about their final claims payments in these coming months. When you get an offer for a final claims payments from BP it would be a good idea to consult an oil spill attorney as they would know better what you should expect and what course of action you might have if your final claims payment is not as good as you want it