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Oil Spill Claims – Be Smart While Claiming Your Compensation from the BP Oil Spill

The recent oil spill in the Gulf of Mexico has created a great havoc all over the world. It is the greatest oil spill tragedy in US history. The disaster has affected millions of people and industries directly and indirectly. The federal government has made BP responsible for the disaster and liable for the damages.

Oil Spill Claims

BP has setup up a fund of $20 billion to compensate for the enormous damage done. Twenty billion dollars is a huge compensation. However, when we look at the number of  oil spill claims and the amount to be paid for losses to revenue, natural resources and public property, it might take years and years to process these claims and more and more deposits are required.

President Obama felt that there is a definite need to setup a separate entity to process these innumerable claims. Right now BP is processing these oil spill claims by itself. The company has setup separate channels to expedite the process. Now people can file oil spill claims online or through phone and mail. BP wants the claimants to contact them directly for the claims.

The company feels that litigation will slow down the process. It might take 6-10 years for the claims to be processed and paid. Majority of people have lost their livelihood and cannot wait so long to receive compensation.

Business Oil Spill Claims

People whose businesses are suspended are in dire need to start their businesses. They cannot wait for long years for the compensation and would like to make a quick settlement. This will surely benefit the company as they can make a quick payment with a fewer amount.

However, claimants should be careful while agreeing with the settlement. They might end up receiving very less amount when they are entitled to get more. Taking the help of a competent oil spill claims lawyer is a good move. The competent lawyer can strike a good deal with the company and make sure that your interests are protected through out the whole process.

Oil Spill Claims President

Attorney Kenneth Feinberg is the administrator of the $20 billion escrow fund setup for oil spill claims. His responsibility is to make sure that all the claims fall into this fund and these claims are processed efficiently. Five billion dollars per year will be placed into this account for four years. BP feels that the $20 billion fund is more than sufficient to answer all the claims.

However, when we look at the enormous BP claims, it does not seem that way. This is not the usual court settlement. If your damages are continuing, you can file multiple claims and the authority has to answer all your claims. The Gulf Claims facility will first pay the emergency compensations and six months of reimbursement of the losses occurred.

The company believes that any settlement should be full and final. Though steps are taking to compensate all legitimate claims, victims should be careful and be aware of the ongoing claims processes. You should know what are you rights and for what amount you are entitled to. Otherwise you might end up getting a fewer amount for your Oil Spill Claims