Normally in the world of claims we are used to seeing a structured settlement where you get a small amount each month until your whole claim is paid out, this is what insurance companies do when they settle claims. But in the case of BP claims a structured settlement would only keep the BP Claimants on the BP balance sheet and future lawsuit scheduled to start next year might get people with a BP claim other numbers to think about with their claim. So for that reason BP wants to settle all claims as soon as possible.
So BP is looking for a One-Time buyout of the oil spill claims out there, if you have a good oil spill lawyer he might advice you against signing off on these papers and taking a big check today, as a jury might award you 10 times more than what BP is offing you as a final payment.
Why is that you ask ?
Because a jury does not act upon numbers or hard facts like BP claims adjusters do, they act on emotion and they want to punish BP for they role in the largest oil spill in US history. So if you have a real claim that BP is willing to offer you top dollar for, to have you sign a One-Time Buyout deal, now is the time to think twice about that deal and talk to a oil spill lawyer.
Positive point about taking you BP claim to trial
-The oil spill lawyers will do the work for a percentage of the win, so no money out of poket
-You will likely get a jury verdict for much more than BP is offering you in a final payment
-At trial its not a matter of win or loose its a matter of how much.
Negative point about going with an Oil Spill claims trial
With the good comes always the bad, and in this case the bad is the time it will take you before you get the money, that you so desperately need right now. If the trials for BP claims start with trial cases March of next year you might be 2-3 years away from seeing any money from a trial, and that is if BP does not appeal the verdict.
– Time it will take to realize your BP Claim money
-Frustration and emotions of going through a trial
-Oil spill lawyers handling your case will take 20-25% of your winnings.
So if you look at the problem from the side of BP they want everybody to accept the one-time buy out option and once you sign that final claims payment document there is no coming back for more, even if something else bad where to happen.
What else bad could happen ?
– Oil trapped in the deep could suddenly hit the beaches again
– All fishing could be stop if the toxic level in the water was to rise.
– The tourist could stay away for the next 5 summers
When you think about it, what do we know about the oil that was spill in the gulf ?
First there was all these million of gallons of oil spill in the gulf (oil spill facts) and then they used all these million of gallons of dispersant. Then we saw some people on the beach doing clean up of the oil, they are still here in Navarre and Pensacola by the way. But then in July most of the oil had magically disappeared. So there was all this oill and now its not there anymore. So that make you think, not taking anything away from the fine job many people have done in the clean up of the oil, but still where did the oil go ? Out to sea ?
So think about it before you sign your name on the One-Time Buyout of your claim, what is the positive and what are the negative sides to your action.