Time Frame On My BP Claim

As a result of the April 20, 2010 Deepwater Horizon explosion and the resulting Gulf of Mexico oil spill, British Petroleum (BP) set aside $20 billion dollars to help those affected who may have suffered losses or damages. BP decided to award the damage and loss claims in two main phases – an “emergency claim” phase, which ended November 23rd, and a “final claim” phase, which will end in August 2013. This $20 billion fund is restricted to only pay out $5 billion per year for each until 2013.

How does the BP Claim Process Work

Once you file your BP final claim with the Gulf Coast Claims Facility (GCCF), you will receive a confirmation from the confirming receipt of your claim submission within a few weeks. You will also at that time receive a nine digit Claimant Identification Number that is assigned to your claim and with which you can use to track your claim. You will receive written notice from the GCCF regarding any action taken on your claim, including approved amounts, deficiencies, requests for additional documentation, and denied claims. The GCCF will notify you when your claim forms and all of your supporting documentation are complete and ready to be processed.

Reported Time Frame On A BP Claim

Those that filed claims during the “emergency claim” phase reported that their claims were taking upwards of several weeks to a month or longer for individual claims. Business claims were taking even longer than that. Because of complaints over the summer, the process was taken over by Kenneth Feinberg, who previously handled the settlement claims from the September 11th disaster. Now that he is running the GCCF, he has said that he would like to have a 48 hour turn around for individuals and a seven day turnaround for businesses on all BP final claims to be paid out. However, he has also said that there are no guarantees on this, but that they are working their hardest to meet these deadlines. Though the desired turnaround time has not happened quite yet, Feinberg and the GCCF say they are still working out the kinks in the system. They are currently handling thousands of claim settlements every day, but there is a lot of backlog to get through. Once the backlog is cleared, the GCCF may able to honor its promises.

Time Frame On BP Final Claims

Now that the emergency claims process is over, the process should be quieting down as it will take much longer for final claims to come in to the GCCF. While this all may seem somewhat discouraging, it is merely meant to give you a realistic idea as to how soon you can really expect the GCCF to settle your claims. There is a good chance that once the process becomes more streamlined that you will receive your claim settlement within the timeframe previously promised by Mr. Feinberg. Just remember to keep in mind that there are hundreds of thousands of people in the same situation as you and that it takes time for the limited amount of workers to get to everyone. The best thing you can do for the fastest possible resolution is to make sure your claims paperwork is filled out and documented properly.

BP Claims For Loss of property values

BP claims for loss property values are  a little more tricky as you have to prove that the value of your property has fallen because of the oil spill and not the bad economy, so lets examine what you need, to make this claim. First off your need to have a good idea of what your house was worth before April 20 2010, this could have been an appraisal. If you did not have an appraisal you could use the county appraisal from Jan 2010.

New Appraisal To Show Loss Of property values

Governor Charlie Crist issued an executive order on July 21 2010, authorizing property appraisers to provide interim property assessments for properties affected by the BP oil spill,  that would really be any property within 10 miles of the beach. The reason for this executive order was for the property owners to have something to back up their BP Claims with.
BP spokesman Robert Wine says whether to pay claims for declines in property values is a gray area that will be decided later by the Gulf Coast Claims Facility. So for right now BP is not paying out on loss of property values for the BP oil spill, but many people that fell like they have a strong case for the loss of property value has contacted an oil spill attorney and filed suit against BP as property values are a real asset that when the value of this asset falls it could hurt you financially in many ways
Backing up you claim of loss property values because of the oil spill is the following study by CoStar Group, a commercial real estate analysis firm in Bethesda, Md

Studies on Loss Of Property Values because of the oil spill

“The impact of the spill on home values in communities already affected by the spill is expected to range from $648 million over one year to as much as $3 billion over five years, according to an Aug. 2 report by CoreLogic. Of the immediately affected areas, the largest overall loss in value would be in Pensacola ($1.6 billion), followed by Gulfport, Miss. ($1.2 billion). “The guy who is renting is going to see an immediate loss,” says Mark Fleming, chief economist at CoreLogic. Housing prices are likely to fall 10% in total along the 569-mile coastline, where there are about 14,396 acres affected by the spill, according to CoStar Group, a commercial real estate analysis firm in Bethesda, Md. Assuming that the developed beachfront property has a present value of $3 million an acre and the value drops 10%, that would come to $4.32 billion of land value lost because of the spill.

So lets face it, the price of a beach house is tightly connected to the use of the water and the beach, when people hear about all these million of gallons of oil in the water, then people do not want to pay top dollar for a beach hour anymore. If you where in a situation where you had to sell the house or the morgage value on the house all of a sudden put you under water because of this BP oil spill of course you have a claim against BP. Because of the delicate nature of this claim for loss of property values I would suggest talking to an oil spill attorney and having them look at the case.  They would most likely have to appraise the house and look at other houses near by to see what lost of property values they could argue in a BP claim