Help with Lost Business Income Claims
After the BP Oil Spill

The Gulf Coast Claims Facility ["GCCF"] will accept and process interim and final claims for damages from businesses and individuals. The GCCF is no longer accepting "emergency claims.

The final and interim claims should be considered with an understanding of alternative routes to recovery, including filing litigation or a filing with the Coast Guard under the OPA.

The BP Claims office, the GCCF, has established two paths for filing non-emergency claims. These are interim claims and a final claim. Generally, interim claims are quarterly claims, covering losses during a 3 month period, which do not obligate the business to waive future damages. A final claim, in contrast, settles all past and future claims for damages, and requires a signed release before you receive a BP final payment. Seek advice before filing claims, and before signing any settlement agreement.

Businesses which filed for, and received emergency payments, are now eligible for a lump sum settlement, without the necessity for filing additional paperwork. This "Quick Claim Final Payment" offers $25,000 to those businesses without the need for further documentation. A similar, $5,000 payment is available to individuals who received emergency payments. These requires a full releases -- seek counsel before agreeing.

When filing and settling interim or final claims with the GCCF, perform a diligent analysis and review of your businesses specific operation and books. With many industries, particularly food and tourism related, income after costs-of-goods, or net income, are cyclical over weekly and annual periods. These patterns are common with for restaurants, hotels and motels, wholesale seafood operations or fishing charter vessels.

Demonstrating and projecting sales but-for the BP spill, and income losses and damages due to the BP spill, benefit by the assistance of legal counsel and competent insurance loss professionals.

Every business has a unique structure and operation that distinguish it from the competition. While there are common tools for projecting income and analyzing losses, each review is unique, and should depend on the specifics of the operation. For example, the BP claim analysis for an individual deep sea or offshore diver is different from a diving business with payroll and a large capital outlay. Choose wisely when you seek help for filing a claim for lost income.

Consider these proactive suggestions on steps to take -- planning for the resolution of BP Oil Spill Claims.

Consider consulting with a competent loss professional, and seek legal counsel when necessary.