Help Preparing, Filing and the Settlement of
A Final BP Claim
After the BP Oil Spill

Filing and settling BP final claims with the GCCF is one possible step over the next 3 years. Others include submitting one or more interim claims, a claim filed with the Coast Guard under the OPA, or litigation filed in appropriate courts.

After November 23rd, 2010, individuals and businesses seeking to settle their claims against BP and others may file a BP final claim for damages with the Gulf Coast Claims Facility ["GCCF"], established after the BP Oil Spill. BP Interim claims may also be filed, in additional to final claims.

The procedural and other guidelines for filing a final claim for BP, and other information, may be found on the GCCF website.

Filing final BP claims with the GCCF should be undertaken with a review of your operations by an experienced, competent insurance loss professional. Cyclical incomes and costs, over weekly or monthly periods, impact the projections of sales but-for the BP oil spill, and income losses due to the BP spill.

The GCCF will accept a final claim to cover damages arising from the BP oil spill, filed up until August 23, 2013. Final claims submitted to BP cover claims for future and past damages, and require a full release, before the BP final payment arrives. There are two methods for payment by the GCCF. At the minimum, before settling, legal advice regarding this release is strongly suggested.

For those who filed for and received emergency payments from BP and/or the Gulf Coast Claims Facility ["GCCF"], there is a new method for a final claim payment. This "Quick Claim Final Payment" is available to businesses and to individuals, at $25,000 and $5,000, respectively. Though a final settlement requiring a release, no additional documentation is required from the claimant; more information on the quick claim final payment is available. Advice from a competent insurance loss professional, and legal counsel, is strongly suggested before accepting this offer.

Businesses located on the Gulf, including motels and hotels, or businesses depending on Gulf fishery resources, such as restaurants or seafood wholesalers, have an obvious connection to the BP Oil Spill. These businesses should certainly consider reviewing their damages and filing interim or final claims. Businesses removed from the Gulf Coast, but dependent on Gulf tourism or seafood should also consider claims.

As with any fire, flood or other loss event, "how to" is founded on preparation and the advice you get. Here are some initial steps:

• Consider filing interim claims, in addition to a final BP spill claim
• Consider the risks and benefits of a quick claim final payment, if eligible
• Assemble financial data for an extended period before the loss, in aid of estimating the loss of business income after the loss.
• Mitigate damages
• Consult with a competent loss professional, and seek legal counsel before settling – You are invited to contact John Ruskin