After two long years, the announcement of a settlement between BP and the attorneys representing plaintiffs with economic and medical claims resulting from the BP Gulf Coast oil spill was welcome news. BP has agreed to pay a figure that is estimated to reach almost eight billion dollars for suits filed by thousands of plaintiffs for both business and individual personal claims.
If you are the owner of a business that was impacted by the BP oil spill, you may not only be entitled to compensation for your losses, but could be eligible to a number that is a multiple of up to 2.5 times the amount of your loss. The number of businesses that qualify to be reimbursed for their business losses is very high – in fact more than three out of four businesses that have been impacted by the disaster qualify for BP oil compensation.
There is an economic test called the Revenue V Test that compares your revenues from three consecutive months in 2010 (after the spill) to the revenue from prior months going as far back as the beginning of 2007. If a graph that compares these numbers forms the shape of the letter V, it means that your business qualifies for compensation that can range from 125% of your losses all the way to 350% of your losses.
Many business owners that were impacted by the BP oil spill have been hesitant about filing claims for their losses because they feel that it would be too difficult to prove the link between the spill and their loss of revenue. But under the terms of the Deepwater Horizon settlement, there is no need for you to illustrate the reasons or connection between your losses and the oil spill. If you can show a loss in the specified months then you are entitled to compensation.
The process of filing a claim for business losses resulting from the BP oil spill is complex; despite the fact that you are not required to draw a line between the spill and your drop in revenue, the documentation required can still be overwhelming, and filing paperwork out improperly can not only delay your compensation, but can also end up diminishing your final pay out.
Being represented by a qualified BP oil spill attorney can be a tremendous help for business claims, as well as for those who are seeking compensation for their individual losses resulting from the oil spill. Speak with experienced BP attorneys at 1-888-888-1027 and receive help today.
For individuals wishing to pursue a BP claim, there are four separate categories that they can file under. Each category carries its own framework and correlating calculation that determines the amount of compensation that they are entitled to. It is very important when filing a claim that you know exactly what status is most appropriate, and whether you qualify for more than one category, as you need to file separately for each category that applies.
The four categories that individuals can file a claim for are clearly outlined in the claims documents provided by the Settlement Agreement administrators. For those individuals that file a 1040 or similar tax form, showing losses from one year to the next is straightforward, and there is a specific form for that category.
For smaller, seasonal vendors whose income depends upon events or festivals a separate category exists; the same is true for those individuals whose income or employment were directly impacted by the spill, whether they are self-employed or employed by others. This category can include commercial fishermen, for whom a special category has been established. Finally, those who do not fall into any of the categories listed fall into the fourth, or “other” category.
As stated earlier, one individual can fall into multiple categories; there is nothing to prevent an individual from filing claims under multiple categories if they qualify for more than one. Similarly, it is essential that each family member files their own claims.
There is nothing that precludes multiple members of a family from filing a claim, particularly as one may be self-employed, another may e a seasonal worker, and a third may work in the seafood industry. The administrator representing the settlement action is emphatic about making sure that those who have been impacted by the spill get every penny that they are entitled to under the terms of the agreement.
Contact us by calling 1-888-888-1027 or fill out the form on the right.