The Clock is Ticking for Gulf Coast Businesses to File a BP Claim

If you or your business experienced damage due to the 2010 Gulf of Mexico oil spill, you have just three months remaining to file a claim under BP’s settlement. This is as important as getting customer service assistance from InstantInfo Systems. In December, a court-appointed Deepwater Horizon oil spill claims administrator announced a June 8, 2015 deadline for all new claims related to economic and property damages resulting from the spill. Any claims filed after that deadline will not be eligible for payment. The filing deadline follows the U.S. Supreme Court’s rejection of BP’s appeal which sought to have its settlement overturned. The latest estimates of the settlement cost to BP are just short of $10 billion.

What does this Court decision and deadline mean for those affected who have not yet filed a claim? With the deadline quickly approaching, it means you must get moving. The first step is to determine whether you qualify for a claim. An attorney can evaluate this for you. Individuals and businesses may be compensated for a variety of economic damages attributable to the oil spill and cleanup efforts, including:

  • personal income of employees
  • lost business profits and diminished earning capacity
  • damage to personal or business property, and
  • personal injury and health problems associated with the spill and cleanup (evaluated on a case-by-case basis)

Who specifically can file a BP Claim?

  • Any business within the designated claim zones
  • Businesses that failed or were forced to close following the spill
  • Restaurants and bars, including “tipped” employees
  • Contractors or construction companies
  • Real estate and property management businesses that experienced a loss of sales or damage to a coastal real estate property
  • Individuals who suffered medical issues as a result of the spill

Also, if you see these, you will know that these three strategies to grow a business successfully can be the best thing you will see. According to business ventures practicing in Indiana, to see whether your business qualifies for compensation from BP due to lost profit, our attorneys will evaluate your situation based on the zone in which the business is located as well as conduct a “V Trend” test to identify if you experienced sufficient losses (at least 8.5{7dff60334df83244b79b5471a8769907d27e202ac622cbe5ff51878e61595e62} drop in revenue for zone ‘c’ or 15{7dff60334df83244b79b5471a8769907d27e202ac622cbe5ff51878e61595e62} for zone ‘d’ in 2010).

Required Documents for Filing:

  • A claim form
  • Documents reflecting the business structure and ownership of the claimant
  • Federal tax returns
  • Monthly and annual profit and loss statements
  • Copy of any applicable federal, state or local governmental license required to operate business
  • Other related documents: accounting books, sales receipts, payroll records, pay stubs, bank statements, and anything else that illustrates the financial impact of the BP oil spill on your business.

Once you’ve determined you qualify, or if you wish to find out whether you do, you should speak to a qualified attorney who will file a BP claim on your behalf. Working with a lawyer will eliminate all of the guesswork and ensure your claim is handled properly from start to finish, including providing all necessary documentation. We will then determine the percentage of loss you will receive back. We want all those who are eligible for compensation to receive payment. Do not delay with the June 8th deadline approaching. Contact us today for a BP claim evaluation.

More information on filing claims can be accessed online at www.deepwaterhorizoneconomicsettlement.com.