Category Archives: BP Subsistence Settlement
How can you receive the BP Settlement you deserve?
Not only did the April 2010 BP oil spill cause extreme damage and devastation to the environment, it also had a ripple effect throughout the entire economy of the Gulf Coast of the United States. Businesses and Individuals in the affected areas saw a decline in revenue and earnings following the incident as a direct result of the lack of tourism, rising prices of seafood, and many other factors. The first response for economic reimbursement was the GCCF, later replaced by the BP Settlement which now oversees all claims.
How do I know if I qualify to file a BP claim?
To be eligible to file a valid BP Settlement claim, a business or an individual’s business address must fall within one of the specified BP Economic Loss Zones. The claimant must also make sure that the nature of their business is not included on the list of ineligible entities. At this point, financial documentation will need to be provided to prove the loss.
BP Settlement Individual Claims
Individual claimants will need to provide tax documents and pay period earning statements from at least 2009-2011 to show that their hours or wages were reduced as a direct result of the spill. Most individuals also will need to establish an eligible employer by having an authorized business representative submit a sworn statement that the employee’s financial losses were directly related to the spill.
The amount of compensation an individual can expect to receive is directly correlated to the amount of money they lost in the compensation period as compared to the benchmark period. Therefore, every payout will vary on a claim to claim basis.
BP Settlement Business Claims
Businesses outside of Zone A must prove their damages by passing a causation test. The causation test is an algorithmic calculation which uses financial figures from a business’s monthly profit and loss statements to determine the eligibility of the claim. This test uses the provided figures to try to find a certain percentage of decline in revenue in the months following the spill in 2010, as compared to those same months in 2009. The financials should also show a certain percentage of uptake in those same months in 2011. The percentage of decline in 2010 and incline in 2011 that are needed to pass the “V-trend test” will vary based upon which geographical zone the businesses address falls within.
The amount of compensation a business can expect to receive is based upon which zone the business is located in, the nature of the business as evidenced by the NACIS code, and the amount of loss in the compensation period. Once again, the amount of compensation will vary on a claim by claim basis, as many factors come into play for business claims.
Is there a quick way to find out my eligibility?
For a BP Settlement business claim, we can run the basic financials through our preliminary calculator and quickly determine if the claim passes causation or if it does not. For a preliminary calculation we would need:
The business address
Monthly Gross Revenue for Jan 2007-Dec 2011
If the business passes causation we would then need further documentation to calculate the businesses estimated compensation amount and to make the claim complete under the guidelines of the Deepwater Horizon Settlement.
Do I Need to Hire a Professional?
It is not completely necessary to hire a professional. Many people file claims on their own without representation. However, there are many reasons why you might choose to seek guidance on this matter. We hear from business and individual claimants every day who have filed claims on their own and are being delayed with multiple incompleteness notices and are frustrated and fed-up.
The Court-Supervised 1,300 page BP Settlement is an extremely detailed and convoluted document which can be overwhelming and disheartening to those who have no prior experience with the legal components that professionals are equipped to handle.
What Services do we offer?
Our team of experts helps you gather and prepare the needed documents for review. The claim is then assessed for eligibility, completeness and validity. Business claims are calculated either by a CPA or under the direct supervision of a CPA to ensure accuracy of the expected compensation figure. At this time the complete claim will be filed.
Once the claim is filed to the Deepwater Horizon Settlement, should there be any discrepancies regarding paperwork or financials, we work with the client to handle all incompleteness notices, requests for reconsideration, re-reviews, appeals, and denial notices. Clients may always feel free to contact us regarding the status of their claim, and know that we notify them immediately when we have any deadlines pending.
How do I begin the process of filing my claim?
There is only a short time remaining to file all claims to the Deepwater Horizon Settlement, the deadline being April 22, 2014. Call us today for a free claim assessment. If you have your preliminary documents in order, we may be able to quickly run a calculation to determine your eligibility. Call 1-800-BP-CLAIM or complete the BP Settlement form on the right and someone contact you shortly thereafter.
Author: W.C. Bohack
The Court-Supervised Deepwater Horizon Settlement was set forth to compensate businesses and individuals that were financially harmed by the oil spill explosion caused by BP in April of 2010. BP has estimated the costs related to compensating claims to be 7.8 billion dollars; however, there is no cap on the total amount that will be paid out. The total amount of compensation will depend upon the number of qualifying claims that receive an offer. Therefore, the estimated 100,000 claims being filed may end up receiving less than the 7.8 billion dollars that has been set aside, or more.
Is anyone excluded from filing to the Deepwater Horizon Settlement?
There are certain industries that BP has excluded from the Settlement. Those who owned a business in or worked within any of the industries listed below are ineligible to file claims to the Deepwater Horizon Settlement.
- Governmental Organizations
- Real Estate Developers
- Insurance Entities
- Financial Institutions, Funds, Financial Trusts, and other Financial Vehicles
- Oil and Gas Industry Entities
- Entities selling or marketing BP-branded fuel
- Gaming and Casino Entities
- Those who chose to exclude themselves from the Economic Class
- Those that were required to file under the Oil Pollution Act
How can I determine my eligibility to file a claim?
Businesses and Individuals in almost any other industry may be eligible to file a claim providing the physical address of their business or employer from the time of the spill falls within one of the designated “Economic Loss Zones”. These are geographic regions that have been recognized by BP as areas that were either directly or indirectly affected by the spill.
How can I determine my business loss?
After you have determined that your business was located within an Economic Loss Zone, it will be time to take a look at your financials.
All businesses, (except those located in Zone A) will need to prove their damages (causation) by showing a specific percentage of lost revenue, lost variable profit, and loss of potential revenue growth in the selected months of 2010, as compared to the same months in the benchmark period. They will also need to show a specific amount of uptake in those same months in 2011. This revenue pattern is referred to as the V-trend and if the financial documents follow this pattern, the business automatically proves causation.
What documents do I need to provide for a Deepwater Horizon Settlement claim evaluation?
The initial causation test is a complex, formulaic calculation which can quickly determine whether your business qualifies under the settlement, and roughly how much compensation you are eligible to receive. The preliminary test requires the following:
- Business Address
- NAICS code
- Gross Revenue Statements from Jan 2007- Dec 2011 (or a minimum of Jan 2009-Dec 2011)
After this calculation, if it is determined that the claim is valid, additional paperwork will be needed to make the claim complete under the guidelines of the Deepwater Horizon Settlement.
Why Should I Seek the Help of a Deepwater Horizon Settlement Claims Preparer?
The Court-Supervised Settlement Agreement is a 1,300 page document filled with complexities and intricacies that can be confusing and frustrating to those with no experience in this field.
Our team of experts prepares and files claims that have been checked for accuracy and validity. We help the client prepare all necessary documents and ensure the claim is complete before it is filed.
Our financial calculations are preformed either by a CPA, or under the direct supervision of a CPA, to ensure we come as close to the actual compensation amount as possible.
Should there be any discrepancies from the settlement once the claim has been filed, we handle all incompleteness notices, appeals, re-reviews, reconsiderations, or denials in a timely manner.
We fight for our clients and push the claim as far as it can possibly go within the Deepwater Horizon settlement. If the claim cannot proceed any further, and the claimant does not receive a settlement, they owe us nothing.
Time is Limited – Act Now!
If you have your paperwork ready, we can quickly calculate whether or not your business qualifies under the guidelines of the settlement. Time is running low; with the deadline to file all claims being April 22, 2014. The more quickly we can gather the documents, evaluate and file the claim, the more quickly it can be reviewed and paid out through the settlement.
If you’ve ever wondered if you qualify to file a BP Claim and you have the preliminary documents at hand, call us today or fill out the form on this page to speak to claims representative immediately. Help is just a phone call away.
BP Claims Advisers LLC
It seems rather ironic that on July 8th, shortly after our Country`s Celebration of Independence, BP will continue it’s pursuit to exclude certain groups from the BP Settlement, it`s not enough they poisoned our waters, left many with out work, and left many seriously ill. They continue to turn a blind eye to the trickle down affect of our local economies.
BP is asking for a one sided ruling from the Fifth Circuit. It should not be granted.
It is Amazing how BP is arguing against compensating claims based on the Settlement Agreement they set up, because they feel it unfairly treats some claimants due to mathematical anomalies in the claims formula.
What you don’t hear them stating is, if their position is granted, they should reopen the causation testing process and claims process to all of the Gulf Coast businesses in Zone C and D that were turned away from compensation due to unfortunate timing of revenues that resulted in BP’s favor and denied those claimants compensation. The Customer Mix Test was a vicious trap that has left many claimants without a dime.
What you don’t hear them stating is if their position is granted, we may have to recalculate all claims processed to date and claimants may actually have to pay back monies under the new method of calculation.
If the Court decides to grant BP`s request, there needs to be balance, and that means all of the people that took Quick Pays should be able to come back to the table, and the Customer Mix Test needs to modified, or done a way with.
While Feinberg was declaring himself independent, and after starving out so many, he unleashed perhaps the most heinous aspect of this whole quagmire. People were forced to take Quick Pays, the keyword here is forced, and that is something that Louis Freeh should be looking into.
The BP Settlement Has One Bad Apple
Louis Freeh the former Director of the FBI has been asked to look into some misconduct by an Attorney working for the Fund for doing some favors for a Law Firm in New Orleans. The fund was alerted of this some time ago, and David Welker, the Head of Security for the Deepwater Horizon Settlement Fund took immediate action. Much of the Attorneys actions occurred before he went to work for the fund in November 2012.
It just seems that for this news to break, at this particular time, with the July 8th date looming, it all seems very orchestrated. Couple that with BP`s new ad Blitz, come on now, eyes wide open guys.
BP Settlement Investigation
Since Judge Barbier has granted Mr. Freeh to go “fact-finding as to any other possible ethical violations or other misconduct” within the settlement program, I beg of him to look at the Quick Pay Scam, without doubt it was the Most Egregious Betrayal of the Public Trust. There would not have been a Deepwater Horizon Settlement had the GCCF been managed correctly, and Feinberg actually kept his promises, and that Mr. Freeh, is something We the People of the Gulf, really need you to sort out
Mr. Freeh, you are a welcome addition to this ever evolving situation, but I truly think you will find more dirt turning over the stones of the GCCF, then you ever will for The DeepWater Horizon Settlement.You will find layers upon layers of deceit, cloaked as incompetence, all meant to thwart people getting paid what they truly deserved.
It`s really this simple, the GCCF was run by Feinberg (paid by BP) and he hired Brown Greer. The Leadership of the Settlement Fund eventually had to create workarounds as BG were up to the same old tricks , stalling claims, hence Postlethwaite & Netterville comes into play ( hired by the Leadership of the Fund), and are doing a fantastic job.
The GCCF used a tried and true tactic of Delay, Deny, and Defend, that Mr. Freeh should definitely be on your agenda.
The BP Settlement is run by Judge Barbier and Pat Juneau, not BP, Americans who just want implement a Settlement that BP agreed to, and now wants to renege on.
For far too long British Petroleum was in charge, as they victimized the people of the Gulf.
Now as The BP Settlement finally gains traction, they are struggling to be in charge once again, didn`t we have to deal with this over 200 years ago.
If you need Help with your BP Settlement, we will Help You.