Deepwater Horizon Settlement Outline
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