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Business`s and the BP Claims Process

Business Owners feel the BP Claims Pinch

Smaller BP claims are getting paid first, these are typically claims that are 25,000 dollars or less. This goes along with what I have been saying, that the BP claims process run by the GCCF and Ken Feinberg wants to look impressive statistically. The BP claims breakdown according to the GCCF`s own numbers shows that more then 40% of all claims that have been paid are below $25,000, while only 5% of the BP claims that have been paid are above 500,000 dollars.  Many business`s have lost more then a million dollars, and have found little to no relief from the BP claims process.

BP Claims Status and the Waiting Game

If you have been following this blog you will remember that I told you BP is using Delay, Deny, and Defend tactics. These tactics are text book, and have been utilized by unscrupulous insurance companies for years. They promised individuals and business`s that they would have their BP Claims figured out within 90 days, and be forthcoming with Interim payments as to cover losses on a quarterly basis. Instead they waited individuals and business`s out, and then offered them a new alternative called the BP Claims Quick Pay Option. This gave individuals 5k and business`s 25k if they agreed not to further sue BP. Over 100,000 business`s and individuals fell into this trap. They preyed on the desperate, and many people signed off because they were in full blown economic collapse, and something was better then nothing.

Your BP claim is being reviewed

This is perhaps the most common thing I hear when I am answering the help line. I often hear from people who have kept calling the GCCF, only to hear that their BP claim is being reviewed or that they need more documents. Many of the calls come from people that filed their BP Claims in late November, right after the November 23rd deadline. Well, its about to be June now and they still have not gotten paid, that`s over 6 months without a regular income, or no income for many. Houses are being foreclosed on, Business`s are shutting their doors, and BP is slow to pay if they pay at all.  In the meantime people are picking up work wherever they can just to keep the electric on. The BP claims process is broken, this is not what they promised.  They want to drive us into desperation so we will take whatever comes our way. Last quarter BP made over 7 Billion Dollars profit, but left many in the BP Claims process with the words your BP Claim is being reviewed.