Tag Archives: bp settlement documentation
NO Attorney needed for the BP Settlement
Patrick Juneau the head of the BP Settlement has gone on the record, and has said “you do not need an Attorney for the BP Settlement.” Businesses and Individuals will be able to handle their own claims with the new BP Settlement Fund or they can have professionals help them, and then submit.
The BP Settlement by it`s very nature has has evolved from a claims process to a settlement process, to be a part of the Settlement Process we think you need to have stronger advocates on your side.
Consultants vs. Claims Adjusters we recommend Licensed Claims Adjusters at this time
We have long advocated that people can and should use Consultants and Licensed Claims Adjusters. Since the advent of the BP Settlement we have stiffened up our position and Strongly Recommend Licensed Claims Adjusters that have experience with these sorts of BP Claims and Business Interruption Claims, they have been doing this for a living for a long time. They have been making a living doing this well before the BP Claims process. It is our position that they can represent you better then consultants at this time due to the nature of the BP Settlement.
The Licensed Claims Adjusters we use have Attorneys on retainer and Certified Public Accountants. They are fully armed to do battle if your BP Settlement Claim needs to be appealed. They will tell you what the value of your BP Settlement Claim is before it is presented to the BP Settlement Fund.
What we have found is this group, fully understands the complexity of the BP Claims process and has vast experience preparing them, and that is what people have needed most.
Through our experience they have done a great job getting people paid, even under the GCCF system, some attorneys have done a very good job as well.
Attorneys and the BP Settlement
Don`t get me wrong here Attorneys are needed in some instances, but this is a documentation nightmare for many of them and they just don`t have the experience of Licensed Claims Adjusters when it comes to documenting and submitting claims. The BP Settlement is all about documentation and BP Settlement Calculation.
We have heard and continue to hear horror stories from many of you who signed up with a lawyer never to hear from them again, and you were eventually forced in to taking quick pays because the Attorney was either very non responsive or just flat out unavailable.
Many of you decided to fire BP Claims Attorneys, and used a Letter of Disengagement to do so.
Some lawyers are just out there signing people up and putting Liens on their files after doing little to no work on the file. We say Shame on You. This needs to be addressed as well.
There are good solid Attorneys out there, the behavior of the few is definitely impacting the reputation of many. We have utilized these attorneys in the past and when needed will do so again, but the playing field has evolved, and as it does so will we.
We will Help you with your BP Settlement
According to Patrick Juneau it will be much easier to establish a baseline of what you should get paid, but documentation will still remain an issue. There are a number of ways to boost your BP Settlement Claims well above the baseline, through BP Settlement documentation. Adjusters can not advice you on legal matters, but they can make sure you get every nickel they owe you, it`s what they do. Also the Attorneys that they have on retainer can advise you when needed.
Here are the sorts of documentation that Licensed Claims Adjusters should be putting together for your Claim.
As always they charge 15% for the standard BP Settlement Claims and 7.5% for large loss claims. There are many other remedies under the BP Settlement for documentation, but this what the Adjusters we work with suggest.
We have been getting many inquiries from Attorney`s, and yes we can help you put together your clients BP claims as well.
- A. Claim Documentation
- Claim Form – must include:
- Compensation Period – will provided the analysis necessary to project the time period utilized in the report for projecting loss revenues for clients BP Settlement.
- Business Compensation Framework – the economic loss claim process by providing the BP Settlement Program with all the reports and documentation necessary
- Benchmark Period –will conduct the analysis, of over eighty possible historical time periods, to establish the historical time period that generates the highest possible growth trend, to be utilized in the projection of loss revenues during the compensation time period.
- Supporting Compensation and Benchmark Documents – will assure that all historical and projected time period calculation are supported with the necessary documents to adhere to the BP Settlement Program requirements.
- Ownership Documents – will satisfy the BP Settlement Program requirements that prove ownership and structure of the business.
- Tax Returns – for each benchmark and project time frames, will include the Federal returns for each period.
- Profit and Loss Statements – for each benchmark and project time frames, the income statements for the businesses will be segregated between recoverable expenses and noted with variance from Tax returns.
- Specific Business Documents – Retailers, Lodgings, Restaurants, and other business entities will be required to provide specific claim documents to the BP Settlement Program. Assure that industry specific documentation is presented in the proper manner to expedite the BP settlement payments.
- Operating Licenses – will research and assure that all documentation is support of licensing, as required by the Settlement Program, will be supplied and supported.
- Causation Proximity – will document the businesses’ and individuals’ economic Zone and assure the financial reporting requirements are met for Zone acceptance by the Settlement Program.
- Variable Profit and Margins – will verify and document the variable and fixed expense during both the Benchmark period and the Compensation period.
- General Adjustment Factor – will assure all claim reports include the allowed 2% growth trend included during the Compensation period and added to the BP settlement payments.
- Claim-Specific Factor – will maintain databases and supporting documents to prove that improvements in local economic conditions are included in the claim reports to deliver addition funds at the time of the BP settlement payment.
We will Help you with your BP Settlement
BP Seafood Settlement Concerns
Perhaps the biggest concern we have after reading the BP Settlement is that the Seafood harvesters, people that directly make a living from the Gulf have a cap of 2.3 billion dollars when it comes to their BP Settlement.
That means that only 2,300 individuals or businesses can receive 1 million dollars. It is our belief that if any category needed to be uncapped it is this category, and BP knows that. There is growing concern for the Health of the Gulf and studies are coming out that echo that belief. See Here.
BP Seafood Settlement Multipliers
The multipliers for the people in the BP Seafood Settlement are generous, they range from 3.25-8.75, that means the payouts for the people in this industry are going to be HUGE. However if there is only 2.3 Billion dollars in the BP Settlement to pay these claims, that money is going to go fast, real fast. If you have a BP Seafood Settlement Claim it is suggested that you get your claim prepared immediately.
BP Seafood Settlement Documentation
There are various ways to prove your losses, we all know that the Seafood Business is a cash business for many people. It would be wonderful if everyone had w-2`s and bank statements and p and l`s, but that is just not the case. Trip tickets and receipts from processors do help. There are ways to recreate your records.
We have people that will help you, if you need it in this area. The important part here is to establish a loss in 2010 after the spill for 3 consecutive months, for many of you that is not hard. For some of you it is impossible as you were told to harvest as many oysters for example as you could before the oil got there. We are working through those issues.
BP Seafood Settlement Decisions
As we are going through the BP Claims Settlement, it is becoming apparent that it is more complex then what we were told it would be. Many of you will have multiple claims, and the calculations are not as simple as they were originally layed out.
There are some simple base line calculations such as putting 3 consecutive months together after the spill and then comparing them to previous years,but this is just one aspect of the calculation and does not include future trending or other multipliers that will apply. There are remedies if you don`t meet certain criteria.
Due to the nature of the BP Seafood Settlement process, we recommend that you engage with licensed Claims Adjusters that have represented claims of this nature for years and if you are dealing with consultants they at least have these relationships in place.
Attorneys are also an option and should be considered, the playing field for the BP Seafood Settlement has certainly shifted, we saw this coming, and have all of the above mentioned relationships in place for you.
How much does it cost to get Help with your BP Seafood Settlement Claims.
Our Adjusters typically charge 15% for documenting and preparing the claims, for large loss claims it maybe as little as 7.5%.
The key here is to have your documentation organized meticulously and being sure that all other areas for potential claim revenues have been explored, I can not stress to you enough the high likelihood of having MULTIPLE CLAIMS, if Attorneys are needed they will be brought in to help with your BP Settlement Claims.
One last thing here, the BP Settlement looks good overall, with one exception the BP Seafood Settlement was capped, if you are in that category you NEED to Act Now.
We will help you with your BP Seafood Settlement.