Tag Archives: bp settlement mulitpliers
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.