The V Trend BP Claims
The V Trend Explained
in laymen s terms
If you are a Zone A Business or Individual you do not need to worry about the V Trend, just show a loss in 2010. Documenting those losses, under the terms of the Settlement are key.
To qualify under the settlement, many businesses need only show that their gross revenues for three consecutive months or more between May and December 2010 diminished 8.5 % (15% in zone D) as compared to the same months in either 2009, the average of 2008-2009, or the average of 2007-2009, this forms the first leg of the “V”- Shaped test. For the second leg of the “V”-Shaped Test, the business needs to have an increase in 2011 of 5% (10% in zone D) for the same consecutive months in 2010.
Zone A Claims only need to show a loss.
There are exceptions to this rule that we can assist you with. Importantly, outside of what the settlement methodology requires, a business is not required to draw a connection between the oil spill and their drop in revenues. Please understand the last part, you do not need to show the Oil Spill caused the loss.
BP Settlement Zones
The Coastal areas from close to Houston to Key West are a conglomeration of A, B, C and D zones, aside from the coastal areas, the whole states of Louisiana, Alabama, Mississippi and the counties of Florida touching the Gulf are all zone D. To view the maps go here. Each zone has different RTP`s or Multipliers associated with it that will enhance the final calculation of your loss.