What You Should Know Before Filing Claims Related to the BP Oil Spills

by | Feb 14, 2013 | Legal Services

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In the spring of 2010, a great tragedy began in the Gulf of Mexico. When a deep water oil platform exploded, it started a massive oil spill that lasted for four months. The BP oil spill had a massive impact on local economies all along the Gulf shore. Because of the accident, tourist traffic came to a screeching halt and the small gulf towns that relied on tourism for business began to spiral downward quickly. Some lost a few months of pay, while others lost their businesses.

As many people began to fight for legal recourse, the Louisiana federal court responded in May 2012 by approving a class action settlement against BP. The court also mandated rules to govern the settlement and now, these rules allow many businesses and individuals to receive compensation for damages related to the oil spill. Compensation depends mostly on three major factors.

The first factor is location. In order to receive reimbursements, you must be located within a county on the Gulf Coast in Louisiana or Florida. Residents within all parts of Mississippi and Alabama are eligible.

The second factor is what type of business you are involved in. Luckily, the new compensation rules make it possible for pretty much everyone to receive some kind of compensation. The only businesses that are not allowed to file claims are those in insurances, financial services, real estate development, and gaming.

The third factor is your financial performance following the oil spill. You will be required to submit detailed analysis of your business financials during the time during and immediately following the Gulf Coast spill. Interestingly, you are not required to show a loss to receive compensation. Theoretically, even if your company grew after the oil spill, it could have suffered because it might have grown even more if the oil spill hadn’t occurred.

While you are not required to use an attorney to submit a claim, it is highly recommended. Because BP is generally delaying or rejecting a large percentage of claims, you need a legal team backing you to aggressively pursue your settlement. The lawyer will not charge you an upfront fee, but will instead charge you a percentage of your claim reimbursement once it is received. Generally, your attorney will charge around 15 percent.

If you are considering joining the class action lawsuit against BP, the first step is to contact a knowledgeable, experienced oil spill attorney. Schedule a free consultation to learn more about how to submit a claim and how long it will take to receive your reimbursement.

DMathewsLaw.com provides full service claim submission. If you need an attorney to assist you with claims related to the oil spills BP Cape Coral, schedule a free consultation today.