Oil Spill Claims | How much is BP paying on claims arising out of the Gulf oil spill?

Oil Spill Claims:

Update June 5, 2009: BP has announced that it will begin paying a second month of lost income claims.

Articles:

Louisiana to BP: Show me the money. (CNN-June 5, 2010)

BP says it will pay “legitimate” claims “for as long as it takes.” (AFP June 5, 2010)

BP refuses to give state of Louisiana access to database of payments. (TheAdvertiser.com June 4, 2010)

Original article: British Petroleum has made public announcements that they are paying claims, and I have seen them publicly announce that they have paid several thousand. I may have missed it, but I have not seen BP talk about the average amount of the claims they are paying. That’s understandable, because we now know it is paying very little. According to Alabama Attorney General Troy King, The company has spent about $600,000 to pay 2,000 claims in Alabama. That’s about $300 per claim. In Florida, the company has made about 1,461 payments in Florida totaling $442,000. Average payout: $302.53.

When BP talks about its willingness to settle claims, remember that the law requires it to do this–it’s not doing something that’s not required by law. No one should be reluctant to ask British Petroleum to compensate them for all their losses.

People and businesses which have been damaged by the oil spill need to keep good records documenting economic losses. British Petroleum is likely to require documentation before it pays a claim, and if it becomes necessary to go to trial to obtain payment, you will need evidence to support your claim for damages. You can use tax returns, financial statements, balance sheets, profit and loss statements, W-2 forms, 1099 forms, and possibly other documents that verify income and business expenses.

Join BP Oil News on Facebook, and follow our updates on Twitter @BPOilNews.

Tagged as: BP Claims, BP oil spill, Oil Spill Claims