BP Claims: Business Calculations for the BP Settlement

This report will inform you of the new BP Settlement system and how it will most likely be applied to your business. There are many changes from the GCCF system, we expect the Court Supervised BP Claims Process will be an improvement, but we do not preach its perfection. This report will discuss Final Payment Offers, the new calculations, the new Zone system and how to go about readying your business’s BP claim for the new process. The examples below are our best guesses with what we know of the new process.

If your business has filed BP claims and accepted the Final Payment Offer on its BP claims, your business is not entirely finished, yet. The Final Payment Offers were used to write off BP claims such as your business’s BP claim. The attorneys negotiating the settlement agreement have recognized this issue and are attempting to make BP re-process BP claims that have been concluded with a Final Payment Offer. On the other hand, BP claims that have accepted the Quick Payments, may not be as lucky. BP is attempting to hold out on Quick Payment BP claims, however, this organization will advocate for BP claims that have accepted the Quick Payments. If your business’s BP claim had accepted the Final Payment Offer, all amounts paid by BP will be deducted from the loss calculated under the new Court Supervised BP Claims Process, at least that is what we have been hearing.

BP Claims Settlement Calculations

This will bring us to how the calculations will be executed for your business’s BP claims under the new System. The Court Supervised BP Claims Process will apply a Risk Transfer Premium (RTP) similarly used in disastrous weather scenarios. Essentially, the calculation will most likely be on a one-tenth scale from 1.0 to 5.0 where your 2010 loss will be calculated, then multiplied by your assigned RTP. So, the calculation will look like:

2010 Loss X Your assigned RTP = Your Award Amount, or BP’s liability on your BP claim.

The multiplier value for your BP claim will depend on your locale to the Oil Spill, the relation your business has to the Gulf Resources of tourism and fishing. The further away your business is located from the Spill, and the less likely your business depends on tourism, the lower your multiplier.

When filing your BP claims, you should keep in mind that your business’s location matters. As previously mentioned, your multiplier will be affected by your distance from the soiled beaches and wetlands. So, a car dealership, for example, across the street from a previously soiled beach, will get a higher multiplier than a car dealership that is 2.0 miles from the soiled beach. Furthermore, a car dealership across the street from the beach will receive a lower multiplier than the hotel next to it because of the lack of traditional reliance upon tourism.

Keep in mind when you are preparing your BP claims, gross and net sales will not be the figure used to calculate losses. The Oil Pollution Act prevents this. The figure you should use is the gross profits figure for your BP claim. Gross profits equal net sales, less cost of goods/services. The new system will take your worst three Post-April 2010 months, average those months and apply that loss figure to May to December 2010 as your monthly loss. The monthly loss will be totaled, then the RTP will be applied. This information will aid you on your BP claim.

Now, onto locale for your BP claim, using the two aforementioned car dealerships as an example. The Court Supervised BP Claim Process has split the Gulf Region in three zones:

Zone A: Will be all those businesses with BP claims 1/2 mile, or less, away from the beaches from Galveston, TX to Key West, FL.
Zone B: Will be all those businesses GREATER than 1/2 mile from the beaches from Galveston, TX to Key West, FL.
Zone C: Will be all those businesses greater than 1.0 miles from the beaches from Galveston, TX to Key West, FL.

These are educated guesses of how the zones will work.

So, a car dealership with a BP claim in Zone A will be assigned a greater RTP than a car dealership in Zone B and a hotel with a BP claim in Zone A will receive a higher multiplier than the car dealership in Zone A, or B. You can see how the calculations will be correlated with business type and distance.

BP Claims Solutions for Business

You can see that the BP claims process is still complicated, however, you can see that it is more transparent than the GCCF system. If you have any questions, or need assistance in filing a BP claim, please do not hesitate to contact us at 1-800-BP-CLAIM or fill out the form to the right. Adjusters and consultants charge 15% and Attorneys charge from 20% to 33.3% to handle your BP Claims.

Sep 23, 2011

by Bill

in BP Business Claims, BP Claims, BP Claims News, GCCF, GCCF Strategies, Oil Spill Attorneys, Oil Spill Claims

BP Claims Process to be Audited

Hood Sues Feinberg to gain access to BP Claims

Fighting for your BP Claims

Jim Hood the Mississippi Attorney General resorted to the lawsuit because his efforts to gain access to the documents on Mississippi BP Claims have failed. U.S. Attorney General Eric Holder announced the audit a day earlier in a letter to Feinberg. These are two of the top Attorneys in the country demanding to audit the BP Claims process, why, because they feel it is unfair, and it is taking to long to get the people their BP Claims money.

BP wants you to file your BP Claims without an Attorney

If the U.S. Attorney General has had to get involved in the BP Claims Process, you can bet it is downhill for the GCCF. The company who does not want you to use a lawyer is now getting it with both barrels from two of the top Attorneys in the Country. The GCCF and Mr.Feinberg had an opportunity to hand over all the documents that Mr.Hood had asked for, instead they delayed, giving him some documents, but not the ones he really wanted. Does this sound familiar? It is going to be interesting when they audit these BP Claims. If the leading Attorneys in the country are gearing up for a full investigation of the BP Claims process, and BP doesn`t want you to use an Attorney when filing your BP Claims, you should certainly see some red flags in the BP Claims Process.

Let me Remind You this is what BP`s ad on Google Reads:

How To Make a BP Claim – You Don’t Need A Lawyer To Claim. | bp.com

www.bp.com

Visit Official BP ClaimsSite Today

BP YouTube – BP Twitter Feed – BP’s Flickr Photos – BP on FB

BP Claims Solutions a few Thoughts

If BP suggests you go left, think about going right, find a trusted BP Claims professional who can truly make this right for you, and has a track record holding BP accountable. Do your homework, if you feel you can handle your BP Claims yourself, build a personal relationship with someone who works at a BP Claims office, I have seen this pay dividends for a few people. Do not take their final settlement offer, there are just to many unknowns at this time, if you really need the money then o.k., but there maybe consequences down the road.

If your BP Claims were denied, or are still awaiting documents we can still help you,we have Claims Adjusters and Attorneys that are at the top of their respective fields. We are here to help you maximize your BP Claims.

Aug 20, 2011

by Bill

in BP Business Claims, BP Claim Protocol, BP Claims News, GCCF, GCCF Strategies, Gulf Coast Claims Facility, Oil Spill Attorneys, Oil Spill Claims

Comment (1)

GCCF is Making Low Ball BP Claims Offers

BP Claims offers 25k to many Business`s

BP Claims Predation

The GCCF has made quite a few BP Claims offers to Business`s lately that all are receiving the same offer, 25k. It doesn`t matter if your BP Claims are for 50k or 500k Busines`s affected by the Gulf Oil Spill are receiving unsolicited offers of 25k to settle their Oil Spill Claims now. For many Business owners these are disheartening and aggravating, as they have been waiting for sometime to be made whole, by the BP Claims process.

BP Claims are Under Review

Many Business owners who have filed their Oil Spill Claims are use to the words Under Review. They have gone through the process given the GCCF all the paperwork they demanded, cured any deficiencies, or so they thought, only to repeatedly to hear the term your BP Claims are under review. Then to pick up the phone, or get a letter in the mail offering them a paltry 25k for their Claims, and that`s the good news, many find a letter of denial or another deficiency letter. Is it a method the GCCF is using to stall your BP Claims, or is it just sheer ineptitude on their part, either way people are becoming disenchanted with the process and they are giving up.

BP Claims Solutions

As the Claims process has evolved so have the services of our Team Members. BP Claims members are experienced Claims Adjusters and Attorneys and are at the Apex of their fields.

1) They can look into your BP Claims while at the GCCF, cure any deficiencies, recalculate your claim, and speak directly to GCCf staff explaining your loss and how they arrived at your settlement figures.

2) BP Claims Team Members can often overcome Denied Claims. Many Denied Claims are often denied because of trending issues.

3) Team Members can also help you file a New BP Claim

4) If all else fails, or it is a claim that has other mitigating factors they can move towards litigation.

5) Representation by BP Claims members starts at just 15% of what is recovered, all Team members work on a contingency basis, and only get paid on what they recover for your BP Claims.

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