BP Settlement

Does your business’ loss in revenue qualify for a valid BP Business Claim? As a company that has filed hundreds of claims on behalf of businesses to the Deepwater Horizon Economic Settlement, we have started noticing some trends. To be an ideal candidate for economic compensation, your business should follow the V-shaped revenue pattern, unless you are a Zone A Claim. There are other solutions for businesses, but meeting the V trend is the most common, and by far the easiest to prove.

All business claim outcomes will vary depending on what zone the business falls in and the business’ NAICS code, which is found on the business tax return and allows the IRS to classify the nature of your business. These zones and codes determine the risk transfer premium or RTP, which is a multiplier used to determine the amount of compensation the business will be eligible for.

The ideal business claims revenue pattern would be considered to be the “V-shaped Revenue Pattern.” This is a revenue decline in the 2010 compensation period, compared to the same months in the benchmark period, followed by increased revenues in the same months of 2011. With a V-shaped Revenue Pattern, the business needs only some basic documentation and does not need to pass any causation tests. The other two patterns are the Modified V-Shape Revenue Pattern and the Decline Only Revenue Pattern. With these two trends more documentation may be needed from Deepwater Horizon to prove causation.

Our team of skilled executives and advisors can analyze your business claim for validity and to ensure your maximum compensation. Working with CPA’s and attorneys when necessary, we assess your claim and choose the course of action that will work out best for your particular case. Although not all businesses that were affected will display these patterns, you may be able to forgo filing to the Deepwater Horizon Settlement and sue BP directly for your damages. The deadline to file all claims is vastly approaching. To get the process of calculating your claim started, submit some brief information on your losses and we will contact you shortly thereafter.

Fill out the form and we evaluate your claim at no charge.

Sep 11, 2012

by Bill

in BP Business Claims, BP Claim Protocol, BP Settlement

Understanding BP Business Claims

This website was created by the Team at BPClaims.org, for the latest information regarding the BP Oil Spill please go there.

On April 20^th, 2010 the Deepwater Horizon Drilling Platform exploded killing 11 workers and spilling untold millions of barrels of oil into the Gulf of Mexico. The resulting spill caused billions of dollars to be lost throughout the Gulf States Region. BP has publicly stated that they will make your business whole and now they have reached an agreement to pay many of these claims. Recently BP agreed to a settlement that compensates businesses, both large and small, throughout the states of MS, AL, and LA along with parts of FL.

Qualifying For Compensation

In the days of Ken Feinberg and the Gulf Coast Claims Facility (GCCF) it was not clear who qualified. Your business might have been denied while your direct competitor located next door could have received an obscene amount of money. There did not seem to be any rhyme or reason to who received payment and who did not. There also did not seem to be any transparency as to the amount that was received.

The New BP Settlement

The BP settlement that has been reached between BP and the Plaintiff’s Steering Committee on behalf of many claimants has made giant strides in the right direction. While there are businesses that will not qualify for payment under the settlement there are many that will. The good news is that there are multiple ways to qualify for payments and many of the payments seem to go above and beyond what was expected previously.

Another benefit the settlement brings is that businesses that were thought to not have been affected based on the geographical location (not directly on or near the coast) now have an opportunity to receive a payment from this settlement. The settlement region has been broadened in recognition of the impact of the oil spill throughout our regional economy.

BP Settlement Example and The V Test

A construction company located in northern most parts of AL, MS or LA now has the opportunity to recover damages if they meet the simple qualifications. You basically qualify when any three consecutive months in the post-spill portion of calendar year 2010 have a decline in gross revenues against the same months in any one of three benchmark periods (2009, the average of 2008 & 2009, or the average of 2007, 2008 & 2009) and then rebounds in those same three months in 2011.

This decline and rebound is called the “V” – Shaped test. The decline and rebound percentages are set by Zone, based on whether your business is located in Zone A, B, C or D. We have seen hotels in north AL that are now able to establish a loss and qualify for payments. An architectural firm in Birmingham qualified for payment because it met the “V”-Shaped test.

Companies significantly inland in the Gulf coastal counties of Central and Southwest Florida are now eligible to calculate a claim if they pass the causation test. After passing causation, if your calculation of change in variable profit shows a loss, the settlement calls for BP to pay you. If you are not certain if your business qualifies for the settlement, I urge you to call today. We will review your records with you and help you determine if your business qualifies for payment within the guidelines of the settlement.

We can help You for just 15% of what you Recover

Please keep in mind that not every business will meet the “Causation” requirements. It is also important to note that the “Causation” test goes beyond the numbers and where you might have failed the initial “V”-test, the settlement calls for the claimant (you) to examine other factors that might contribute to establishing your claim. We thank you for taking the time to visit BP Business Claims and we look forward to assisting you in your recovery of losses.

We have over 300 CPA`s and the Best Team of Claims Adjusters in the country, We understand the process and have had great success even under the GCCF.

OUR CHIEF CLAIMS ADJUSTER WAS A LARGE LOSS ADJUSTER UNDER BP, WHEN BP FIRST STARTED PAYING OUT EMERGENCY CLAIMS, THEN HE LEFT TO CREATE HIS OWN FIRM, THAT IS NOW PART OF ONE OF THE LARGEST ACCOUNTING FIRMS IN THE COUNTRY.

We know how to get claims through the process.

Apr 24, 2012

by Bill

in BP Business Claims, BP Claims, BP Settlement, Oil Spill Claims

ALL ABOUT THE BP SETTLEMENT ZONES

Zones that are currently in the BP Settlement.

Identifying the Zones

Previously the Zones of the BP Settlement were fairly simple, based on distances from the shoreline.

For example, Zone A was within 0.5 miles of the shoreline, Zone B was over 0.5 miles, but up to miles. Zone C was over 1.0 miles, but under 2.0 miles. Zone D was over 2.0 miles.

After BP’s acceptance of the BP Settlement, much has changed. The same 4 Zone structure exists with A, B, C and D; however, the zones have different distance requirements and are affected by Class type of the BP Settlement.

BP Settlement Class Type Affects the Zone in Which You are Located

1. Property Damage & Lost Sales Claims: The Zones are broken up here so specifically that YOU may be in Zone A, but your neighbor across the street may be in Zone B.
The difference here is that Zone A only needs to show the financial loss, Zone B needs to show the financial loss AND that the loss was CAUSED by the Spill.

2. Seafood Harvester Claims: Are similarly broken up as Property Claims in the BP Settlement, but not with such finite detail. Zone A is broader, but is etched closer to the shoreline. Use the business address, or employment address, should be the address of your home port for the BP Settlement. Essentially, the home port address should be the address of where you dock your boat.

3. Economic Loss Claims: For the BP Settlement, Zone A is sporadic, applies to the Florida Keys, around the New Orleans area, Orange Beach, AL and Gulfport, MS, with some areas in Mobile, AL. The other Zones that apply are Zone C. Zone B is not as broad as Zones A, C and D, with some occurrences around Tampa Bay, North of Pensacola for a few miles, small spots in MS, AL, and LA.

4. Medical Claims: Don’t really have a Zone in the BP Settlement. You just need to prove you worked on Clean-Up, you were exposed and had suffered an injury at the time you worked on Clean-Up, OR have chronic symptoms.

For Medical Claims of the BP Settlement, you could be a resident in Ohio who worked on the Spill Clean-Up. You will need to prove exposure, employment and injury, but so long as you have the symptoms, or were injured you still have a claim.

Zones Complexity, Confusion or Much Ado About Nothing?

For the BP Settlement, you need to conceptualize this, or make a concept out of this note here:

Oil has the golden touch, wherever the oil physically touched the beaches that specific area will be Zone A.

Areas next to that area will be Zone B or Zone C. Areas over 2.0 miles from the Zone A areas will most likely be Zone D, under the BP Settlement.

Zones C and D will have the largest problems with showing causation under the BP Settlement. Everybody suffered a loss after the Spill, but you must show that you suffered a loss BECAUSE of the Spill.

Is the Zone System of the BP Settlement it Really That Complicated?

Yes and no. The Zone system of the BP Settlement was intended to set up more categories in order to end the uniform treatment of different business types that was experienced under the GCCF.

The BP Settlement also specifically identifies BP’s liability to many more people and businesses than what had been experienced under the GCCF.

Our licensed claims adjusters have the ability to decipher the Zoning sections, project potential losses and offer the argument of your claim value for your BP Settlement claim.

This will be a brief overview of the different types of Zones that are currently in the BP Settlement.