Gulf Coast Claims Facility
The newly formed Gulf Coast Claims Facility (GCCF) is an entity that, on August 23, 2010, will be in charge of distributing the $20 billion fund being used to pay out damages for the BP oil spill. Helmed by Kenneth Feinberg, the GCCF is charged with determining the financial value of the losses suffered by individuals throughout the Gulf Coast. Using its own experts to analyze the claims submitted, the GCCF will also be in charge of paying out the money that will return the Gulf Coast to its pre-spill condition.
Compensating the various businesses and people who have suffered financial hardship is the main purpose of the GCCF. While BP has been paying out approximately $300 million for financial damage up to this point, there is still significant recovery that needs to be carried out. For those who have already submitted claims to BP, they will need to refile their claim with the GCCF though documentation will be transferred between the two entities.
In the near future, emergency payments will be issued by the GCCF for those suffering ongoing financial hardships between August 23 and Thanksgiving of this year. These emergency payments will cover six months of losses and can be backdated in order to cover the extent in which hardship was suffered due to the oil spill in the Gulf. One group that has been affected profoundly are real estate brokerage claimants, who will be able to receive emergency payments only. Of the$20 billion, a significant amount is being dedicated for emergency losses in the short term to brokers and agents of real estate.
Kenneth Feinberg has described a two-part question in order to determine if an individual or business is qualified for financial recovery from BP. The first question relates to the eligibility of a party, specifically their nearness to the Gulf, what type of business or industry they are involved in and, finally, the amount that the companies involved depended on the Gulf for profit. Second, Feinberg notes that claimants must be able to provide Proof of Claim. In this, the GCCF notes that individuals should consider whether they are able to prove their financial hardship through documentation. While this documentation can come through a variety of methods, this proving process will likely be the biggest sticking point for individuals looking to receive money for their losses. It is also one of the major reasons that we recommend claimants get legal representation moving forward with the GCCF.
For more information on this newly formed entity, click here for an analysis of the deal reached between BP and the government. To speak with an attorney about your right to make a claim with the GCCF, call us on any of the numbers listed above.
To read more about the BP oil spill, including more information about the Deepwater Horizon explosion and financial claims against the company, visit our blog dedicated to the subject here.
Compensating the various businesses and people who have suffered financial hardship is the main purpose of the GCCF. While BP has been paying out approximately $300 million for financial damage up to this point, there is still significant recovery that needs to be carried out. For those who have already submitted claims to BP, they will need to refile their claim with the GCCF though documentation will be transferred between the two entities.
In the near future, emergency payments will be issued by the GCCF for those suffering ongoing financial hardships between August 23 and Thanksgiving of this year. These emergency payments will cover six months of losses and can be backdated in order to cover the extent in which hardship was suffered due to the oil spill in the Gulf. One group that has been affected profoundly are real estate brokerage claimants, who will be able to receive emergency payments only. Of the$20 billion, a significant amount is being dedicated for emergency losses in the short term to brokers and agents of real estate.
Kenneth Feinberg has described a two-part question in order to determine if an individual or business is qualified for financial recovery from BP. The first question relates to the eligibility of a party, specifically their nearness to the Gulf, what type of business or industry they are involved in and, finally, the amount that the companies involved depended on the Gulf for profit. Second, Feinberg notes that claimants must be able to provide Proof of Claim. In this, the GCCF notes that individuals should consider whether they are able to prove their financial hardship through documentation. While this documentation can come through a variety of methods, this proving process will likely be the biggest sticking point for individuals looking to receive money for their losses. It is also one of the major reasons that we recommend claimants get legal representation moving forward with the GCCF.
For more information on this newly formed entity, click here for an analysis of the deal reached between BP and the government. To speak with an attorney about your right to make a claim with the GCCF, call us on any of the numbers listed above.
To read more about the BP oil spill, including more information about the Deepwater Horizon explosion and financial claims against the company, visit our blog dedicated to the subject here.
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