BP Oil Spill Claims
Three years after the event, many victims of the Deepwater Horizon oil rig explosion and subsequent oil spill are still waiting to get compensation for the losses they sustained. Also referred to as the BP oil spill, the catastrophe affected the environment as well as the health and livelihood of people of the surrounding areas including 5 US states namely Louisiana, Mississippi, Florida, Alabama, and Texas. This is especially true for non-profit organizations, some of which according to an article on the Williams Kherkher website may actually be eligible for a Risk Transfer Premium on top of the actual loss incurred because of the accident.
Unfortunately, the process of applying for compensation after the BP oil spill is very different from the process people go through for something like insurance coverage following a car accident. There are established guidelines and regulations which dictate how far an insurer can delay or deny coverage for a claim. Not so with BP.
Under the terms of the Settlement Agreement as well as the court-appointed BP oil spill claims processing center which was believed by many would speed up the process, BP could challenge each and every claim at a whim, significantly slowing everything down to a snail’s pace. In other words, BP can and does dictate the terms under which compensation is processed and meted out. Too often, it is much too little and too late to be of any significant help for the victims.
In order for claimants to make any headway with BP oil spill claims, they need to know precisely how they are processed, and how to appeal what would almost certainly be a denial at the first try. Most claimants have neither the knowledge or experience to make any significant headway in this endeavor, which is good for BP. It is highly advisable to enlist the help of a lawyer who have a good track record in dealing with BP oil spill claims for any chance at success.