Skip to main content

Door is about to close forever on BP oil spill claims

After BP’s Deepwater Horizon platform exploded and sank in the Gulf of Mexico five years ago, more than 200 million gallons of crude flowed into the waters for 87 agonizing days.

It was the worst spill in history. And, although it was years ago, scientists still see ongoing damage in the five Gulf states (Florida, Alabama, Mississippi, Louisiana and Texas) — damage such as layers of oil and chemical dispersants on the Gulf floor, abnormally high death rates of bottlenose dolphins, lesions on recreational and commercially-caught fish and much more. Scientists are still searching for a definitive long-term outlook.

One thing is known, however. BP must pay claims in two separate settlement agreements, a Medical Benefits Settlement and an Economic and Property Damages (“E&PD”) Settlement. The claim deadline for medical has passed. However, the deadline for filing economic damage claims is still open, but now just 48 days (June 8, 2015) remain, according to Tom Young, a Tampa attorney who specializes in BP claims. Failure to make a claim by then will forever waive your rights, he says.

To date, BP has paid more than $5 billion to businesses affected by the spill and claims are still being filed. It’s important to note that thousands of businesses across the Gulf Coast are part of that settlement even though no oil actually washed up on their shores. In fact, by definition, all businesses in all the shoreline counties in the five states are already considered claimants.

But even a business that’s 30 to 40 miles inland could have suffered a related decrease in business and is eligible to make a legitimate claim. After all, the media, both national and international, plastered the daily world news for more than two months with reports that oil was coming, for example, to the west coast of Florida, though it never actually got there.

Just such conjecture by news outlets hurt tourism; winter transient boaters disappeared; people were afraid to catch fish, never mind eat them; new boat dealerships and marinas were seriously hurt; boat service firms, gas docks, tackle stores, restaurants, related hospitality businesses and many more suffered plummeting revenues, too.

Reportedly, the average settlement has been in excess of $100,000. Owning and running a marine business daily isn’t easy. I get that. And filing a claim can be a time-consuming project. I get that, too. Still, fair compensation for legitimate damages suffered because of this spill — and all the related problems it brought on — is something every impacted marine business should carefully consider before leaving money on the table and waiving your rights forever.

To see if you qualify for a claim, check this site for requirements.

Related

AdobeStock_131758074

Rays of Light

A key indicator of U.S. consumer confidence rose for the first time in four months in August as the economy added 315,000 jobs.

1_YANMAR

Yanmar Announces Sales, Marketing Hires

The company has hired Bas Eerden as global sales manager and Michele Durkin as global marketing manager.

AdobeStock_99701994

So, You Want To Be a Yacht Broker

Tips to help build a network through an online presence which is essential to success

1_HURRICANE.IAN

Ian Explodes Into Category 4 Hurricane

The historic hurricane is expected to make landfall this afternoon between Naples and Venice, Fla.

1_PREMIER.MARINE

Premier Marine Announces New Minnesota Facility

The pontoon builder recently completed a 150,000-square-foot building with new corporate offices and expanded manufacturing facilities.

1_SCOUT.BOATS

Scout Boats Recognizes Top Dealers

Seven Seas Yacht Sales of Ft. Lauderdale, Fla., was recognized as the boatbuilder’s top dealer worldwide.

1_TOWBOAT.PINK

TowBoatUS Vessels Go Pink

Five of TowBoatUS’s response fleet are going pink for the month of October to help increase breast cancer awareness on the water.

1_BTN.CHART

Fork in the Channel

Boat registration totals for July mostly revealed considerable weakness compared with a year earlier, and tumbled back into a steeper downtrend than the prior month’s comparisons.

1_PULSE1

Inflation Stymies Boat Sales

Inventories of new and used boats are improving at the retail level but are still considered comparatively lean, according to the results of the monthly Pulse Report survey.