It is necessary to understand the difference between the GCCF and BP settlement process. The BP settlement will now be court monitored. Not many people were happy about the way GCCF was handling BP oil spill settlement cases. GCCF cleared BP claims randomly, and people had no idea about how the compensation was calculated. The new BP settlement system will be a transparent system which would allow people to know about how the compensation has been calculated and what’s even better is that it won’t be handled by BP.

Many business and individuals suffered severe losses after the BP oil spill incident. The tourism and fishing industry were severely affected. Many hotels and restaurants faced great losses. The price of property also came down. Many people filed BP lawsuits but for two years there was no relief. The process of BP settlement has been changed. The BP settlement fund would be handled by the Plaintiff Steering Committee (PSC) and the judiciary. The system would implement easy to understand and easy to follow procedures making the system transparent. On the 8th of March 2012 the court gave orders to follow the new BP settlement process along with closing of the GCCF process. I

t was quite evident that GCCF was not an efficient system as it delayed payments of many claims. Therefore, from now on the GCCF is closed and the remaining claims will be handled by a claims administrator. The good news is that claimants who have already submitted their papers to GCCF need not re-file their BP claims as the data from GCCF will be transferred into the new system. However, it is better to get in touch with the claims administrator to get information on additional details that may be required. There is no need to start the settlement case right from scratch if the documents have already been submitted to the GCCF. Claimants can also continue to file claims even as the transition is being made to the new system. GCCF has also been contacting claimants for a quick pay option. As per this notification, irrespective of the losses caused by the oil spills and individuals can opt for BP $5000 settlement and a business would receive $25000.

The amount is fixed and must be accepted before the 7th of May 2012. After this date the offer from the GCCF will expire and all claims would come under the new BP settlement program. BP has also come on an agreement with PSC regarding BP oil spill settlement. BP has agreed to pay the BP claims fairly and now there is no cap on the compensation amount.

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