What you need to know about BP settlement for property owners in affected areas
Listed below are useful tips for claiming BP settlement for property owners in areas affected by the Deepwater Horizon Incident including parts of Texas, Louisiana, Mississippi, Florida, and Alabama. The information on this page is still subject to change pending updated information from the Federal Court handling the settlement cases of the BP oil spill.
There are two different ways for property owners to file a claim under the new court-supervised settlement program. First is when there is loss on sold properties between May 2010 and December 2010. The second is for damages and income loss on properties directly affected by the oil spill.
Just like the other BP claims, the closer to the water your properties are, the higher the offer is going to be. But if you are directly within the area affected by the spill you can still be eligible for a BP claim even if your property is not in the water area. Once the final BP settlement guidelines are out there will be approved maps that will show the affected areas.
Types of property owners who are eligible for compensation
If you own a property in the affected area close to the ocean where the Deepwater Horizon incident happened (New Orleans to Panama City beach), you may be able to file a claim only if (a) you found oil in your property and they came from the BP oil spill incident, or (b) you sold your property between May 2010 and December 2010 and incurred severe losses due to the incident.
What are the requirements required from property owners?
For sold properties, BP may require the sales contract of the property showing that the sale occurred between May 2010 and December 2010.
For properties damaged by oil, BP may ask for the deed that shows the value of the property. Photos and other pertinent records of land inspection may also be required for your claim.
How much can you get from a BP claim for property owners?
For realized loss on property value – 12.5% on top of the sales price of the property. For example, if you sold your property for $1,000,000, your BP settlement claim will be $125,000.
For oil on properties the BP pay-out is a maximum of $25,000 per acre of land/property.
Note, however, that claims adjusters may have different calculation scheme depending on the records you submit and how much damage was incurred over your property.
BP Settlement Claims for Beach Front Properties
If you think you are eligible for a Deepwater Horizon settlement, the first thing you need to consider is getting an attorney to represent you. Your attorney needs to find all probable claims and supporting documents to present before a BP Claims Center. It may be possible that you are eligible for 3 different settlement claims and you don’t know it. Your attorney and your law firm’s processing team will help you start gathering all the requirements and finish all the paperwork in a timely manner before the BP settlement finally closes down.
Rental Houses and Other Property Claims Eligible for BP Settlement
The coast of Florida is peppered with rental houses and beach fronts that experienced a downturn of business in 2010. BP will provide individuals who experienced losses from their rental properties. If you’re in the affected area, you may have a very good settlement from BP so get one of our attorneys to work on your case right away.
This applies to individuals with claims for losses form a rental house, beach front, or condo rentals in areas directly and indirectly affected by the Deepwater Horizon Incident oil spill. People with rental houses by the beach may also be eligible for claims for use and enjoyment of their private residence during the BP oil spill.
Are you a Florida resident affected by the BP oil spill?
The economic losses from the 2010 BP oil spill center around the Orange Beach AL area down to the Panama City beach FL area. In that area alone, there are still almost 100,000 new claims yet to be settled. Everyone who was previously denied by the GCCF can now get an attorney to take their case to the newly established court-supervised settlement program.
When is the deadline for BP settlement applications?
Once the BP settlement fund has been opened up, the program may run for 1 to 2 years after the oil stopped spilling. If you have already filed a claim before the GCCF but were denied, you can re-file your case for the new court-supervised program set by BP. You need to submit all supporting documents that will prove your claim.
BP Settlement for Businesses
The GCCF failed in many ways in providing the Deepwater Horizon settlement solutions to many businesses and individuals affected by the BP oil spill. Because of this the new Court-supervised claims program promises to be more transparent and more generous when it comes to processing of payments. BP settlement claims need to be filed before the court on or before April 16, 2012. All submitted claims will then pass through a series of processes that will determine the pay-outs and compensation.
The primary industries included in the BP settlement are as follows:
· Fishing industry, including commercial fishermen, oystermen, shrimpers, crabbers, and even charter fishermen.
· Seafood industry, including seafood processing
· Tourism, including hotels, vacation rentals, RV parks, travel and tours operations, gift shops.
· Restaurants, bars, and cafes.
· Transportation industry
· Real estate industry
· Marina and water sports
What are the documents required for a BP settlement for businesses?
In the new program, document requirements are lessened compared to when it was still under the GCCF. Here’s a list of documents required to be submitted to the BP Claims Center through your attorney.
· Federal Tax Returns for 2009 and 2010
· Federal Tax ID
· Federal Business License
· Profit and Loss Statements for 3 months of 2010 and same months from 2007 to 2009
The new settlement model then divides claimants into geographical zones where the business is located. If your business is close to the beach and was directly hit by the oil spill, there may be no need to prove causation for your losses. Discuss this with your attorney.
· Zone A – Coastal area within ½ mile from the ocean or 1 mile from marshes spilled with oil
o Businesses in Zone A will have presumed causation therefore there is no need to prove what your business is all about, all you need to prove are your losses for 2010.
· Zone B – ½ mile to 20 miles from the ocean
o The tourism industry and seafood industry also gets presumed losses under this category but additional supporting documents may be required.
· Zone C – 21 miles to 50 miles from the ocean
o For seafood industry in this zone, they get presumed losses but the tourism industry and other businesses have to prove the cause of their losses.
· Zone D – out of State
o All businesses in this zone need to prove causation of their losses due to the BP oil spill.
Note that whichever zone your business falls into, there’s a need to provide supporting records and documentations to prove businesses losses in 2010 and the fact that those losses are caused by the oil spill incident.
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