BP Settlement: What’s Covered in the Economic Damages Portion?
Posted by
Gabrielle D'AlemberteApril 20, 2012 10:30 AM
Now that the BP Settlement has become public information since it was filed with the U.S. District Court in New Orleans on Wednesday, detailed information is available on what types of damages it covers.
For those individuals eligible to participate in the Settlement, it includes the following benefits:
Seafood Compensation Program. This is the only portion of the Settlement that has a monetary cap of $2.3 billion. It will cover and compensate economic damage claims for Commercial Fisherman, Seafood Crew, Oyster Leaseholders, and Seafood Vessel Owners
Business Economic Loss. This includes multi-facility businesses, start-up businesses and failed business. In some instances, causation will be presumed, but claimants will be required to establish that their loss was due to the Deepwater Horizon spill.
Individual Economic Loss. This includes new entrants to employment, individual periodic vendors and festival vendors.
Subsistence Damage Compensation. This covers claims from individuals who fish or hunt to harvest, catch, barter, consumer or trade Gulf of Mexico natural resources (including Seafood and Game), in a traditional or customary manner, to sustain his or her basic personal or family dietary, economic security, shelter, tool or clothing needs and who relied upon subsistence resources that were diminished or restricted following the oil spill.
Vessels of Opportunity Claims. This includes a set amount of payment, depending on boat size, for Vessels of Opportunity and work provided as well as compensation for damage caused to the vessel.
Coast Real Property Damage Compensation.
Wetlands Real Property Damage Compensation
Real Property Sales Damage Compensation. This includes individuals and other entities who sold residential parcels located within a defined geographic area between April 21, 2010 and December 31, 2010 and suffered a decrease in price as a result of the BP oil spill
For each category of damages, the BP Settlement includes detailed information on how the claim amount will be compensated and what types of information claimants must present for review.