For the thousands of families who call the Gulf Coast home, life revolves around the Gulf. That is why the April 20, 2010 oil spill was so devastating for Gulf Coast residents. Many families have their hands in multiple parts of the Gulf Coast economy: owning a small business that caters to tourists during the summer, working in commercial fishing, owning property along Gulf Coast waters, working part-time in retail or hotels that serve tourists.
When the oil spill put the brakes on the Gulf Coast economy, many families felt the effects on every single source of income. So how does the BP Settlement account for these across-the-board effects that Gulf Coast residents suffered? The short answer is that those individuals and businesses will need to file multiple claims for each type of loss.
As we’ve written about before, the BP Settlement establishes multiple categories for different types of economic losses. These categories cover both individuals and business entities and they include different types of economic losses as well as property damage losses. For each category there are specific types of documentation that must be presented and calculations that are done to determine the dollar amount of compensation.
Those families, individuals and businesses who saw multiple sources of income suffer and even suffered property damage, will need to submit a separate claim for each category of loss that they suffered. Of course, doing so is no small task and lots of questions may arise. Businesses by the Beach is an important resource to help answer them and guide claimants through the process.