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Gulf Coast Claims Facility

Gulf Coast Claims Facility

Gulf Coast Claims Facility
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Gulf Coast Claims FacilityWhat is the Gulf Coast Claims Facility? Following the Deepwater Horizon Incident, which occurred on April 20, 2010, British Petroleum was labeled, by the United States Coast Guard, as a responsible party under the Oil Pollution Act of 1990. Pursuant to this act, BP as a responsible party, was required to establish a procedure for the settlement of claims for damages and costs incurred as a result of the catastrophic spill.
The oil company established such a procedure, by announcing that it would replace its claim facility with a new and different claims facility, which is now known as the Gulf Coast Claims Facility. Additionally, British Petroleum would establish a $20 billion escrow fund in order to fulfill its claim processing obligations under the Oil Pollution Act.
The Gulf Coast Claims facility accepts and resolves claims of Individuals and Businesses who suffered damages or costs as a result of the Deepwater Horizon spill. In fulfilling these crucial responsibilities, the Gulf Coast Claims Facility and Kenneth Feinberg—the third party administrator of the Gulf Coast Claims Facility—acts for an on behalf of British petroleum in order to fulfill the company’s statutory obligations as a responsible party under the aforementioned legislation. Legal Process of the Gulf Coast Claims Facility: Although the Gulf Coast Claims Facility acts as an intermediary to help businesses and individuals recoup the costs associated with the spill, the center cannot give personal legal advice or advise those seeking retribution; additionally the Gulf Coast Claims Facility cannot advise entities or individuals on whether to file a claim with the facility or the worth of the claim if the entity has one.
Nobody at the Gulf Coast Claims Facility can represent those seeking retribution in any way. That being said, those individuals seeking compensation have the right to consult with an attorney prior to accepting any settlement from the Gulf Coast Claims Facility.How is the Gulf Coast Claims Legal Facility different from the previously-formed BP Claims Facility? The Gulf Coast Claims Facility and the Claims Administrator are responsible for making their own judgments regarding the evaluation and subsequent payment of claims and in particular, what, if anything, would be a reasonable payment amount or offer to the respective claimant. As a result of these responsibilities, BP no longer has the authority to make such judgments.

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