Claims comp introduction presentation 3 5-13


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Claims comp introduction presentation 3 5-13

  1. 1. Helping businesses, nonprofits, and individuals optimize BP Deepwater Horizon claims
  2. 2. The explosion of the Deepwater Horizon oil rig in 2010 affected the entire Gulf region. 53,000 barrels of oil per day poured into the Gulf of Mexico.
  3. 3. The economic impactwas far reaching.
  4. 4. In April 2012, BP agreed to a $7.8 billion settlement. The Settlement provides relief for the entire Gulf region. Businesses, nonprofits, and individuals located in the following counties may be eligible:• All counties in Alabama • 30 counties-Gulf Coast of Florida• All parishes in Louisiana • 4 counties-Gulf Coast of Texas• All counties in Mississippi
  5. 5. Alabama Louisiana MississippiAll counties eligible All parishes eligible All counties eligible Florida Texas 30 Gulf Coast counties are eligible 4 coastal counties eligible
  6. 6. Alabama Louisiana MississippiAll counties eligible All parishes eligible All counties eligibleFlorida•30 counties eligibleTexas•4 counties eligible
  7. 7. The Settlement Overview• Generally, all businesses, nonprofits, and individuals located within the Gulf Coast area are eligible to participate in the claim.• Economic damages can be claimed if you lived, worked, or owned a business in Alabama, Louisiana, or Mississippi.• Certain coastal areas in Texas and Florida are also eligible.
  8. 8. The Settlement Economic Loss Zones• Four geographic zones (Economic Loss Zones) determine eligibility to file a claim.• Zone A is automatically presumed by the courts to have established causation.• Zones B, C, and D can demonstrate causation using a financial formula.
  9. 9. 5 States in the Gulf Coast Region are Eligible Zone A is presumed by the courts to have established causation.Zones B, C, and D must demonstrate causation using a financial formula.
  10. 10. The Settlement Causation• In legal terms, “causation” means liability, or the same as saying that one is at fault and responsible for the damage.• The BP settlement is unique in that individuals and businesses with claims (claimants) are not required to prove that their economic or property damage was “caused” by the oil spill.• In the case of Zone A, the courts have presumed “causation” based on the location of either the property or the claimant. • For Zones B,C, and D, “causation” can be demonstrated by a financial formula.• Once you have established “causation,” you are eligible for a claim.
  11. 11. The Settlement Claim Calculation• Once “causation” is established, the amount of economic loss is determined by calculating variable profit lost during the oil spill period. • Variable profit refers to revenues less variable costs. • Monthly variable profits are compared to a historical •Alabama benchmark to determine the amount of economic loss. •Louisiana• The settlement pays for lost variable profits and includes a •Mississippi growth factor and a risk transfer premium (RTP). •Florida• The RTP is a multiplier applied to the economic loss based on •Texas the zone and industry in which the business operates.
  12. 12. Almost all types of businesses, nonprofits, and individuals qualify.• In summary, if you lived, worked, or operated a business or nonprofit in an Economic Loss Zone and,• You experienced a decline in revenue or income, or even if you didn’t experience a decline, you may qualify.• You don’t have to have lived or worked on or near the coast.• You don’t have to prove direct harm from the oil spill.
  13. 13. HOSPITALITYHotels, Motels, SpasCountry ClubsCatering CompaniesBanquet HallsTaxi Cabs
  14. 14. FOOD SERVICERestaurantsBarsFast FoodIce Cream ShopsCoffee Shops
  15. 15. FISHING INDUSTRYSuppliers/VendorsWarehousing
  16. 16. NONPROFIT ORGANIZATIONSChurchesTemplesMosquesOther Religious Institutionsnonprofit Organizations•Rescue Missions•Crisis Centers•Rehabilitation Facilities ​
  17. 17. RETAIL Convenience Grocery Liquor, Cigars Candy Clothing Gifts Florists ElectronicsFood & Specialty Retailers
  18. 18. RETAIL AUTOGas StationsCar WashesAuto RepairOil ServiceTire & Battery
  19. 19. RETAIL SERVICESBarbers, Hair and Nail SalonsPhoto StudiosShipping CompaniesLaundromats & Dry Cleaners
  20. 20. BUSINESS SERVICESAccounting FirmsConsulting FirmsLaw Firms​Realtors Holding and Security Management Telecommunications​
  21. 21. CONSTRUCTIONContractorsBuilding Suppliers
  22. 22. PRIVATE SCHOOLSPrivate SchoolsPrivate CollegesPrivate Pre-SchoolsChild Care
  23. 23. Tourism TOURISM RV Parks Travel Agencies Bars, Night Clubs and Sports and Water Sports Rentals Boat Tours and Charter Boats Marinas Rental Properties Resorts and Timeshares
  25. 25. Many businessowners andnonprofits don’trealize theyqualify.
  26. 26. If you lived/worked in the area and experienced a financial decline, you may qualify. And even if you didn’t experience a decline, you may still qualify.
  27. 27. Class action settlements are complicated.The settlement agreement is over 1,000 pages.
  28. 28. Take the hassle out of filing your class action claim. We have an experienced staff ready to help you.
  29. 29. No upfront fees No out of pocket costsWe don’t get paid until you do.
  30. 30. 180,000 satisfied customers$240 million recovered fundsServing the US since 1999
  31. 31. Experience matters.
  32. 32. Helping businesses, nonprofits, and individuals optimize BP Deepwater Horizon claims Call us today 1-888-404-1395Visit our website and download a free eBookon the BP settlement.