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Claims for Business Losses

Posted on Feb 14, 2014 by in Insurance and Losses | 1 comment

When disaster strikes, business owners may suffer more than just lost properties; they are also losing future earnings. One of the best examples of these business losses happened when the BP Oil Spill happened in the Gulf of Mexico. Established as one of the worst environmental disasters in the history of the United States, the BP oil spill created large-scale economic damage to many businesses around the gulf area. Because of this, BP has made a promise to reimburse or pay all those who have been affected by the oil spill.

Taking full responsibility of the damages done by the explosion and the resulting oil spill, BP has created a trust fund amounting to US$20 billion dollars to compensate for claims. These individual and business loss claims were slowly given compensation for the damages brought about by the oil spill; however, presently BP has released a statement saying they are disputing the settling of claims due to inconsistencies in many of the plaintiff’s arguments. Today, many people and businesses that have been affected by the oil spill and have already filed their oil spill claim are having a hard time coping with the losses and damages.

Many of those who have been denied of their compensation have filed to insurance bad faith, but many doubt if this is a good decision. There are certain differences when it come to compensation and filing for insurance bad faith. Although BP did promise to compensate for the damage brought about by the oil spill, they are not technically an insurance company. Because insurance is considered a contract, when an insurer fails to perform in a way that is required in the contract, this action is considered bad faith. Insurance companies have a duty of good faith along with fair dealing with their clients, and not practicing them may make them liable for an insurance bad faith lawsuit.

When it comes to being denied of BP oil spill compensation, it would be better to ask help and advice from lawyers who specialize in handling such cases. There are many law firms that represent people and businesses who have been affected by the oil spill accident, and they can be the best persons to question about possible options regarding the denied oil spill claim. Because of the internal issues that the BP is facing now, it would be best to seek the help of a lawyer to seek an appeal regarding the denied claims.

1 Comment

  1. This oil spill has turned out to be among the greatest environmental disasters man has ever caused.

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