The Gulf Coast Claims Facility and it’s $20 billion dollar escrow fund started operations today to independently handle the personal and business claims of oil spill victims. Gulf Coast Claims Facility (GCCF) administrator Kenneth Feinberg has issued guidelines for “Emergency Protocol”, which outline the procedure for those wanting to file for advance payment on their claim. The emergency protocol procedures are intended to get a claims check, equaling six months of claims payments, out to individuals within 48 hours and businesses within seven days.
Mr. Feinberg is paying Gulf Coast fishermen and businesses a bit more than $1,000 a month on average for their loss. He touted the simplicity and fairness of his plan. He said a better deal wouldn’t be found anywhere. He said there would no need for attorney’s , or a long drawn out court battle. And most importantly, he said it would be quick and get money out to those struggling right now. But two weeks in, many Gulf Coast residents are breaking out those letters from lawyers they got back in May, and Mr. Feinberg, if you missed your history lessons, we don’t take well to carpet baggers down here.
BP Claims
About the $20 Billion Dollar BP Claims Fund
On June 16th 2010, The Obama Administration and BP announced the creation of the $20 billion dollar "Oil Spill Liability Trust Fund" to provide a faster and more fair way to pay damage claims for individuals and businesses harmed by the Gulf Oil Spill. BP has agreed to contribute $5 Billion per year to the fund until the $20 billion dollars is depleted, including $5 billion in 2010.
