New claims process for BP oil spill

Posted by: Shawn Herndon - sherndon@kplctv.com

A new independent claims facility is being developed to make the claims process from BP faster, fairer and more transparent.

The facility is designed for claims of individuals and businesses who have been harmed by the oil spill; local, state, tribal, and federal government claims will continue to be handled directly by BP.

The facility will decide all claims as expeditiously as possible, and in any event within the existing statutory timeframe.

Dissatisfied claimants maintain all current rights under law, including the right to go to court or to the Oil Spill Liability Trust Fund.

Decisions under current law by the independent claims facility shall be binding on BP.

All claims adjudicated under this facility have access to the escrow account for payment, which BP has agreed to contribute $20 billion dollars to over a four year period.

The escrow account is to be used to pay claims adjudicated by the independent claims facility, as well as judgments and settlements, natural resource damage costs, and state and local response costs.