Calculating Compensation for the Gulf of Mexico Oil SpillĀ 

Posted by on Apr 2, 2014 in Oil Claims | 2 comments

The legal tango in which BP Plc is engaged in regarding its settlement plan for individuals and businesses affected by the Gulf of Mexico oil spill may be ending soon. The courts have so far rejected each motion filed by BP lawyers that would effectively restructure the plan that had initially been agreed upon. Until such time as the wrangling ends, however, claimants are forced to wait for their compensation.

Notwithstanding the courtroom drama, legitimate claims for the BP oil spill can still be filed. According to the website of MySpillClaim.com, the claims will still be assessed based on the V-shaped revenue test that was described in the original settlement agreement. The test is a standard tool for establishing causation in business economic losses.

In estimating the probable compensation for each claim using the V-shaped revenue test, there is some information that has to be put in. Particularly, the test will require the gross monthly revenue for the six-month period between May and December of the three years previous to the oil rig explosion, the 6 months immediately after and for the year after. From this, the online calculator on the website will be able to determine the aggregate decline in income immediately following the explosion compared to the previous three years and the increase in income in the following year. These are the downturn and upturn steps that determine whether the business losses experienced in 2010 was directly caused by the oil rig explosion.

If you have suffered economic losses due to the BP oil spill but declined to participate in the settlement program or have yet to make a claim, it is important to understand that the time to act is now. Find a qualified lawyer in the area with experience in handling BP oil spill claims to make your own as soon as possible. If you wait too long, you risk not getting any compensation.

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