BP Oil Spill Settlement
Last Updated on January 20, 2022
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Gulf of Mexico Residents: If you have been affected by the BP oil spill, it's not too late to make a claim for damages. The oil giant has reached a settlement to compensate the hundreds of thousands of individuals and business owners who were harmed by the Gulf of Mexico oil spill. BP will fully fund the settlement, with no limit on the amount it will be obligated to pay.
If you suffered property damage, economic losses or injury related to the Gulf of Mexico oil spill, you may be entitled to compensation under the new settlement agreement.
BP Settlement Agreements
The BP settlement is expected to resolve most private economic loss, property damage and injury claims stemming from the Gulf of Mexico oil spill tragedy. In its agreement, BP has reached two separate settlement agreements. The first BP settlement compensates private economic losses related to the oil spill. These claims include individuals and businesses which suffered damage to wetlands, coastal property and personal property; lost profits; sustained real property sales losses; lost subsistence use; and have claims for failure to pay under BP’s Vessels of Opportunity Program. The second BP settlement compensates Gulf residents and clean-up workers who suffered medical ailments related to exposure to the oil and chemical dispersants in the weeks and months following the spill. Residents in the coastal and wetlands areas of the Gulf will be compensated for a wide range of specific medical conditions, including stomach, skin and respiratory conditions. The second BP oil spill settlement also provides periodic medical consultations over the next 21 years. Claimants are permitted to participate in either or both settlements.
Oil Spill Claims
The BP oil spill settlement holds the company fully accountable to individuals and businesses affected by the spill and requires that they fully satisfy all eligible claims. If you were harmed by the Gulf of Mexico spill, you may still be able to make a claim for compensation. There will be no delay in the processing of economic damage claims while the heart of the claims process shifts to New Orleans under court supervision.
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