BP Oil Spill Business Interruption Claims (Part A)

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As the crisis from the BP oil spill grows, small businesses along the Gulf Coast are losing millions of dollars in revenue. Fisherman, hotels, restaurants and shops have been affected throughout the region. Meanwhile, BP has established a $20 billion claims fund in order to compensate those who have been affected. If you have suffered a loss of business as a result of the BP oil spill, then you may be eligible for compensation. To recover damages you may need to file a business interruption claim. 

What is a business interruption claim? 

A business interruption claim will cover losses sustained to the business property as a result of the occurrence of an insured event. It may also cover indirect losses, which are sustained as a result of suspended operations. This coverage is meant to compensate business owners as though no interruption has occurred. It will cover business income, or net income before business taxes, that is shown to have been lost.  

Recovering a Loss of Earnings 

To recover a loss of earnings as a result of the BP oil spill, you must show that gross earnings, or business income, would have been realized during the period of interruption. A business that is running at a loss may also submit a business interruption claim because it may still have been impacted in the form of continuing expenses. A business that is not in operation, but is under construction, may file a claim from the date that operations should have begun.  

If you need to recover for a loss of earnings as a result of the BP oil spill, a Florida BP oil spill lawyer can help you file a business interruption claim. 

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