BP Claim Payments Exceed $300 Million
Houston -- BP said today that it has paid $303 million in claim payments to more than 40,000 individuals and businesses impacted by the oil spill in the Gulf of Mexico. In just the past three weeks, BP has paid out $112 million and will continue to pay claims until the Gulf Coast Claims Facility (GCCF) takes over claims processing for businesses and individuals later this month. "We're not perfect," said Darryl Willis, "but we continue to pay claimants across the Gulf Coast. Our commitment to individuals and businesses is that we will not let the transition to the GCCF interrupt the flow of payments. For those concerned about their claim, please continue to communicate with us. We are working hard to resolve claims." Willis noted that BP continues to accelerate its payments. BP has paid out $37 million in claims in just the first five days of August. Claim payments broken down by month are as follows:
- $39 million in May
- $93 million in June
- $134 million in July
- The oil spill must be the legal cause of the alleged loss.
- The alleged loss cannot be remote or speculative.
- The claim must be substantiated.
- Reasonable efforts must be taken to mitigate the loss.
- When BP pays a claim, the payment will be for net loss.
- A given loss will be paid for once. There will be no double recovery.
- BP will be efficient, practical, and fair.
BP Gulf of Mexico response: www.bp.com/gulfofmexicoresponse