Is there a dollar limit on damage claims related to the BP oil spill?

BP and other companies responsible for the oil spill are liable for a maximum of $75 million in damages, under current law. But that may change. The catastrophic oil spill in the Gulf has driven home the fact that a $75 million limit is too low to cover the anticipated losses of commercial fishermen and other businesses and individuals. Some say there should be no limit on damages for responsible parties.

Congress has been debating raising the cap to as much as $10 billion and making the change retroactive to the BP Deepwater Horizon oil spill. Individuals can make claims for lost wages and profits, interruption of the business, personal injuries and death.

Under the Oil Pollution Act of 1990, individuals should make claims first to the responsible party—in this case, BP. BP has been paying claims, but the process has been slow and the payments have typically been less than $5,000.

If you’re not satisfied with the payment of your claim, you can then file a lawsuit. The Oil Spill Liability Trust Fund, a fund created from a five-cents-per-barrel fee on imported and domestic oil, may provide up to $1 billion to pay claims for uncompensated removal costs and damages.

The unprecedented harm of the BP spill will continue to affect property, business and the environment for years to come. The Oil Spill Task Force, sponsored by Arnold & Itkin LLP, coordinates the financial, legal and investigative resources needed to represent the claims of businesses and individuals whose livelihoods and property are threatened by the BP oil spill.

If you would like a review of your claim, call the attorneys of Arnold & Itkin LLP at 888-498-8212 or use our online form. We focus on representing your financial interests in claims against BP.

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