Is there a cap on claims paid?

Under current law, the party responsible for an oil spill is liable for a maximum of $75 million in damages. That’s less than some large oil companies make in a single day. The ongoing oil spill in the Gulf caused by the Deepwater Horizon oil rig explosion has made clear that the cap on damages set out in the Oil Pollution Act of 1990 is far too low today. Members of Congress have been debating raising or eliminating the cap on BP’s liability for economic damages. If an individual causes an accident, they are responsible for all the damage they cause, so why shouldn’t BP also pay for all the damage caused by the ongoing oil spill.

BP has been paying claims, but the process has been slow, and most of the payments small, considering the harm the spill has caused. The unprecedented effects of the BP spill will continue to damage property, business and the environment in many ways for years to come.

Many people find that their economic loss claims are taken more seriously if they are represented by an experienced oil spill attorney. 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 to discuss a claim, then please call 888-498-8212. We focus on representing your financial interests in claims against BP.