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The Truth about the Gulf Coast Claims Facility

By Findul Subscribe to RSS | January 25th 2012 | Views:
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The Gulf Coast Claims Facility is an organization which is supposed to offer advice and help to the victims of the oil spill disaster, and not to the BP. It turns out that the GCCF is actually helping British Petroleum save as much money as possible from the fund which has been set to compensate the claimants. The BP offered a fund of $20 billion which should have been distributed among the individuals and business owners who lost income and revenue as a direct effect of the major oil spill. Almost 2 years have passed since the disaster, and the GCCF has paid out only as little as 30% of these funds. At this quick pace, it will take another 5 years to the GCCF until it can distribute nicely the entire amount, and offer fair compensation to everyone entitled to it.

Not only this, but the gulf coast claims facility seems to be controlled by the BP in regards with how many claims can be paid out, and what is the maximum value of these claims. Until now, the organization has paid out only the less significant claims – those in the range of $10,000 and $20,000. Business owners whose businesses have been severely affected by the spill, and who had claims larger than $100,000 will still have to wait a few more years until they can get compensation.

Several experts in the field agree that the organization has many reasons for which it delays these gccf claims:

- an issue of reputation- if the BP exhausts its funds quickly this will look extremely badly on their quarterly earnings. Then, the famous company will have a negative place on the stock market, and share holders will be reluctant with their investment strategies.

- More income for the GCCF- In the beginning, the BP has paid the organization with $850,000 in order to handle the administrative tasks regarding the bp claims. A few months later, the gccf has been paid $1.2 million/ month by the BP because they were doing “such a great job” in delaying and denying the claims. It seems again that the higher the reward for the organization, the slower they will become with processing these claims.

As you can note, the entire gccf situation and mode of operating their business is quite foggy- who is the organization helping after all: the BP to spend as little money as possible from the fund while still retaining the company’s good reputation…or the people to get the compensation that they are entitled to?

Findul - About Author:
The Gulf Coast Claims Facility is an organization which is supposed to help the victims of the oil spill disaster. Gccf is the one providing the gccf claims to the affect business owners and individuals.

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