BP has approved initial payments toward 90% of commercial large loss claims that have been filed as a result of financial losses of the Deepwater Horizon incident and spill. Using an accelerated process BP approved payments of 337 checks for a total amount of $16 million to businesses that have filed claims in excess of $5,000. Initial payments began over the weekend and will be completed this week. The remaining outstanding commercial large loss claims are awaiting documentation and are continuing through the process.
Improvements to the commercial large claims process have been made as a result of applying learning from the existing individual claims process, as well as consultations with local, state, Department of Homeland Security and United States Coast Guard officials.
"We hope that these changes will help those whose businesses and livelihood have been hurt by the oil spill," said Darryl Willis, Head of BP's Claims Team. "We are working hard to fine-tune our claims process so that it's as simple, straightforward and effective as possible. We will keep doing everything we can to address the impact of the spill on the Gulf region."
To date, BP has opened 25 claims offices and issued approximately 25,000 claims checks totaling $63 million.By the end of the week we expect to have paid out $85 million inclusive of these initial large loss claims payments.
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