What Do We Do Behind The Scenes?

Although a $7.6 billion fund to pay damages arising out of the Deepwater Horizon oil spill has been established through the recent Deepwater Horizon Economic Settlement, the process for individuals seeking compensation for their claims can be complicated and difficult for claimants who are not experienced in legal matters to navigate.

There are many different types of damages that can be claimed, such as property damage, health claims and lost revenue, and each require claimants to file a considerable number of documents to provide evidence for their claim. Many claimants make a mistake when filing their claims, and end up having their claims unnecessarily delayed, their awards reduced or their claims denied entirely as a result.

We at Oilclaims have an extensive process to prevent this from happening that involves a number of different kinds of legal professionals. First comes the accounting. In order to determine how much money you are eligible to receive as compensation, a detailed accounting analysis is often required.

The Deepwater Horizon Economic Settlement uses formulas that attempt to calculate economic losses by loooking at, alongside other factors, your revenues after the Deepwater Horizon oil spill and before it, and in order to receive a fair award for its claims a business must be able to clearly show what its revenues are.

Oilclaims employs the highest quality of accountants for this service, who possess two key qualifications: that of being a BP claims accountant and a Certified Public Accountant. The title of BP claims accountant guarantees that the accountant is registered with the Deepwater Horizon Economic Program and is well-versed in the Deepwater Horizon claims process, and the title of Certified Public Accountant demonstrates a professional level of knowledge and experience in the field of accounting in general.

Furthermore, according to the Deepwater Horizon Economic Settlement, fees charged by Certified Public Accountants will be reimbursed by the fund.
Next, comes legal representation. The process of filing a claim itself is managed by a team of experienced legal professionals, who help ensure that the claim is treated expeditiously and is not needlessly delayed. Once a claim is submitted, compensation is typically paid back in as little as 60-90 days. Also, we have Forensic Experts protect our claimants from findings of fraud.

Oilclaims itself operates as a not-for-profit referral service, connecting claimants to a full package service offering all of these legal and accounting experts working together. There are no upfront fees; all of the CPAs and legal experts that we work with charge only if and when compensation is received from the Deepwater Horizon Economic Settlement Center. And all you have to do to start the claims process is get in touchwith our claims preparation services; our accountants and lawyers will guide you through all of the rest.