Posted By Ray Hall on 10 Jun 2010 11:50 AM
I have been involved in Oil & Gas operators crude or salt water spills on a much smaller scale on stock ponds and small streams in several states and on land from blowouts and storage tanks leaks. Most third party claims are land owners or business owners and do not result in lawsuits or large fines.
The BP blowout.pollution claim is one of a life time. In 1991 Pemex had a shallow water blowout down in the bay of Campeche and it was nothing compared to this monster. This will probably result in chapter 11 for BP. My humble opine is not one out of 100 licensed adjusters will be able to do any thing to settle with loss of income claims for years to come, or even the short term.
BP should ask Obama for permission to have a commission of lawyer,s like public defenders and the largest firms in the accounting world to loan employee,s to this task force for one or two years, and all data(gathered from the field) by a blue ribbon group of IA,s submitting the data to this commish like an appraisal board. No lawsuits. Advance payments, put fishermen to work on clean up with boats and booms and brooms. This is a national emergency disaster to the gulf coast
If Obama does not get his wonderful justice department and congress to change some laws or make some laws on this event. Just claims must be paid and not litigated.
Hello Ray
I have a question
I have never been involved in something like this, but as others have spoken of many insurers will not cove rthe release of a toxic substance either by accident , terrorism, ETC.......so if a storm hits and disperses the oil however far inland, of course we will have wind damage and storm surge and the like that will be covered if folks have flood and homeowners, but if the oil contamination is an excluded peril , so I would imagine we would basically ingnore the oil damage in and of itself in much the same way we would ignore flood damage on a risk only covered with a basic HO-3 policy.is that correct ?
So , if insurers pay for x damage and exclude the oil damage , of course BP is on the hook ,but would imagine chapter 11 might become a factor if the oil was dispersed in such a way to inundate many structures.
So if BP goes that route , what remedy would the homeowner with a home contaminated in this mess , would FEMA attempt to step in with SBA loans and the like.
I also imagine many lawsuits will be filed , but if BP files for protection, who would ultimetely pay to remediate (clean this nasty),the taxpayer ?
I have tried to find the answer , but am resigned to asking you as I know you have been through some other spills.
Regards
Robby Robinson
******************update**************
Hi Ray
As the case with so many other questions I have asked on CADO, I found your answer to this exact question on another thread.
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Robby Robinson
"A good leader leads.....
..... but a great leader is followed !!"
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