Damages BP Has Agreed to Pay Under the Settlement
The BP Oil Spill has caused billions of dollars in damage and the full effects have not even been realized yet as more and more people continue to be affected every single day. This inability to know how far the damage will extend into the future is a large part of the reason for the breadth and amount of the Deepwater Horizon settlement.
The settlement agreement reached between BP, its subsidiaries, and the U.S. government required the company to set up a $20 billion compensation fund to aid individuals and businesses in the Gulf Coast region that suffered economic losses. The states included are Texas, Louisiana, Mississippi, Alabama and Florida.
The court-sponsored settlement program laid out specific language detailing the types of damage that BP would pay. As a result of the DWH Spill, BP has agreed to pay claims for:
- Removal of oil and related costs
- Loss of a business’ profits
- Loss of an individual’s earning capacity
- Loss of income
- Property damage, including real estate and personal property
- Damage to natural resources
- Medical conditions manifesting in clean-up workers and individuals exposed to oil and other chemicals related to the spill and its clean-up