Although some people and businesses have been somewhat confused by the parameters surrounding the BP (NYSE:BP) compensation fund administered by Kenneth Feinberg, one this isn't confusing, and that is those who live close to the oil spill will have the best change of having their claim approved, while the further away one is from the spill, chances diminish, although it depends on the overall circumstances made in the claim.
A claim must reveal the specific damage or economic loss associated with the oil spill, which includes how close the claimant was to the spill and their "dependence upon injured natural resources."
Those who feel they were indirectly affected by the disaster will have a harder time collecting on their claims. But those who aren't rewarded can then choose to go the route of a lawsuit if they feel they have a legitimate chance to win.
The response to claims should be quick, with Feinberg stating his goal is to pay out emergency funds to those individuals who qualify within 24 hours, and to businesses within a week.
Those receiving emergency funds can still sue BP and others, while those accepting final settlements must waive the right if they want to receive it.
Claims to the Gulf Coast Claims Facility can be made through November 23.
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