BP Oil Spill Claims: Information for Affected Louisiana Non-Profits
It’s no surprise to say that the British Petroleum (BP) oil spill in 2010 left devastating effects for the Gulf of Mexico and the nearby Louisiana coast. In fact, much of the consequences are still felt today—about five years down the road. The environmental impacts are enormous, with the National Wildlife Federation reporting that 14 different species continue to live at risk in their natural habitat. On top of that, the local communities in affected areas are also suffering from heavy burdens due to the devastating effects on socioeconomic life.
Many businesses and individuals in Louisiana are still working hard to achieve some financial stability after the BP oil spill. Similarly, non-profit organizations are also struggling to keep their doors open. As pointed out on the website of Williams Kherkher, non-profit organizations mostly rely on donations to sustain their revenue and operations. Because everyone else in the surrounding area is deeply devastated, organizations concerned with wildlife and environmental preservation, historical preservation, disease research, and education are seeing significant decline in the amount of donations they receive. As such, plenty are considered ineligible to apply for compensation from BP.
Non-profit organizations affected by the oil spill are entitled to file for claims based on BP’s settlement agreement. As delineated in the agreement, non-profits can claim for compensation in the amount of “the different between projected and actual revenue” following the 2010 accident. In certain cases, BP will also reward affected non-profit organizations with a so-called “Risk Transfer Premium,” which could amount to an additional 150 to 250 percent.
Non-profit organizations do a lot to help serve the public. As such, these organizations can easily be considered as an integral part to the socioeconomic workings of their local communities. Because of this, it’s important that non-profit organizations receive immediate help in stabilizing their financial issues. After receiving sufficient compensation, non-profits can do a lot to uplift help solve the issues caused by the 2010 oil spill.