Economic Loss Claims (Rental income)
Individuals and businesses that suffered financial losses from the oil spill will be compensated within a framework intended to encompass all economic losses reasonably related to the oil spill.The intent of the framework is to be inclusive. Under the settlement, the formula for calculating the amount of compensation allows each claimant to select the months used to measure lost income or profits based on historical earnings. Most importantly, the formula allows claimants to recover for lost growth potential. Again, there is no “one size fits all.” Generally speaking, for claimants eligible for compensation, a Risk Transfer Premium or “multiplier” will be used to account for ecological and economic uncertainty. The specific RTP multiplier depends on the location and nature of the claimant’s business.
Affected Property Owners (Loss of use)
Property owners and long-term lessees of waterfront properties in the affected coastal and wetlands region are eligible to receive compensation for loss of use and enjoyment of their property. This compensation was not available through the GCCF and recognizes that residents in the affected region were unable to fully enjoy their homes in the aftermath of the oil spill. This claim will be calculated at 5% of the assessed value of the unit.
The Bella Luna Board is aware of several attorneys and firms handling these claims for a contingency fee of 15%. Here are three.
Lloyd Roebuck, Kilburn and Roebuck, Mobile, AL. has previously represented the Association in its successful easement litigation.
Phone: 251-479-9010
Email: MLRoebuck@aol.com
Dean Waite, Long & Waite, P.C., Mobile, AL. Dean owns Unit 1204 and has a successful personal injury and commercial practice in mobile.
Phone: 877-336-0776
Email: dean@lwpc.com
Daniel Craven, Law Office of Daniel Craven, P.C., Gulf Shores. Daniel is the Association’s General Counsel
Phone: 251-517-0968
Email: DanielCraven@gulftel.com