If you have been affected by the Deepwater Horizon Oil Spill in the Gulf of Mexico, you may be eligible for funds to help cover your losses. The Gulf Coast Claims Facility has been established as an independent claims process to address individual and business claims. Claims previously filed with the BP Claims Process have been transferred to the new Gulf Coast Claims Facility. But claimants will be required to file new forms with the Gulf Coast Claims Facility to receive any payments.

Eligible claims

4 Removal and clean-up costs for your own property

4 Real of personal property damaged by the spill or clean-up efforts

4 Lost income or earning capacity

4 Net loss of profits or earnings from a business you own

4 Loss of subsistence use of natural resources

4 Physical injury/death

There are four factors that a claimant should keep in mind:

4 Prove your proximity to the Gulf.

4 Explain how your business is dependent of the Gulf even if you are not in close proximity to the Gulf.

4 Clearly explain your industry and the nature of the industry. The narrative may be as important to the claim as the loss calculations.

4 Prove your claim.

Removal and clean-up costs claim documentation includes documents describing the removal actions, providing the dates on which work was performed, maps and pictures of the area, explaining how the rates were determined and any comparison of rates and costs associated with the removal or clean-up.

Real or personal property damage claim documentation would include title, deed, lease or licenses to property in the Claimant’s name and demonstrating that the property was injured or destroyed, documents showing the value of the property before and after the injury and the cost of repair or replacement, the value of the property before and after the injury and the cost of repair or replacement.

Lost income or earning capacity documentation would include copies of pay stubs, receipt, and tax returns, etc, from before the spill and personnel records from an employer and documents providing a description of efforts to reduce the loss, including job search.

Net loss of profits or earning from business documentation includes a description of business losses due to the spill, monthly financial statements, sales records, including sales tax returns and income tax returns.

Loss of subsistence use of natural resources documentation includes photos, videos and maps, published accounts and witness statements and a description of efforts made to mitigate the subsistence loss.

Physical injury or death documentation includes medical records, medical bills, pharmacy records, death certificates, etc.

The preceding documentation examples barely scratch the surface of the documentation that may be required and are presented as a basis for the reader to start considering the available proof of claims.

A claim form may be obtained and submitted via the Internet, by visiting a Gulf Coast Claims Facility site office or by the U.S. Mail. If you, or your business, have suffered loss as a result of the BP oil spill, you should review the resources available at www.GulfCoastClaimsFacility.com and www.uscg.mil/npfc or contact your accountant for assistance with your claim.

Dennis Switzer is a certified public accountant at Silas Simmons LLP.