The BP oil rig accident compensation fund will be groundbreaking

It appears that President Obama has asked BP to start up an independently administered reimbursement fund for victims of the oil spill. Maritime accident lawyers in Texas and the rest of the Gulf States are wondering how exactly this will work. This would be fairly unique and would take some of the compensation and claims decisions and issues away from the company.

Congressional leaders and various state officials agreed. It appears that Harry Reid (D., Nev.) and other Democrats sent BP a letter asking that they start a $20 billion account. This would be overseen by an independent trustee and would then be used to pay the claims and other costs.

No one really knows just how the money would be supervised and how the various decisions would be made. Many people feel the compensation fund would give security to people who are worried that BP might seek bankruptcy protection or for some reason simply stop paying legitimate claims some time in the future. Sky News has reported that BP will put together a $7.4 billion compensation fund to help meet the various costs throughout the Gulf of Mexico.

If you or a loved one has been affected by this tragic oil spill,call Texas maritime lawyer Scott Nelson. Mr. Nelson serves Galveston, Corpus Christi, Beaumont, Brownsville and all of Texas.