FACTBOX-Oil spill claims $1.45 billion in 8 weeks

HOUSTON, Oct 19 (BestGrowthStock) – The Gulf Coast Claims Facility,
created to compensate people and businesses for damages related
to BP Plc’s (BP.L: ) (BP.N: ) Gulf of Mexico oil spill, has paid
$1.45 billion in claims since the organization took over the
process from the oil company on Aug. 23.

BP paid $400 million in claims before GCCF head Kenneth
Feinberg began administering the $20 billion fund set up at the
insistence of U.S. President Barack Obama.

The April 20 well rupture killed 11 people and caused the
world’s worst marine crude oil spill. BP said it permanently
sealed the well on Sept 19. Below is a breakdown of payments
made through Oct. 18:

Number of claims filed:

Individual 168,816

Businesses 40,907

Total 209,723

Number of claims paid or approved for payment: 73,346

Individual $577.26 million

Business $876.90 million

Total $1.45 billion

Type of claims paid:

Emergency advance

payment $1.45 billion

Final Claims *: $0

Number of claims denied: 500

Number of claims under review

for final claim 5,237

Payments made to real estate

brokers and agents as part

of a separate fund: $34.5 million

* No final claims have been paid because the GCCF has
reviews under way to determine whether claimants intended to
file a final claim. After a final claim is paid, claimants give
up their right to sue BP for more damages under the GCCF
process.

Source: GCCF documents
(Reporting by Anna Driver in Houston; Editing by Eric Beech)

FACTBOX-Oil spill claims $1.45 billion in 8 weeks