In response to the tragic BP oil spill in the Gulf of Mexico in April of this year and in anticipation of the massive influx of BP claims, BP has established a 20-billion dollar escrow fund intended to satisfy its liabilities. At first glance, this seems to be an over-estimation. However, if you consider the fact that BP will have to pay for damage to natural resources, public utilities and millions in private property, for oil removal and cleanup, for loss of income and earning capacity of both the government and private entities, doubt would instantly creep up in your mind if that escrow fund would hold out.

BP has been working on its claims department in order to expedite the process of satisfying the overwhelming number of claims that are coming in all at once. It has made certain concessions designed to make filing claims easier. You may now file claims through phone, through the internet or through mail. The company prefers that the claims be paid directly instead of through litigation. This way, according to BP, is easier and more convenient for the claimants themselves. Litigation could take years and even decades and not many of the claimants can wait that long. This is because some of them have lost their livelihood or have had their businesses suspended because of the oil spill. So many of the claimants have had their capacity to earn suspended until such time the oil spill is cleaned up. These people cannot wait ten years.

The urgency of the need is directly proportional to how attractive and tempting the settlement deals are. However, he downside to the more convenient settlement option offered by the revamped BP claims department is that claimants might have to waive their right to sue. They could end up not getting anything at all. This is why claimants need a good oil spill lawyer who can work out the best course of action and weigh the pros and cons of each option. This guarantees that their interests are protected no matter which action option they take.

Attorney Kenneth Feinberg is like the BP claims lawyer. He is the administrator of the aforementioned 20-billion dollar escrow account that BP established to answer for the claims arising from the gulf disaster. His job is to make sure that, in as much as possible, BP's liability will be confined to that $20 billion. BP has been responsible in answering for its accountabilities related to the accident. So far the company has paid over 300 million dollars in claims, and the management agreed to make interim payments to those whose income earning capacities have been suspended while the oils slick remains in the gulf. All of these show good faith on the part of BP in keeping and complying with its obligations. Be that as it may, no amount of good faith can satisfy a single person's claim on its own. Claimants must be vigilant in protecting all of their rights and interests.