Must see video of BP’s Ken Feinburg at AL Townhall meeting yesterday- Hope to meet many of you this morning at the Fort Walton Beach Townhall Meeting

January 19, 2011

Here is some must see video footage of the Orange Beach, Alabama townhall meeting held yesterday with BP’s Ken Feinburg:

http://wkrg.com/1204118/

We will be attending today’s townhall meeting along with other independent adjusters in the Florida panhandle this morning being held here today in Fort Walton Beach, FL along with the founder of the Pensacola, FL Gulf Coast Claims Association and several other independent adjusters in the area. I’ll blog on that either later today or tomorrow.

In the meantime, I am putting together an article on the fruitless efforts made by hundreds if not thousands of adjusters like myself who applied to work these BP claims jobs from TX to FL  and were not utilized to work these claims. I have heard from hundreds who have applied and were not used being told that they were saving the experienced adjusters for hurricane season which never did cause damage in 2010. Information I’ve learned from many adjusters who were in the operation says that Ken Feinburg had changed the job title to “evaluator” from “adjuster” when he took over. Why? Is that so non adjusters could work the claims?

We’d like to piece together our side of the BP claims story by hearing from the many of you who applied and did or did not work claims. You can reply to this blog and I’ll approve the comments or if you wish to remain anonymous you can email me at dkmoroy@dimechimes.com and I will not use your name in any article or upcoming blog on the subject.

Thanks!


Realtor Associations in Multiple Gulf States Advise Gulf Coast Claims Facility will pay their claims-NCA Adjusting firm to act as Third Party Administrator of their fund

August 25, 2010

Nothing but surprise after surprise with the terms of the Gulf Coast Claims Facility!

Ken Feinburg has been quoted all over the gulf coast in townhall meetings as stating that there were questions as to whether indirect losses from many different segments and industries were going to be covered under the Gulf Coast Claims Facility.

Blog AL quotes NCA owner Jim Pearlman as saying this fund allowed for realtors is only going to apply to lost sales and lost commissions to realtors and he also announces the website where real estate agents should report claims to as www.gulfreclaims.com.

Now the Sun Herald posts news  that Realtors Associations in the 5  gulf coast states will be paid by the BP facility for lost sales and lost commissions and that they have selected National Catastrophe Adjusters (NCA) to handle the  “up to $60 million dollar fund” (quote from Ken Feinburg Sunday)  for them as awarded by Ken Feinburg as a third party administrator for the associations.

I have called the NCA Group who I am familiar with and have been advised by those in the know in the HR Department that they confirm they will be administering the fund for these realtor associations but claims are slow to come in as they all have to be reported to the Gulf Coast Claims Facility and the announcement on the payment to the Realtor Associations is new information this week. The folks in HR advise they do believe they will be fully staffed with their own members so they are not soliciting additional resumes for these losses at this time. Their website is www.ncagrp.com  if you want to continue to follow up at a later date for claim job opportunities.

The BP claims press release dated August 23, 2010 doesn’t specify exactly how many realtor claims they had received but does show how much has been paid out to the Real Estate profession as 4 million in lost real estate sales ( is this the individual homeowners who lost sales or is this realtor lost sales we don’t know ) and 48  million in rental dwelling lost rental claims so it is hard to say with any validity how much these losses will truly come to. It is my assumption that lost rental income is not part of the amount being paid by the funds set aside for the Real Estate Associations based on the quote from Pearlman of NCA and based on the info on the new website for Real Estate Agents.

Updated Thursday 8/27/2010: Here is NCA’s press release through Business Wire with a few more details:

http://www.businesswire.com/news/home/20100824006058/en/National-Catastrophe-Adjusters-Partners-State-REALTORS%C2%AE-Associations


Many Critics post articles blasting BP Czar Ken Feinburg’s BP Claims Process

August 25, 2010

Articles abound all over the internet regarding the terms of emergency BP claim payments which began August 23, 2010 by the Gulf Coast Claims Facility in the 20B fund administered by Ken Feinburg in attempts to bring closure to the pending 154,000 claims moved to the GCCF.

Here is a sampling of some of the more important news located this week which criticize the new claims process.

Daily Finance hosted by AOL Finance on 8/24/2010:

Oil Spill Claims Czar Feinberg Blasted on First Day of Overseeing BP Payments

See full article from DailyFinance: http://srph.it/dDBsSK

The Donovan Law group writes an excellent blog article August 23, 2010 regarding the Gulf Coast Claims Facility limiting BP’s liability:
http://donovanlawgroup.wordpress.com/2010/08/23/the-gulf-coast-claims-facility-limits-bps-liability-and-guarantees-the-oil-companys-continued-operation-in-the-gulf-of-mexico/
The Wall Street Journal  posts that only 5,000 of the 154,000 claims which had been reported directly to BP’s initial claim process were reported to the Gulf Coast Claims Facility as of Monday 8/23/2010 their first day of operation in this article although all claimants must again file a new claim through this facility/ The article addresses criticism of the oil spill compensation terms outlined by Feinburg :
http://online.wsj.com/article/SB10001424052748704340504575447802502224486.html?mod=WSJ_hpp_LEFTWhatsNewsCollection
FL and AL Attorney Generals Cry Foul about Feinburg’s compensation terms blog by Michael J. Evans:
http://www.mjevans.com/oil-spill-claims-2/ken-feinberg-issues-rules-for-bp-claims-state-ags-cry-foul
FL Attorney General Bill McCullom complaints as GCCF starts administration of fund:
http://news.yahoo.com/s/yblog_upshot/bp-escrow-fund-payments-start-today-amid-controversy
I’ll add to this later in the day but wanted to address these concerns all over the news on the new BP Claims Process.

BP 8/17/10 Press Release explains transition this week to Gulf Coast Claims Facility for individuals and businesses/ See info as well on Worley adjusting firm involvement in government entity BP claims

August 17, 2010

The BP press release for August 17, 2010 explains how claims will transition from their BP Claims operation to Ken Feinburg’s Gulf Coast Claims Facility program.

Here is the link to their press release with all of the details:

http://www.bp.com/genericarticle.do?categoryId=2012968&contentId=7064522

The BP Claims Statistics page is updated through 8/17/10 and shows  151,000 claims reported and only 44,000 of them have received one payment thus far. They also show the current claim staff at 1,650 which is an increase of about 400 since I last blogged about this a few days. That is quite interesting as I personally made a call to Worley’s deployment department to see what status was on deployments and they said that deployments had slowed down and they were fully staffed right now. Considering that Ken Feinburg when in Pensacola last week said all claim will have to be reported again to the Gulf Coast Claims Facility so that is going to be quite a feat to take 151,000 claim assignments and requiring the claimants resubmit all paper work to the Gulf Coast Claims Facility.

Here is also a link to a good Bloomberg article published 8/16/10 quoting Feinburg on the economic losses that are not directly on the coast:

http://www.bloomberg.com/news/2010-08-16/bp-spill-claims-from-50-states-confront-administrator-feinberg.html

It is interesting to read his comment that hotels more than 50 miles from the coast are unlikely to recover economic losses. Just as one example, immediately it came to mind to me that if you exit off of interstate 10 to Panama City you automatically see signs that it is 51 miles to the beach………………need I say more?

I do believe we have a long road ahead of us before we hear the last of these claims.

I’ll update the blog immediately when Feinburg releases the information this week as this BP press release says he will.

I’ll leave you now with a link to a video of Feinburg in Pensacola, FL at a townhall meeting explaining the GCCF transition by WEAR TV 3 in Pensacola, FL:

http://www.weartv.com/newsroom/top_stories/videos/wear_vid_10234.shtml?utm_source=twitterfeed&utm_medium=twitter


Claims Magazine confirms role of Crawford and Company and continuing role of Worley adjusting company in BP Claims with Feinburg

August 13, 2010

Claims Magazine published a breaking news story about the newly appointed role of Crawford and Company in the BP oil spill claims with Feinburg in this breaking news story:

http://www.claimsmag.com/News/2010/8/Pages/BREAKING-Crawford-Confirms-New-Role-in-Oil-Spill-Claims.aspx

This story also confirms Worley Catastrophe Adjusting firm will remain working in the claims offices on these claims.


New Orleans Judge Carl Barbier named to handle multidistrict BP Claims litigation announced Tuesday 8/10/10

August 10, 2010

Business Insurance news today has posted an article announcing the decision to appoint a New Orleans Federal Judge Carl Barbier to oversee the BP multi district claims litigation. For the full article see link below:

http://www.businessinsurance.com/article/20100810/NEWS/100819992

It is interesting to see this judge was involved in the Vioxx settlements and 1 of the 2 firms- Brown Greer law firm or Garden City group – who have been named by Ken Feinburg also are handling the Vioxx settlements as discussed in the following  blog earlier this week:

http://dimechimes.wordpress.com/2010/08/06/will-the-real-ken-feinburg-bp-pay-czar-on-20b-bp-fund-please-advise-who-is-handling-the-claims-when-you-take-over-2-entirely-different-quotes-from-you-this-week/


BP deposits first 3B of 20B Fund for BP Oil Spill Claims and explanation of timing of additional forthcoming fund deposits

August 9, 2010

Just a short entry today to link you to the news that BP has now deposited the first 3B of the 20B BP Oil Fund. This article also names the trustees involved in the trust:

http://www.insurancejournal.com/news/national/2010/08/09/112299.htm

Here is a 2nd article from Business Insurance news which explains that an additional 2B will be deposited in 4th quarter then 1.5B each quarter until they reach the 20B:

http://www.businessinsurance.com/apps/pbcs.dll/article?AID=/20100809/NEWS01/100809930/1246

http://www.businessinsurance.com/apps/pbcs.dll/article?AID=/20100809/NEWS01/100809930/1246


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