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: