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What has the GCCF accomplished so far?

by admin on December 10th, 2010

Accomplishments of the Gulf Coast Claims Facility
When it comes to the Gulf Coast Claims Facility, there are a lot of people out there that want to know what has been done and what has been accomplished. Holding a government organization like the Gulf Coast Claims Facility accountable for what they have accomplished is important. The people want to police and be sure that the results that they need will be met and that they will get the benefits that they were told of. Knowing what has been done and what is yet to be done will help people step up and contact people if they see that there is an issue.
The head of the Gulf Coast Claims Facility is Kenneth Feinberg, it is his job to administer and release the 20 billion dollar compensation fund that BP was required to put forward. Mr. Feinberg is actually a master at this sort of thing, he is the same guy that was appointed to help with families who had loved ones killed in the September 11th attacks, Veterans affected by Agent Orange, and women killed by the defective birth control device from Dalkon Shield. He has attempted to create a fair and quick way to disburse the funds and get people the money that they need. Mr. Feinberg has worked hard to create two ways to get money, an emergency option which provides some money up front and a final settlement option that will be a larger lump sum. With the emergency money, it is easy to determine claims and a lot of those have already been paid out.
The final payment is what is going to be more difficult. With the final payments, people will have three years to estimate their damages and their losses. But, once they take a payment that is it, they cannot file an appeal. The biggest downside to what Mr. Feinberg has created is that the final payments are basically going to be a disaster to compute. It is really hard to determine how much a fisherman will be affected or how much their total income really did decrease. This is the one downside and the issue, there may be a lot of appeals or these decisions may be drawn out for a long time. Mr. Fienberg may want to see if there are better ways to come about the final decision so that people can move on with their lives.

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