BP vice president Darryl Willis said that the company ahs learnt from its mistake in Louisiana and working to speed up payments to affected business and individuals while it transfers oversight of the claims process to an independent entity. Willis met Monday with Ken Feinberg, who last week was tapped to administer a $20 billion BP recovery fund. BP has put the money into escrow to pay claims, the first of what could be a series of similar escrow deposits as the company responds to the massive spill. So far, the firm has paid more than 38,000 claims worth $132 million.
According to Willis the company plans to continue to provide relief for individuals, businesses and local governments that have all been affected by the spill. He added that the company wants to make sure that no business goes out of business as the result of the spill in the Gulf of Mexico and no person who is affected misses a house payment, a boat payment or a car payment
Reimbursing Florida residents and business owners should be smooth and quick. State panel members said that while BP has been good about getting relief to individuals, businesses have had a more difficult time getting reimbursed. Jeff Taggart, the owner of a Pensacola Beach marina, said he lost $40,000 in business for the second week in June because the fishing fleet has been idled.
Eileen Estrad, chief financial officer for Resort Quest, said let’s get the large claims paid as employers want to get employees paid. BP gets the message, said Willis, adding that he hops the transition of payments to Fienberg will show immediate benefits. He further told that the process has been cumbersome and challenged and far from perfect. I’m confident it will improve going forward.
