BP Fund Chief: “There’s not enough money in the world” to pay home owners with plunging property values

Friday, July 2, 2010
By Paul Martin

FloridaOilSpillLaw.com
July 2nd, 2010

Fund chief says not all spill claims can be met, The Age (Australia), July 2, 2010:

The man appointed by US President Barack Obama to manage BP’s oil spill disaster fund has warned that ”there’s not enough money in the world” to pay all claims, and suggested home owners with plunging property values could lose out. …

He said he was still sorting out how to deal with indirect claims such as hotels that lose bookings because tourists think beaches are covered in oil, or people whose property values decline but who live several blocks from an oil-affected beach.

”There’s no question that the property value has diminished as a result of the spill. That doesn’t mean that every property is entitled to compensation,” he said.

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