Business Economic Loss Claim Form Purple free printable template

DEEPWATER HORIZON ECONOMIC AND PROPERTY SETTLEMENT BUSINESS ECONOMIC LOSS CLAIM FORM PURPLE FORM After you complete and sign your Claim Form submit it to the Claims Administrator as directed in the Instructions Booklet that accompanies this Claim Form. If you submit your Claim Form by mail or delivery do not separate this cover page from the Claim Form. If you have to take this Claim Form apart to photocopy or fax it make sure you include this cover page as the first page when you submit it....

How to fill out deepwater horizon economic property

How to fill out Business Economic Loss Claim Form (Purple Form)

1. Obtain the Business Economic Loss Claim Form (Purple Form) from the appropriate authority or website.
2. Carefully read the instructions provided with the form to understand the requirements.
3. Fill in your business details accurately including name, address, and contact information.
4. Provide financial documentation, including tax returns and profit and loss statements for the relevant period.
5. Detail the economic loss suffered by the business during the specified period.
6. Include any necessary supporting documents to validate your claim, such as invoices and receipts.
7. Review the completed form for accuracy and completeness before submission.
8. Submit the form by the specified deadline, either online or via mail, as instructed.

Who needs Business Economic Loss Claim Form (Purple Form)?

1. Businesses that have experienced economic losses due to disasters, emergencies, or other qualifying events.
2. Owners of small to medium-sized enterprises seeking compensation for lost income.
3. Businesses affected by government-ordered shutdowns or restrictions that resulted in financial loss.

Instructions and Help about deepwater horizon economic property

April 20th 2010 11 workers died and 17 were seriously injured by an explosion on the Deepwater Horizon an offshore drilling rig located approximately 50 miles off the coast of Louisiana the rig burned for two days eventually sinking and triggering the largest oil spill in US history as oil and gas spewed up from the seafloor the Deepwater Horizon had been drilling an oil well in 5000 feet of water in an area of the Gulf of Mexico known as the Macon do prospect in 2010 the CSS launched an investigation to examine the technical organizational and regulatory factors that contributed to the accident during the investigation the CSS made new findings about why a key piece of safety equipment the deepwater horizons' blowout preventer failed to seal the well during the emergency these new findings help explain why the accident was so devastating and the CSS cautioned that other blowout preventers currently in use could fail in similar ways drilling an offshore well involves creating a pathway between the drilling rig and oil and gas reservoirs trapped beneath the seafloor a deep hole or well bore is drilled through layers of subsea rock and sediment these rocky layers can contain crap water crude oil and natural gas under pressure an unplanned flow of these well fluids into the well bore known in the industry as a kick can be dangerous without careful management a kick can lead to a blowout the uncontrolled release of flammable oil and gas from the well a blowout can be catastrophic since oil and gas reaching the drilling rate can quickly find an ignition source or explosion endangering the lives of the drilling crew to prevent kicks drillers Pope dents slurry called drilling mud into the well creating a barrier between the undersea oil and gas and the piping that leads to the rig if this mud barrier fails or is somehow removed the safety of the drilling crew depends on a critical piece of equipment located on the sea floor called the blowout preventer or BO P the BO P is a complex electrically and hydraulically powered device that is essential for controlling the well and in an emergency situation preventing a disaster on the platform high above on the sea surface the BO P is connected to the rig by a large diameter pipe called a riser if a kick occurs the blowout preventer is designed to prevent flammable oil and gas from traveling up the riser to the drilling rig this is done by sealing the area around the drill pipe known as the annular space to do this the crew can manually close pipe Rams and donut shaped rubber devices known as annular preventers if those devices should fail to work the last resort is a pair of sharp metal blades which form a blind shear Ram designed to cut the drill pipe and seal the well the blind shear Ram can be activated manually or by automated emergency systems at approximately 845 pm on April 20th 2010 a kick occurred in the Macon do well oil and gas entered the well bore undetected eventually passing above the blowout...

People Also Ask about

What was the economic impact of Deepwater Horizon?

Results indicate that the total economic impacts for the period 2010–2020 of foregone commercial fishing revenues and recreational fishing expenditures as a result of the Deepwater Horizon oil spill are a loss of over 25,000 jobs, $2.3 billion in industry output, $1.2 billion in total value added or gross regional

How much did Deepwater Horizon families get?

BP is nearing the end of the $65bn (£47bn) Deepwater Horizon compensation process, it said as it announced an unexpectedly high payout of $1.7bn among the final few hundred outstanding claims.

How much did Deepwater Horizon victims get?

Eight years later, the government of former Mexican President Enrique Peña Nieto signed a controversial $25.5 million settlement deal with BP over the Deepwater Horizon disaster.

Is BP still paying for Deepwater Horizon?

The vast majority of the tab – about $69 billion – has been picked up by BP. The remainder has been split among Transocean, which owned the Deepwater Horizon, and BP's drilling partners Anadarko and MOEX.

What are the punitive damages for the BP oil spill?

NEW ORLEANS (AP) — Nearly $1.24 billion in punitive damages arising from BP's 2010 Gulf of Mexico oil spill will become available to property owners and some fishermen affected by the spill under a pending settlement with two corporations that also had a role in the disaster.

What was the economic settlement for the Deepwater Horizon?

What resulted from this one incident was an economic, political, scientific and legal nightmare. It was largely settled when a Federal District judge approved the largest environmental damage settlement in United States history – $20.8 billion – on April 4, 2016.

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What is Business Economic Loss Claim Form (Purple Form)?

The Business Economic Loss Claim Form, commonly referred to as the Purple Form, is a document used by businesses to claim compensation for economic losses resulting from specific incidents, such as disasters or accidents.

Who is required to file Business Economic Loss Claim Form (Purple Form)?

Businesses that have suffered economic losses due to qualified incidents and meet the eligibility criteria set forth by the relevant authority must file the Business Economic Loss Claim Form.

How to fill out Business Economic Loss Claim Form (Purple Form)?

To fill out the Business Economic Loss Claim Form, a business must provide all required information accurately, including financial records, proof of losses, and relevant documentation, and submit it within the designated time frame.

What is the purpose of Business Economic Loss Claim Form (Purple Form)?

The purpose of the Business Economic Loss Claim Form is to facilitate the process of claiming financial compensation for observable economic losses incurred by businesses due to specific qualifying events.

What information must be reported on Business Economic Loss Claim Form (Purple Form)?

The form requires businesses to report information such as business identification details, description of the economic loss, financial statements, supporting documentation, and other pertinent data related to the claim.