The BP Deepwater Horizon disaster has wreaked havoc on businesses and property values in Bay County,  Florida.  If you owned property or had a business in Panama City Beach or Panama City surrounding areas, you are likely to be suffering economic losses.  The Oil Pollution Act of 1990 provides a remedy that will help with your economic loss claims, even if the business or the property that you own was not directly impacted by oil from the Deepwater Horizon incident.

Recent studies conducted by Clear Capital and Core Logic have shown that access to the beach is an environmental amenity that can be economically evaluated.  In impacted Gulf Coast areas, a reduced number of property sales have undeniably occurred since April 20, 2010, the date the Deepwater debacle occurred.  Property sales have declined 10% in Panama City Beach since April 2010.  The economy in Bay County was definitely on an upswing in the year preceding the oil blow out.  The uptick in economic property values occurred in part because of the “Southwest” effect which resulted from the anticipation of the opening of a new international airport in Panama City.  In Panama City Beach, tar balls washed onto the beach which was closely followed by an outpouring of media attention in what was supposed to be a peak season for tourists that turned out to be a dismal one.  Inventories of both rental and for sale properties rose dramatically.  The increased inventory of properties was marked by a 33% decline of sales compared to one year ago.  Panama City had seen a price stabilization within the year before the spill.   Now there is only uncertainty.

The Core Logic study showed that impacted Gulf Coast communities suffered mass losses.  Bay County, which includes Panama City, Lynn Haven and Panama City Beach have sustained 2.3 billion dollars in losses.

Property values are largely determined by peoples’ expectations about the future.   Leading scientists such as Dr. Samantha Joye of the University of Georgia have observed the spill and its aftermath in the form of subsurface plumes.  Dr. Joye has given testimony before the United States Congress that it is likely to take several years before the long term ecologic and environmental effects are known.  Given the state of uncertainty, negative impacts to businesses and property values of the spill are likely to continue for the foreseeable future.

The effects of the spill cannot be undone.  However there are ways to measure and evaluate your economic losses.

Reich & Binstock and Seeger Weiss have employed forensic accountants and economic experts to analyze your claims.  These experts will be using the most sophisticated economic tools to assist you in your efforts to recover your losses.

Please do not hesitate to contact us for a free consultation about your claims.