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Lloyd’s Issues First Claims Estimate from BP Oil Spill Disaster

May 27, 2010 – As the oil spill continues to blacken Gulf Coast waters, Lloyd’s of London says total claims from the Deepwater Horizon catastrophe could top $600 million.

The figure was based on information from the world’s largest insurance market with exposure to the disaster, but does not include losses outside the Lloyd’s market or those by BP, which was self-insured at the time of the explosion.

On Sunday, BP said it had spent around $760 million on its emergency efforts, including the “cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid and federal costs.” It said it was too early to quantify other potential costs and liabilities associated with the incident.

To date, more than 26,000 claims have been filed against BP resulting in payments of over $36 million. “We have opened claims offices across the region, and will make every effort to reach everyone who has a legitimate claim,” BP Chief Executive Tony Hayward said in a statement.

Do I have an Oil Spill Lawsuit?

The Environmental Litigation Group at our law firm is an experienced team of trial lawyers that focus exclusively on the representation of plaintiffs in environmental catastrophe lawsuits. We are handling individual litigation throughout the Gulf Coast and currently accepting new oil spill cases in all affected states.

If you or somebody you know has suffered an economic loss related to your Gulf Coast business or coastal property, you should contact our law firm immediately. You may be entitled to compensation by filing an oil spill lawsuit and we can help.  We are currently accepting cases and/or claims in Texas, Louisiana, Mississippi, Alabama and Florida.

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