BP claim on Florida rental property

Settlement Exhibit 11 covers Coastal Property Claims. Begins on 485, ends on 731. Meat is 485-518, the rest are maps.

Instead of regurgitating its contents, since you are a CPA if you're involved in any aspect of filing I'd suggest you review it if you're bored. At least if you're going to be offering any counsel to clients.

Basically, there are two different types of claims for beach property you need to be thinking about, property and economic loss.

Property claims in theory are intended to compensate for physical oil damages. You get a check based on your tax bill and if you're in the Coastal/Wetland Zone (NOT the same as the Economic A-D zone), in that sense it is "flat."

Economic loss claims are for business losses suffered as a result. In your clients' cases, for owners of properties that normally rent property to others as a business and weren't able to because demand for units fell post-spill, you provide tax returns and say look I lost out on revenue, make me whole + premium. This framework is more complex and incorporates less objective elements, and is thus less "flat."

99% sure you have to be the owner either way unless for some strange reason per the management agreement you yielded claims to the management company or assigned such claims rights. A lot of the documentation required to process claims are oriented around proving legal ownership.

I'm sure they could file separate claims, but I'd imagine there is only going to be one payout.