Posts tagged as:

BP Oil Spill

Is Your Accountant a Damage Valuation Expert?

by John August 31, 2010

When a business suffers a business interruption loss, it needs an expert to quantify the damage, create a loss model, gather adequate supporting documentation, and defend the model and the assumptions within the calculations.  I always suggest using a trained, credentialed, and experienced professional for these types of services. The reason I emphasized experience is [...]

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Reality Therapy for Gulf Coast Businesses Submitting an Oil Spill Claim

by John August 21, 2010

This post is directed to business owners who have or will submit a business interruption claim related to the BP oil spill, and who are experiencing similar results to those in this MSNBC video clip. Visit msnbc.com for breaking news, world news, and news about the economy What I am about to say may not [...]

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Feinberg’s Stance on Contingent Business Interruption Oil Spill Claims Could Harm Local Goverments

by John August 19, 2010

An associate at a law firm based in Houston, Texas, recently attended a briefing held by Mr. Feinberg, and as a result I received a summary of that meeting.  The summary contained many points of interest related to valuing business interruption claims related to the Gulf oil spill, but one issue really stood out to [...]

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Economic Damage to Gulf Coast Branding has Measurable Value

by John August 11, 2010

For businesses suffering a business interruption loss due to the BP oil spill, the economic damage to the branding of Gulf Coast businesses is more than just perception. In a June 30 appearance before congress, Kenneth Feinberg, the man in charge of distributing BP’s claims fund, was questioned by Nydia Velazquez, a Democrat from New [...]

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Forensic Accountant John Hutson Interviewed by CNNMoney.com About Business Interruption Issues Related to the BP Oil Spill

by Mary July 16, 2010

John was recently interviewed by CNNMoney.com reporter Catherine Clifford. In her article Florida: BP’s next big mess, John comments about business interruption issues and the impact that the BP oil spill will have on tourism dollars to the hotel and resort industries in Florida and all along the Gulf coast. The Importance of Proper Record [...]

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What’s the Difference Between a BP Oil Spill Claim and a Business Interruption Insurance Claim?

by John July 14, 2010

One word: policy. For BP oil spill claims, there is no policy. For almost two decades, the vast majority of my experience has been in calculating business interruption losses for insurance claim purposes.  Because the amount that a business recovers for a business interruption loss is limited by the provisions within the insurance policy, a [...]

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Gulf Coast Businesses Need Their Own Forensic Accountant

by John July 12, 2010

I recently watched the following video on CNN.  While I have a lot of empathy for the business owner in the story, I think that the angle that the reporter takes in the story shows the reporter’s lack of research into the subject matter by attempting to equate the term “forensic accounting” with “death” for [...]

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Why Should You Document Your Business Interruption Claim from the BP Oil Spill Right Now? Think Hurricane.

by John July 6, 2010
Thumbnail image for Why Should You Document Your Business Interruption Claim from the BP Oil Spill Right Now? Think Hurricane.

Some business owners are choosing to trust BP to “do the right thing” later on and are not immediately hiring a forensic accountant to calculate preliminary estimates of a business interruption loss related to the Gulf coast oil spill.  A business owner or corporate officer could be rationalizing that:  a) BP will pay these losses [...]

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Will Professional Fees for Claim Preparation be Reimbursed to Businesses Affected by the Gulf Coast Oil Spill?

by John June 24, 2010

I contacted the Bristish Petroleum claims hotline today and asked them the following question: If a business retains a forensic accountant to quantify, support, and create a claim for their economic damages related to the oil spill, will the forensic accountant’s fees be reimbursed? I think this is a reasonable question given that this is [...]

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How to Expedite Payment for a Business Interruption or Business Income Claim Related to the Gulf Coast Oil Spill

by John June 21, 2010

I recently read a story in the New York Times that discusses the lack of payment to business owners affected by the Gulf Coast oil spill. I think that the general public is amazed, and outraged, that payments are slow if they come at all. As someone who values large commercial insurance claims, I am [...]

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