Florida Realtors get $16 million for oil spill lossesby Dara Kam | August 23rd, 2010
Florida Realtors will divvy up $16 million to cover lost sales in the aftermath of the April 20th Deepwater Horizon rig blast and ensuing massive oil disaster in the Gulf of Mexico.
Florida’s sharing in about $60 million claims czar Ken Feinberg set aside for real estate agents and brokers although they would not be eligible for claims under state or federal law.
He’s already given property owners the bad news that they’ll likely get nada from the $20 billion fund set up by BP to cover losses caused by the spill.
Each of the Gulf Coast states’ real estate associations will dole out the funds to realtors.
Florida Realtors, the state association representing realtors, hired Indiana-based claims adjustment firm NCA to handle the claims and administer the funds, according to press release issued by the association.
Feinberg, who took over BP’s botched claims system at 12:01 a.m this morning, has said that realtors were the loudest group making a pitch for how the oil disaster made an already sluggish real estate market even worse.
Feinberg’s in charge of administering the $20 billion fund BP set up to pay for losses and injuries caused by the disaster. BP will put the money into the Gulf Coast Claims Facility account over four years.
Feinberg said the first checks to individuals filing claims will go out by Wednesday and within a week for businesses.