DEEPWATER HORIZON OIL SPILL REAL ESTATE LICENSEE LATEST - 2/24/2011

 

After months of meetings and extensive efforts we are pleased to announce that the Gulf Coast Claims Facility (“GCCF”) has reversed its decision regarding not paying real estate licensees for losses associated with the oil spill.  As most know, once the GCCF took over claims from BP the real estate industry’s only remedy for oil spill losses had been the real estate recovery fund, facilitated by Florida Realtors and NCA (or the possibility of legal action).  We are now delighted to announce that real estate licensees are eligible to file for either interim payments, full final payments and, in some cases, quick final payments. Here is a summary of each type of claim (all are explained on the attached).  In order to receive a quick final payment you must have received an emergency payment previously from Real Estate Fund (NCA), BP or the GCCF. If you did not submit a claim to the real estate recovery fund prior to the original November 23, 2010, deadline, you are eligible to file for an interim or final payment, but not a quick final payment.   Attached you will find a Q&A document on payments and the process that will commence with GCCF.  
 
This change in policy will mark the end of the emergency real estate recovery fund process.  In the next two weeks all current claimants need to read and execute a release form so your file may be transferred from NCA to the GCCF for further use if needed.  All claimants will need to complete a new claim form for the GCCF, but if you execute the release your NCA files will be transferred to the GCCF and you can possibly avoid compiling all necessary documentation a second time for your claim with the GCCF.  Please note – if the GCCF requests further information it is highly recommended that you comply in order to speed up the process.

We are extremely grateful that our industry will have an opportunity for further compensation for losses from the oil spill.  We encourage you to compose specific statements to submit with your GCCF claim form that demonstrate that your losses are related to the oil spill.  We recommend you consider submitting market data and communications from buyers, seller, tenants or landlords that document the impact of the spill.  Please note - the REALTOR association nor NCA will have the ability to track your claims once transferred to the GCCF.
 
If you are awaiting word on a pending supplemental emergency payment please contact your NCA adjuster immediately to ascertain if they need more information to complete your emergency claim.  Please be advised that the formula the GCCF is using is different than the formula used to compute emergency payments.  
 
It is essential that all current claimants sign a release form so NCA may transfer your file to the GCCF in order to avoid sending all documents a second time to the GCCF.  Please complete the release form here:  www.ncagroup.wufoo.com/forms/authorization-for-release-form/

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For more information, please visit: www.floridarealtors.org/AboutFar/Oil-Spill-Info-Center.cfm.