Louisiana REALTORS is closely monitoring the real estate and economic impact of BP’s Deepwater Horizon oil spill in Louisiana’s coastal areas, and communities dependent on the state’s seafood and oil industries. LR will provide information and resources for its members in this online resource center, and will update it accordingly as new information becomes available.
Latest LR Activity
Updated 4/19/11
URGENT: As of February 19, Louisiana REALTORS is no longer accepting new claims for real estate related losses directly attributable to the Gulf oil spill. Real estate licensees seeking to file a claim must now file directly with the Gulf Coast Claims Facility (GCCF). For more information on how to submit a claim, eligibility requirements and other details, visit the GCCF website at GulfCoastClaimsFacility.com.
Important information for REALTORS affected by the Deepwater Horizon Blow-out/BP Oil Spill
The law firm of Baron & Budd has prepared an article on recovery options available to REALTORS who suffered economic losses as a result of last years’ Deepwater Horizon Disaster. All REALTORS who may have been affected by this tragic event should read the article linked below. This article contains helpful information about the new claims process as well as litigation options. Take note of the upcoming April 20th deadline for claims against Transocean, one of the companies allegedly responsible for the spill.
Click here to view the full article.
Real Estate Professionals Receive Special Allocation From BP Relief Fund
Online
Relief Fund Application | PDF
Relief Fund Application
Louisiana REALTORS has formed a coalition with four other Gulf
Coast states to protect the interests of REALTORS in the wake of
the Deepwater Horizon Oil Spill. The coalition identified
common issues and initiated communications with NAR and federal
regulatory agencies. After meeting several times with Kenneth
Feinberg, Gulf Coast Claims Facility Fund administrator, each state
produced a study projecting real estate financial losses in affected
areas. These efforts culminated in an August 19 announcement that
a special allocation of relief funds for licensed real estate agents
had been established. The amount of the allocation earmarked for
Louisiana is $5.8 million.
The REALTOR coalition has developed an objective process for processing claims and determining loss in a timely and transparent manner. A major part of this work will be conducted by a national third-party claims adjustment firm, Indiana-based NCA.
The following is a list of eligibility criteria to apply for the
Relief Fund. This may be updated as more information becomes available:
- You must have a valid Real Estate License.
- You must show ether a loss of commission-related income or loss
of a specific commission (brokers only) on residential or commercial
property only. Losses must be caused by the oil spill; losses
resulting from the oil exploration and drilling moratorium will
not be covered.
- You must live in or do a majority of your real estate business
in one of the following parishes: Assumption, Calcasieu, Cameron,
Iberia, Jefferson, Lafayette, LaFourche, Orleans, Plaquemines,
St. Bernard, St. Landry, St. Martin, St. Mary, St. Tammany, Terrebonne,
Vermilion.
The application form for the Oil Spill Relief Fund is available below. This form, and the claims process generally, are subject to ongoing review, and they may be changed. Applicants will be notified of any additional information required of them based upon changes in the application or the claims process. Please monitor the Oil Spill Resource Center for the most up-to-date information on the Oil Spill Relief Fund.
You can now submit your application automatically online or print out the application. Please choose your option below:
Online
Relief Fund Application | PDF
Relief Fund Application
If you have questions regarding the status of a particular claim,
please contact NCA directly at 800-968-4456.
For other questions, please email oilspill@larealtors.org
or call Louisiana REALTORS at 800-266-8538.
*NEW! Frequently Asked Questions
For answers to a number of frequently asked questions regarding
the special allocation for real estate agents from the BP Relief
Fund, please click here.
Other Information
Resources
Deepwater Horizon Response
DisasterAssistance.gov
Related Info from Governor’s Office of Homeland Security & Emergency Preparedness
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Related Links
Louisiana Department of Wildlife and Fisheries
WBRZ - Baton Rouge - Oil Spill Updates
NOLA.com Oil Spill Updates |