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Escrow Account is the Floor, not the Ceiling

June 23rd, 2010 by flanews

If BPs 20 billion dollar fund runs dry, the company says it will still pay claims. BPs vice President of Resources told state and business leaders at Floridas Economic Recovery Taskforce Meeting today the claims fund is a floor, not a ceiling. Tracy Wareing with the Department of Homeland Security says the transition to paying claims once the fund runs dry should be flawless.

At any point in the claim, if the escrow count is insufficient, BP is expected to pay the state and local government claims, find the money to pay the state and local government claims. Said Wareing.

The funds administrator Ken Feinberg is expected to meet with Governor Charlie Crist Friday morning in Miami to discuss paying claims in Florida.

Posted in Charlie Crist, Gulf Oil Spill, State News, Tourism | No Comments »

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