BP Oil Spill: July 8 Deadline for Many Businesses' Insurance Claims

The National Law Journal reports that businesses wanting to make pollution insurance claims based on BP's (BP) oil spill may have to file by July 8. Most insurance policies have a fixed deadline for filing -- typically 80 days from the incident that led to the damage. That would be tomorrow, counting from when the Deepwater Horizon blew up.

While I can only imagine that a business not yet impacted by the spill but feels its effects after tomorrow and then tries to file a claim will have strong grounds to contest such a deadline, it doesn't mean the insurer won't try to enforce it. The smart thing for any business that thinks it might be at risk or has already been impacted is to read the policy closely right now, check for any notice requirements and be sure to follow them.