Florida realtors eligible for BP claims
Florida Realtors are the beneficiary of $25 million of a $60 million emergency fund approved in late August for real estate claims by Kenneth Feinberg, claims administrator for the BP Oil Spill Fund. Real estate licensees can file claims against loss of income or loss of commission on a cancelled transaction and will be paid out of this special fund.
The Emerald Coast Association of Realtors is one of several locations from Escambia to Gulf County where realtors and non-realtors can file their claims. Commercial real estate income, rental income, and rental commission claims will still be filed with the Gulf Coast Claims facilities.
Appointments are required to meet with an adjustor at ECAR and can be made by calling 1-888-498-6944 or going online to www.fl.gulfreclaims.com.
Until recently, Kenneth Feinberg did not consider loss of real estate sales and income part of the claims process for the $20 billion trust. After countless meetings with realtors from Florida, Alabama, Mississippi, Louisiana and Texas, he reached a decision and the result is the $60 million fund for real estate claims. Florida Realtors will be the administrator of Florida’s portion of the funds.
“We are pleased that [ECAR] was able to use combined resources to bring much needed claim benefits for members and nonmembers alike,” states Mary Anne Windes, ECAR president and broker-owner of the Real Estate Professionals of Destin. “The strength of numbers in gaining attention to an untenable situation is just one of the many benefits to being a member."
Windes, along with Carmela Bell, broker with ResortQuest Real Estate and Ed McMullen, Jr., of Legendary Realty in Destin, was among realtors from across the Panhandle to meet with Feinberg.
Tasked with getting Feinberg the information he needed to help in his decision-making process, realtors were instrumental in crafting the new real estate claims process.
“I’m confident that individual brokers alone could never have made the progress that [ECAR] was able to gain for the individual members, especially in the short amount of time that it was accomplished,” Windes said.
To find out more about the claims process, go to www.fl.gulfreclaims.com. For more information about ECAR, go to www.emeraldcoastrealtors.com.
