BP Pays Alabama City $1.2M for Revenues Lost Due to Oil Spill

 Friday, September 30, 2011

 Insurance Journal

The city of Orange Beach, Alabama has reached a settlement with BP PLC over lost revenues stemming from last year’s Gulf oil spill, with the oil giant agreeing to pay $1.27 million for lodging and retail revenues the coastal town didn’t collect because tourists stopped visiting. The Press-Register reported the deal was struck after a year of negotiations. Mayor Tony Kennon said the settlement would pay for lost lodging and retail revenues, along with some other “small claims.” He said the settlement was finally reached when BP agreed to pay an additional $300,000, but city leaders say they still believe they’re owed upwards of $6 million.
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