A press release issued by BP states that it has made claim payments of nearly $400 million during the 16 weeks it managed claims related to the Deepwater Horizon Incident.  A copy of the press release and its exhibits can be found here.

The exhibits to BP’s press release indicate that 93% ($370.15 million) of the nearly $400 million paid relate to claimants’ lost income/lost profits.  Accordingly, insurers might want to confirm with their insureds that are making claims related to the BP spill under policies that potentially respond to claims of lost income, lost profits or business interruption any amounts that the insured has received or may receive from BP.  If an insured has not submitted a claim to BP for damages that may also be covered under a policy of insurance, an insurer may want to further explore its legal options with respect to encouraging the insured to directly submit a claim to BP, or the insurer’s ability to submit a claim on behalf of the insured.