We first determine the eligibility of the claim based on your client’s location and monthly financials data. For an eligible claim, we calculate the amount of recovery owed to your client based on settlement methodology, and we present a claims package to the court-supervised settlement for review and determination.
The settlement considers your client’s historic gross income, variable and fixed expenses, and net income. The settlement also allows a claimant to select the comparative financial period most favorable to its recovery, so we carefully analyze the client’s historic financial data and select a comparative period that will yield maximum recovery.
After we select the most lucrative comparative financial period, we calculate the compensation owed to the claimant considering its loss in revenue in the post-spill months, the client’s fixed and variable expenses, and the client’s loss of growth in profit both generally and specific to the client’s business industry. In a final step, we apply the appropriate multiplier to the compensation amount based on the client’s business industry and location, the risk transfer premium (“RTP”).
We summarize the compensation analysis in a Recovery Estimate, which we submit to the court-supervised settlement program along with all required supporting documentation. Juno Claims’ presentation, including the Recovery Estimate, guides the claims center review staff through the analysis and calculation leading to the most favorable, lucrative recovery for your client.
What is the cost of Juno Claims’ Compensation Analysis?
The good news is that because of relevant provisions of the Oil Pollution Act (“OPA”), all claimants who receive settlement payments for economic damages are eligible for reimbursement of accounting services related to claims preparation. This means that the majority or even all of Juno Claims’ service costs will be paid as part of your client’s recovery from the Settlement! To facilitate this reimbursement, Juno Claims keeps a detailed record of its efforts and submits an itemized invoice along with the Recovery Estimate in its presentation to the court-supervised settlement program.