The Gulf Coast Claims Facility (GCCF) today announced changes to the compensation formula applied to all claims from commercial shrimp and crab harvesters and processors currently under review that have not yet been determined or accepted and for all claims received on or after November 30, 2011.
Per today’s announcement, the following rules for compensation will now be applied to commercial shrimpers:
Each Commercial shrimp and crab Harvester Claimant (who meets the specific eligibility and documentation requirements as noted above) and who provides the required documentation to harvest in the loss year that they are claiming losses and Commercial shrimp and crab Processors will be eligible for a Final Payment Offer Amount of the larger of:
1) Four times each claimant’s 2010 Actual Documented Losses (except for claimants with 2010 losses in excess of $500,000); or
2) The total actual documented losses through the date of the determination of the Final Claim.
The GCCF’s full announcement can be viewed here: