Frequently Asked Questions (FAQ)
What is unclaimed property?
Unclaimed property most often includes cash in bank accounts, escrow accounts, stocks and bonds, contents of safe deposit boxes, pensions, uncollected insurance policies, utility deposits, and refunds from government agencies.
Why is the money unclaimed?
Underwriters, institutions, or agencies holding unclaimed funds are usually required to send notice to the last known address on file. However, money can become unclaimed when someone moves without forwarding their mail, when they misplace documents after a death in the family, when they are unaware of assets that belonged to a family member, and when they are not notified of being named as a beneficiary of a life insurance policy. These are the most common ways that property becomes “unclaimed”.
How did you find me?
We use public records, software systems, and proprietary tools to locate the legal owner of an unclaimed asset. We will only contact you if we have found an asset that we believe belongs to you or a member of your family.
What do you charge for your services?
Our fee is based on the dollar amount of your unclaimed funds, and the state in which your asset is recovered. Specific information about our fee is discussed with you in detail and is included in your paperwork before we file your claim. There are no upfront fees or out-of-pocket costs. In the unusual event that your claim is not paid, you owe nothing.
Why should I use ClaimsComp?
One of the most important questions in this FAQ. Our Executive Team has recovered over $260 million for more than 186,000 claimants over the past 15 years. We are highly experienced with individual state law, court protocol, joint claims, and all legal and administrative requirements surrounding unclaimed property. All claims are administered through an attorney trust account. We handle your entire claim from start to finish and ensure that all potential claims, even those not yet transferred to the state, are located and included when we file for funds on your behalf.
How can I find out if I have unclaimed property?
If ClaimsComp has contacted you, we have located unclaimed property that we believe is yours, or belongs to a family member. You can contact your Claims Manager directly via the address or phone number they provided, or you can reach our corporate office by emailing firstname.lastname@example.org or calling 888-404-1395.
Why is there a settlement?
In August 2010, all of the lawsuits against BP and the other defendants concerning the Deepwater Horizon Incident were consolidated before one Court, in litigation called In re Oil Spill by the Oil Rig “Deepwater Horizon” in the Gulf of Mexico on April 20, 2010 (MDL 2179).
Enormous amounts of time and effort were spent by all parties as the litigation moved towards trial, which was set to begin on February 27, 2012.
To avoid a lengthy trial and costly litigation the Plaintiffs Steering Committee and BP reached an agreement on the Economic and Property Damages Settlement.
Both the Plaintiffs’ Steering Committee and BP think the Settlement Agreement is fair and in the best interests of the Plaintiffs, all those in the Economic and Property Damages Class, and BP.
How do I know if I qualify?
Generally, if you owned a business or leased a building and operated a business within the Economic Loss Zones, you may be able to participate in the settlement.
All counties and parishes of the states of Louisiana, Mississippi, Alabama and select Gulf Coast counties of Florida and Texas are eligible.
Has the Deepwater Horizon Settlement been granted final approval?
On December 21, 2012, the Court issued an “Order and Reasons” and “Order and Judgment” certifying the Economic and Property Settlement Class, and granted final approval of the Economic and Property Damages Settlement Agreement.
Why have I not heard about this class action settlement until now?
The notification process used in many class-action settlements are usually nation-wide or regional advertising campaigns using television, newspapers and radio. According to the settlement agreement, you are considered notified whether or not you see or hear the advertisements.
Have a Question That's Not Answered Here?
Ask us! We’d love to hear from you.
You can contact your Claims Manager directly via the address or phone number they provided, or you can reach our Corporate Office by emailing email@example.com or calling