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This article provides a compelling run down on tort law, damage claims, and how the BP oil spill disaster’s damage inflicted upon the Florida tourist economy presents entirely new challenges.
New York Times:
Should BP’s Money Go Where the Oil Didn’t?
By DAVID SEGAL
http://www.nytimes.com/2010/10/24/business/24claim.html?pagewanted=4&_r=2&sq=florida&st=cse&scp=5
Published: October 23, 2010
Excerpt:
Part of the problem is no one is sure how BP will handle the Florida cases. The company didn’t respond to interview requests.
The tale is more complicated than just “People stopped booking rooms here.” What happened is that occupancy rates sank, which led Mr. Overton to drop prices. That pushed up occupancy rates, which left him with what he calls “the double whammy” — a large-ish number of visitors, with all the overhead costs they incur, but a smaller revenue stream to cover those expenses. Details like this get to the challenge of proximity claims: figuring out what, if anything, they’re worth. It’s the kind of conundrum that scholars have been puzzling over for a very long time.
