A number of individual lawsuits and class action lawsuits have been filed on behalf  the 1,000s of residents, property owners and real estate condominium owners along the Gulf of Mexico including Texas, Louisiana, Alabama, Mississippi and Florida.  The liability appears to center on how far the oil slick continues to spread and the lives and livelihoods it touches.

At this point, the full impact of the BP oil spill on property values, tourism and business is incalculable.

As a growing number of individuals begin to see their property values plummet and as the significant double digit drops in vacation rental reservations and increased cancellations negatively impact rental owners have begun to file lawsuits. This is especially in the tourism industry.

Earlier this month an Alabama man along with a Gulf Shores company filed a federal lawsuit in US District Court in Birmingham against BP Products North America Inc., Transocean Ltd. as well as several related companies and contractors due to their economic losses resulting from their rental property vacancies and potential property devaluation.

The lawsuit alleges that the defendants of the Gulf oil spill downplayed the nature, size and extent of the leak and failing to employ adequate responders and / or equipment in the field to control the oil slick.”

Property values have sharply dropped as a result. ”Plaintiffs have similarly and will continue to suffer economic losses and other damages to include loss of rents and loss of use,” the lawsuit states.

A spokesperson for the legal firm involved in the case was quoted as saying that several rental properties have been adversely affected by the spill, resulting in significant rental cancellations.

The Gulf of Mexico and it’s coastline is a favorite amongst Canadian and American tourists all year round. It is likely that few tourists will want to travel or book vacations in locations where they may not be allowed to swim or enjoy the beaches.

Potential health concerns have also been discussed as in recent years there have been numerous illnesses and diseases that have been linked to oil spill clean up and exposure to oil crude.

The BP oil spill lawsuit filed in Birmingham is proposed as a class action in an effort to cover those claiming similar damages from the BP crude oil spill. Three other proposed class actions have been filed on behalf of marinas, restaurants and boat dealerships. In the month since the explosion and fire aboard the Deepwater Horizon, a growing number of lawsuits have originated in Texas, Louisiana, Mississippi and Florida on behalf of individuals and businesses allegedly harmed by the disaster.