September 11th Victim Compensation Fund Updates — Calculating Compensation Amounts
As of October 2012, approximately 14,000 potential claimants have registered through the September 11th Victim Compensation Fund’s website. Of those, fewer than 700 claimants submitted eligibility forms, many of which lacked essential information when submitted. A small number of individuals have been informed of their eligibility for compensation from the 9/11 Victim Compensation Fund (VCF), and the VCF has asked them to complete their compensation claim, but has not yet disbursed any monies to the claimants. Just more than 80 percent of those applying to the VCF for compensation are represented by attorneys.
Generally, the VCF will calculate its compensation awards by adding your economic loss to your non-economic loss and subtracting collateral source payments. In plain English, this means the VCF first determines your economic loss — lost income, medical expenses, handicap accessibility modifications to your home, etc. — and assigns a value to your non-economic losses like loss of enjoyment of life or mental pain and anguish. The VCF subtracts from that total any 9/11 injury-related payments you have received from other sources, such as workers’ compensation or life insurance policies. What remains is your estimated award.
Once these first claimants have completed the application process and accepted their award — or completed the appeals process — the VCF will issue payment within 20 days. The first payment will not represent the complete award. The VCF will make smaller initial payments to successful claimants to ensure that it has enough money to make payments to everyone entitled to receive them.
For more information, please see our post 9/11 injuries website.