Tag: assets

Prioritizing Community Assets

Prioritizing Community Assets
Prioritizing Community Assets

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Prioritizing Community Assets

The three most relevant assets that should be given the highest priority in the response to, recovery from, and planning for managing the BP oil spill include the following: National Guard, insurance agencies/adjustors, and communications/media. Prioritizing community assets in the BP oil spill can be summarized as:

National Guard

In response to the oil leak in the year 2010, the Louisiana National Guard was mobilized by the Secretary of Defense to provide assistance in the efforts of helping local communities in the Gulf of Mexico region in the cleanup and removal of oil. The Louisiana National Guard was also helpful in protecting critical habitats in the area from contamination (National Guard, 2015). Soldiers from the National Guard from three other states in the Gulf region were also deployed to protect habitats and beaches from the oil spill.

Given that BP was responsible for this occurrence, it was accountable by the federal government for all the costs of the deployment. In essence, members of the National Guard participated in the response effort following the oil spill catastrophe at the Gulf of Mexico. These National Guard members served as cleanup workers. On the whole, in excess of 1,650 members of the National Guard supported Operation Deepwater Horizon in 4 states located in the Gulf of Mexico region: Louisiana, Alabama, Mississippi and Florida (National Guard, 2015).

Prioritizing Community Assets

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Insurance agencies/adjustors

Insurance agencies and adjustors were very important in recovering from the oil spill disaster and to rebuild. The oil spill, which took place close to major population centres, threatened to damage valuable properties on the beachfront, to harm significant tourism and fishing industries, and to hamper transit through the shipping channels (Hartwig, 2010). There is 1st party insurance coverage which was available to business organizations that suffered business interruption losses or property damage as a result of the BP oil spill.

A lot of companies in the region owned 1st party property insurance policies that covered losses for physical damage, in addition to monetary losses as a result of business interruption. Furthermore, there was a 3rd party coverage available to business organizations identified as defendants in court cases that relate to the BP oil spill (Epstein & Keyes, 2010). As for business organizations that faced possible liability for the Gulf of Mexico oil spill, more than 110 court cases have been filed by plaintiffs who were allegedly injured by this oil leak.   

Prioritizing Community Assets

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Communications/media

The significance of the role played by the media and communication systems following the massive oil spill in the year 2010 cannot be overestimated. Following the BP oil spill, the disaster was trending on Twitter and the mainstream news on radio and in broadcast and cable television was in twenty-four hour reporting mode. The internet was also crucial in the communications during this disaster (Pew Research Centre, 2010).

It is worth mentioning that as photos of leaking oil in the Deepwater Horizon and dead animals and birds surfaced, outrage and interest from members of the public increased, and so did political pressures on the United States President’s administration to punish the oil and gas multinational corporation BP. As a result, this company had a vested interest in restricting media access to the oil spill.

On the whole, there were many horrific and awful images that members of the public saw and this made the public very angry at BP as regarsd the Gulf of Mexico oil spill. Images were shown by various media outlets of oiled animals, dying dolphins and dead animals. These images circulated. The public depended on news organizations for information pertaining to the oil leak. The interest of members of the public went hand-in-hand with the immense amount of news coverage of this oil leak (Meyer, 2014). Information was also communicated to the public by the federal government.      

References

Epstein, H. B., & Keyes, T. A. (2010). BP oil spill: An insurance perspective. New York Law Journal, 244(34): 1-2.

Hartwig, R. P. (2010). The Deepwater Horizon Disaster: Insurance market impacts. New York Law Journal, 241(25): 65-68.

Meyer, J. (2014). Media coverage creates oil spill amnesia. Grist Magazine, 23(5): 14-17

National Guard. (2015). National Guard Oil Spill Response. Retrieved from http://www.nationalguard.mil/Features/2010/OilSpillResponse.aspx

Pew Research Centre. (2010). 100 days of gushing oil: Media analysis and quiz. Washington, DC: PRW

Prioritizing Community Assets

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Depreciation Essay Paper

depreciation
Depreciation

Depreciation

Depreciation is the allowance given on the wear and tear of property; an income tax is usually set aside for most assets to cater for the cost of assets (Aizenman, Hutchison and Jinjarak, 2013, p.38). The computation is done annually and for depreciation to be done a taxpayer must own the property and make sure that the property is used for business purposes and the property must have a useful life of more than one year.

This is done on tangible assets that lose value such as buildings, machines, vehicles, and equipment. It is also done on intangible property such as copyrights, patents and also computer software. Depreciating starts when the property is put to use for production of income, and it ends when the property fully recovers its cost or can no longer be used to do business (Bhandari, 2014, p. 42).

Property depreciating depends on the method, the property life, the basis of the ownership reduction and also the fact that the taxpayer has listed the property for repayment. Others factors determining depreciating are the first year of depreciation in that some properties don’t qualify for a discount for the first year.

 Since dep is a cost, it has to be included in the calculation of the national income. GDP is perceived as the measure of the market good (Bhandari, 2014, p. 42). As such when calculating national income capital depreciation is deducted from GDP. This because it gives us the market value of the property. On the other hand, depreciating is added to national income when computing GDP. In this case, Depreciation is added to the net domestic product as capital consumption allowance to get the gross domestic product. This because depreciation reduces the stock of capital and therefore it must be accounted.

Reference List

Aizenman, J., Hutchison, M. and Jinjarak, Y., 2013. What is the risk of European sovereign debt defaults? Fiscal space, CDS spreads and market pricing of risk. Journal of International Money and Finance, 34, pp.37-59.

Bhandari, R., 2014. An analytical study on depreciation of rupee against dollar & fundamental analysis on impact of macroeconomic factors on exchange rate of rupee. International Research Journal of Business and Management, 2(2), pp.36-43.

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