Rand Asbestos

Card Set Information

Author:
ED_6C3
ID:
270291
Filename:
Rand Asbestos
Updated:
2014-04-12 12:35:06
Tags:
6C
Folders:
Tort & Liability Insurance
Description:
6C
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  1. Current status of asbestos trusts
    • 56 trusts have been set up on behalf of asbestos defendants and have declared bankruptcy
    • payments from these trusts have risen rapidly
    • as of 2008, largest trust paid $10.9B on 2.4M claims
    • payments coming from trusts and from tort defendants are not explicitly coordinated
  2. Interactions between trusts and tort cases
    • information sharing: trusts must be disclosed, but isn’t usually required before trial
    • setoffs: some states allow setoffs for all trusts payments that occur during the tort case
    • indirect trust claims: in joint-and-several liability states, a defendant that pays a full tort judgment will typically be able to recover from a trust
    • limitation on trust payments: some trusts prohibit direct payments to claimants
  3. Differences in payments by solvent defendants
    • joint-and-several: payments by solvent defendants will likely increase
    • several-liability: payments by solvent defendants can increase or remain unchanged

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