Asbestos claim - lawsuit involving Lloyd's of London Equitas

A £524m asbestos claim lawsuit involving Lloyd's of London underwriters and Equitas, the Lloyd's losses run-off vehicle, is due to kick off next week amid concerns that the asbestos case could destabilise the whole insurance market.

Five Lloyd's underwriters, Equitas and 20 other insurance groups are fighting American floor-tile company Congoleum, which wants to file for Chapter 11 bankruptcy protection. If it did so, the insurers would have to pay out on its asbestos claim cover.

The insurance industry is concerned that a victory for Congoleum could prompt other firms troubled by asbestos claims to opt for bankruptcy, forcing yet more big insurance-payouts. They are opposing the Congoleum plan, which will be considered by a New York court.

Equitas and the Lloyd's insurers have hired the New York office of legal giant Linklaters to fight the asbestos claim lawsuit. Their exposure in the case is understood to run into tens of millions of dollars.

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At The Claim Solicitors we believe that anyone who has suffered an illness such as asbestosis due to someone else's negligence, should have access to personal injury compensation regardless of their financial circumstances. Under our no win, no fee policy, you will be protected from any legal costs. See no win, no fee for more information.

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Source: http://www6.lexisnexis.com