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Insurers Must Pay Reasonably-Estimated, Future Asbestos Losses

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Fuller-Austin Company ("Fuller-Austin"), a defendant in the asbestos litigation, filed suit seeking a declaration of its insurance coverage for tens of thousands of asbestos claims. Fuller-Austin Insulation Co. v. Fireman's Fund Insurance Co., Case No. BC 116835 (Cal. Super. Ct. 1994). In connection with its bankruptcy proceedings, a court-approved asbestos settlement trust was created to pay all pending and future asbestos claims. Fuller-Austin then obtained an order in its coverage case, requiring its liability insurers immediately to pay future asbestos damages to the extent they could be reasonably estimated. A California jury recently found Fuller-Austin's asbestos-related liabilities capable of reasonable estimate, and held its insurers liable to the trust for nearly $189 million. Fuller-Austin, Case No. BC 116835 (Verdict May 2, 2003). Several London and U.S. insurers reportedly plan to appeal.

If you have any questions about Fuller-Austin or any other insurance issue, please do not hesitate to contact any of the following attorneys in the Insurance Coverage Group at McCarter & English, LLP:

Andrew T. Berry
Sherilyn Pastor
Gita F. Rothschild

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