Collapse of Iron Trades / Chester Street Insurance
Thompsons Solicitors today welcomed the announcement that asbestos victims and their families effected by the collapse of Iron Trades / Chester Street Insurance earlier this year would be paid at least 90% of their entitlement to compensation.
The Government is to set up a Financial Services Compensation Scheme (FSCS) which will be funded by the insurance industry. The FSCS will pay 90% of the value of claims which would otherwise not have been met.
Ian McFall, Head of the National Asbestos Team at Thompsons Solicitors today said: "We made our view that there was a legal and moral obligation to pay very clear to Government and the insurance industry".
"The pressure has paid off and the concession that at least 90% of the awards will be paid is welcome. However our campaign will continue on behalf of the thousands of innocent asbestos victims and their widows nationwide who should not be shortchanged by even 10% for what is an insurance industry failing. The insurance industry is quite happy to take premiums, they must now pay out in full."
Asbestos disease diagnosis? Talk to us for advice and support on how to secure compensation.
If you or a loved one have been diagnosed with an asbestos-related disease, we can support you with advice on how to make a claim.
The process will be explained in plain English and with no obligation – our priority is to provide you with the best, expert advice on whether you have a valid case for compensation, and to signpost you to further sources of support.
There are strict time limits applied to making a claim – usually three years from the date of diagnosis. It doesn’t matter if the exposure to asbestos took place – as it often does – decades ago, the three year time limit applies to the date of knowledge of diagnosis or date of death.
For further information, visit our How to Make A Compensation Claim page.