In Germany, hardly threatening asbestos lawsuits
09/25/2002 · For asbestos caused diseases in this country pays the
professional association. Processes as in the United States should
therefore give it little.
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European companies also suffer from the fear of asbestos-damage
claims. Recent examples are the UK distributors of bathroom and
heating pipes Wolseley and the French construction company Saint
Gobain, Lafarge and Bouygues, whose shares on Tuesday lost due to
asbestos concerns.
Saint-Gobain had already announced in early September, asbestos risks
for the current year in the United States reserves amounting to € 100
million to make. This will reduce the net income by 66 million euros.
Archive: Allianz's shares fall after asbestos-news
Archive: asbestos litigation can be expensive
Wolseley closes asbestosis insurance
The Wolseley shares were opened on Tuesday, almost ten percent below
its previous day and had fallen further. Wolseley CEO Charles Banks
told reporters that the company would potentially be liable for
asbestos claims and have an insurance policy to meet the obligations.
Among the French construction companies, there was no new news
regarding asbestos. However, asbestos-called dealer worries as a
reason for the losses.
Companies such as ABB, Halliburton and Alliance have formed high
reserves to meet obligations for damages caused by asbestos. In the
U.S., where asbestos-related lawsuits are particularly common, some
companies have because of the large claims have been declared
bankrupt.
Professional associations in Germany bear the risk
Usually it goes in the court process to occupational diseases caused
by asbestos, such as asbestosis (lung disease), lung cancer or
mesothelioma, a very malignant rib or peritoneal cancer. In Germany,
therefore, hardly threaten lawsuits for damages in U.S. dimensions. In
this country, covering trade associations from the risk of these
diseases - at least as far as workers employed in Germany are
affected. The costs are therefore not borne by individual companies,
but by the community.
A worker injured by asbestos in the workplace has rights only against
the trade association. That means: As soon as his illness is
recognized as an occupational disease, he can not sue for damages. He
receives a pension for life of the cooperative, which depend on the
degree of impairment of his earning capacity. In case of death, the
relatives received compensation from the cooperative.
For companies, the trade association functions much like an insurance
policy. They give off their risk to the cooperative and pay a
contribution which is measured according to their risk and the total
wages paid by them. The basis is the principle of apportionment, as
with pensions, sickness or unemployment insurance - pay with the main
difference being that the companies' contributions alone, without the
participation of workers.
In Europe could further threaten lawsuits
In the neighboring countries of Germany there has been a few court
cases because of asbestosis. But recent rulings in France, Great
Britain and the Netherlands could change that. A verdict of the
Supreme Court in France alone could the French insurance industry in
the coming year cost $ 6.7 billion, say actuaries. In Great Britain
and the Netherlands, there were similar rulings - not only in favor of
European applicants. In many countries in Africa and Latin America,
asbestos is still used. For them to threaten the British ruling
further lawsuits.
