The compensation you’re entitled to depends on a number of factors
If you have been diagnosed with asbestosis, you are entitled to make a compensation claim.
The compensation amount that you are liable to receive for having developed asbestosis due to workplace exposure to asbestos depends on numerous factors, including:
- the severity of your disease
- the size of the asbestos trust fund you have claimed
- the percentage they pay
Your claim for compensation from the asbestos trust fund will be evaluated along with your work history and medical history to determine how much money you deserve. Based on your illness severity, medical costs, lost wages, and other expenses, the amount of compensation you would receive will be decided. Generally, you will receive compensation in the form of monthly payouts. A value of a claim can be assessed through three types of reviews, and this can also decide the amount of compensation you will receive. The types of review include:
- Expedited review: The amount of compensation you will receive will be fixed, non-negotiable, and based on your diagnosis. You will receive the compensation within a short time.
- Individual review: Your lawyer will be able to negotiate the amount of money you deserve so that you will receive the maximum possible amount of compensation. This will take a longer time.
- Extraordinary review: This will be opted in certain circumstances, for instance, if you have worked at a single worksite for several years and if you are liable to receive a higher amount of compensation than in an expedited review.
How much compensation can asbestosis sufferers receive from trust funds?
Because of the large amounts of people making claims to the individual trusts, many trusts are underfunded and stretched the funds to meet needs. Therefore, trusts only pay a percentage - ranging from 1 to 100 percent - of each financial request to ensure there is enough money available for all claims.
Asbestos trusts use "disease levels" to ensure that claimants with similar diseases are compensated fairly and equally.
For example, Owens Corning, which made several insulation and construction products that contained asbestos and is one of the largest asbestos trusts in operation today, has established the following scheduled values for expedited review settlement amounts:
- Level 4 – for Severe Asbestosis - $42,000
- Level 3 – for Asbestosis/Pleural Disease with significantly restricted function - $19,000
- Level 2 – for Asbestosis/Pleural Disease without significantly restricted function - $8,000
Some of the top-funded asbestos trust funds include:
- United States Gypsum Company - The trust was initially funded with about $4 billion and currently pays 19.2% of the scheduled value. Its trust fund, established in 2006, contains $3.9 Billion.
- Pittsburgh Corning Corporation - With $3.5 billion in initial assets the Pittsburgh Corning Corporation settlement trust is considered one of the largest asbestos trusts in the country.
- W.R. Grace and Co. - This manufacturer’s trust fund is valued at $3 Billion.
- Armstrong World Industries, Inc. - The trust was created in 2016 and contains $2.3 billion.
Get in touch with our expert team to begin your asbestosis compensation claim
We have won compensation for asbestosis claims filed on behalf of hundreds of clients suffering from this progressive, debilitating lung disease.
The amount of compensation we can secure for your legal claim depends on the above-mentioned factors.
If you are a veteran who developed asbestosis as a result of asbestos exposure in the military and intend to seek compensation, you will have to send our attorneys your military records, which you must retrieve, and your medical records. Each claim is calculated by looking at the level of pain or suffering, any disability it has caused, as well as financial losses and care costs incurred.
Any changes your illness has made to your quality of life and life expectancy will be taken into account, along with considering how it could affect your dependents. As our attorneys are handling all aspects of your case, you should feel comfortable and confident when you entrust these matters.