Asbestos is a harmful mineral used in construction and mining industries that can cause fatal cancer if exposed to it. It takes up to five decades for asbestos to develop into cancer. So first, an MRI or CT scan can diagnose cancer caused by asbestos. Later, a biopsy can determine what treatment path to follow.
Mesothelioma is a cancer type that develops on the outer surface of an organ. It takes between twenty to fifty years for a person to get sick after their first contact with asbestos. Although banned in the 1990s, many construction companies use asbestos products threatening many people’s lives. Here are some things you need to know if you or a loved one is suffering from asbestos exposure.
What is an Asbestos claim?
The emotional and physical pain caused by mesothelioma is indescribable. But you can take action and hold those accountable for your condition by filing an asbestos claim against the corporation you worked for. There are three types of asbestos claims.
- Asbestos trust funds
- Personal Injury Claims
- Wrongful death claims
How does an asbestos trust fund work?
Most claims for asbestos-related illnesses have a trust fund. An asbestos trust fund ensures you recover funds for healthcare and living expenses. Asbestos trust funds have a reserve of up to a million dollars.
These trust funds provide for victims if the defendant’s company goes bankrupt. The bankruptcy of construction companies, or those who use asbestos, is common. Asbestos trust funds are to secure funds for claimants. This is to protect them from the defendants’ bankruptcy. The law requires corporations to set aside funds for future claims.
Asbestos Trust Fund Payouts:
Before filing an asbestos claim, consult a legal advisor or asbestos lawyer. The legal advisor would suggest necessary steps to get the highest financial compensation. Not only that, the lawyer would help you prepare for the trial. An experienced lawyer will also help you choose between a lawsuit and a settlement.
It is better to file claims against many asbestos trust funds as a victim – the more, the better. Since it is difficult to point out which company is the most at fault for your illness, it is useful to file many claims. In addition, a large number of claims would ensure every corporation holds responsibility.
Fortunately, there is no limit to how many funds you claim. You and your lawyer can determine which trust funds to claim for, depending on which offers a higher payout. Determining a high payout is crucial in an asbestos claim. You don’t want funds only to cover your healthcare but to provide for your family.
On average, an asbestos claim can get you between $41,000 to $1 million; thus always better to file as many claims as you can.
How to file an Asbestos Trust Fund claim?
You can file an asbestos claim in the following four steps:
File the claim. Once you have received the diagnosis, start gathering information on all corporations involved. If you worked for a construction or mining company, put that down. Include any raw material providers and contractors as well.
Review of the claim – Once you’ve filed the claim, wait for the reviewing committee’s response. There are two types of reviews – individual and expedited.
Expedited Reviews – These reviews settle the claim quickly. These claims have a fixed payout. To qualify for an expedited review, you must provide employment and health records. With all the information at hand, they would be able to make a decision timely.
Individual Reviews – These reviews are for individual claimants. A claimant who does not meet the criteria for an expedited review gets an individual review. Individual reviews are for special cases like a minor getting affected by asbestos. These reviews also have a varying payout.
Assigning a monetary reward – The financial payout is discussed after the review process. For individual claims, both parties must negotiate an amount and conclude.
Receive your financial reward – After all the paperwork is complete, you will receive a payout.
Who can file an asbestos trust fund claim?
Victims of asbestos exposure or their family members can file a claim. You can claim a financial reward to cover your healthcare and living expenses. If the victim’s health doesn’t allow it, their family member or friends can fight the claim. If the victim has deceased, their family can file a claim.
What if the Asbestos Trust runs out of funds?
To keep the asbestos trust funds from running out of funds, they are only supposed to pay a percentage of the claim. These payment percentages vary for each trust. For example, some might pay 100% of what the claimant demands, and others might pay as low as 1 to 2%.
An asbestos trust fund can change its payment percentages over time. If the percentages increase, then it has to compensate the previous claimants. If the percentages decrease, previous claimants are not expected to pay back to the trust.
Start preparing to file your claim as soon as you get a medical diagnosis for an asbestos illness. A lawsuit will hold irresponsible corporations accountable. The financial reward from the lawsuit will help in funding your healthcare costs. You can also claim financial recovery to provide for lost income. And it is safe to get an amount to provide for your future. From your successful claim, others can get prevented from asbestos illness.