Financial Services Compensation Scheme
However in all claims except mesothelioma, the amount of compensation actually received will also depend upon the number of negligent parties who exposed you or your loved one to asbestos. This is because the compensation payable will be apportioned between the negligent parties responsible for the asbestos exposure. The proportion of compensation each negligent party will have to pay will usually be determined by the period of time they were responsible for your exposure.
This means that where a company is no longer trading and their insurers cannot be traced, the level of compensation received will be reduced as that party has not made any contribution.
In some cases where it has been possible to trace insurers and they have been found to be insolvent and without the funds to meet any claim of behalf of their insured, it may be possible to submit a claim to the Financial Services Compensation Scheme (FSCS).
The Financial Services Compensation Scheme is the UK’s compensation fund of last resort. Subject to compliance with certain terms the FSCS will cover payments due from an insurer, but which the insurer is unable to meet.
Providing negligent exposure to asbestos can be established, the FSCS will pay out 90% of any compensation award due from a particular insurer where exposure to asbestos occurred before 1st January 1972. Where exposure occurred after this date the FSCS will pay out 100% of the compensation due. In mesothelioma claims however it may be possible to recover 100% compensation even where exposure was prior to 1972.
At Sintons we have significant experience dealing with these types of claims and we will be happy to discuss your claim with you and guide you through the process of making a claim based on your unique set of circumstances.
To begin an asbestos injury compensation claim or obtain further advice with no obligation contact Sintons, we are available 24/7 on Freephone 0800 046 1748 or from a mobile on 0330 332 0536. Alternatively, use our callback form and we will arrange for one of our specialist asbestos solicitors to call you at a time that is convenient for you.