Judge Finds Asbestos Insurers Liable for Millions
Thursday, May 10th, 2007More than 20,000 individuals who have filed asbestos-related tort claims against insulation giant Robert A. Keasbey Co. celebrated a victory on Tuesday when Manhattan Supreme Court Justice Richard Braun ruled that the defunct company’s insurers may be liable for hundreds of millions of dollars in coverage.
According to an article on Law.com, Keasbey’s insurers, Continental Casualty Coverage and American Casualty Co. of Reading, Pa., had sought a sought a declaratory judgment holding that their policies were exhausted by $8.7 million in previously made payments.
The judge did not agree with the insurers’ stand and announced that they may be liable for tens of millions of dollars in compensation payments to individuals, including both employees and customers, sickened by asbestos caused by exposure to Keasbey-manufactured products.
Keasbey was founded in 1885 and the company installed, repaired and removed job-site insulation. They ceased doing business in 1995 and were dissolved in 2001, reports the article.
“I’m thrilled for the defendant class that the court has properly found coverage to exist for these thousands of people whose injuries would otherwise be left without any opportunity for compensation,” Philip M. Halpern of Collier Halpern said Tuesday. “The court made a careful, detailed, reasoned elaboration as to each and every one of the many facets of these complex causes of action.”

On International Workers Memorial Day on April 28th, the Asbestos Disease Awareness Organization paused to honor the more than 100,000 workers killed worldwide by asbestos-related diseases, noting that “asbestos is still the number one carcinogen in the world of work and causes 54% of all deaths from occupational cancer.â€Â