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Subject:
Insurance for tenants/employees exposed to asbestos
Category: Business and Money Asked by: tinypatient-ga List Price: $5.00 |
Posted:
04 Aug 2006 16:55 PDT
Expires: 03 Sep 2006 16:55 PDT Question ID: 752688 |
I am considering to buy a commercial realestate that is 70 years old and has asbestos in the building. Would someone educate me if there is any company offering insurance to tenants/employees exposed to asbestos? Of course, I intend to hire a firm to monitor asbestos level in the air and periodic inspections to make sure that I abide by the lawful protection necessary. |
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There is no answer at this time. |
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Subject:
Re: Insurance for tenants/employees exposed to asbestos
From: keystroke-ga on 04 Aug 2006 18:13 PDT |
FYI-- asbestos is not harmful just existing in a building. It is when measures are taken to remove the asbestos that it becomes harmful-- when it's removed all the particles are released into the air and subsequently into lungs. Many good-intentioned people have removed asbestos from a building, thus putting everyone in danger. But if it is just left there, it's fine. |
Subject:
Re: Insurance for tenants/employees exposed to asbestos
From: markvmd-ga on 04 Aug 2006 18:36 PDT |
Keystroke, just try explaining that to a pack of ravening lawyers promising huge payouts to your former and current tenants. |
Subject:
Re: Insurance for tenants/employees exposed to asbestos
From: myoarin-ga on 05 Aug 2006 04:26 PDT |
You are both right, but first someone has to start a case based on asbestositis (?): 1) which is extremely unlikely; 2) the decease has to be proven, which it can be; 3) since the decease seldom becomes evident until pretty far advanced, the chance of it developing to that stage in an undisturbed home environment is very unlikely. In Germany, millions - maybe nationwide, billions - have been spent to remove asbestos from schools: big scare, parents and politicians all agog. But the kids spend a maximum 8 years in a school, 13 years in two or three schools, and of course there have never been any cases, nor among the teachers who spend 20-30 years in the schools, nor among superintendents and their families who lived in the buildings. I am on Keystroke's side. Myo |
Subject:
Re: Insurance for tenants/employees exposed to asbestos
From: frde-ga on 05 Aug 2006 05:28 PDT |
I am digging into my raddled memory, but my understanding is that a UK company cannot be shut down while there are still outstanding cases against it. Hence one dead behemoth is still kept alive. Most serious underwriting ultimately goes through Lloyds of London, and from memory they took a beating from asbestosis. Also from memory, there are different types of asbestos, I vaguely recall that 'blue' was the really lethal one. From what a developer friend of mine told me, I would be strongly inclined to clear the building (assuming you can) and clear out anything suspicious. |
Subject:
Re: Insurance for tenants/employees exposed to asbestos
From: kemlo-ga on 06 Aug 2006 15:08 PDT |
Blue and Brown asbestos are the most dangerous, white asbestos is relatively harmless Lloyds are NOT taking on any new asbestos insurance or re-insurance |
Subject:
Re: Insurance for tenants/employees exposed to asbestos
From: frde-ga on 07 Aug 2006 00:48 PDT |
@Kemlo, I have a vague memory that Lloyds wrapped up all existing cover in some sort of ring fenced fund. Interesting that white asbestos is relatively harmless, I have happy memories from 35 years ago, of sitting on a farm buiding's roof sawing up sheets of asbestos. @tinypatient-ga From talking to UK developers, I would bite the bullet and get any asbestos removed by a 'specialist' company. It may be harmless, but it is a legal sword of Damocles. I believe Kemlo is quite correct, getting insurance would be very difficult, I would be very suspicious of anyone offering cover. |
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