Asbestos Trusts / Trusts Database / NARCO (North American Refractories Co.)

Asbestos Trust Claims: Compensation is Available Without Filing a Lawsuit

Asbestos companies and their insurers placed close to $30 Billion dollars into trust funds to pay people who were injured by asbestos. But nearly 40% of the funds have still gone unclaimed by the victims. You may be entitled to a portion of these funds.

Applying for asbestos trust fund compensation is not getting into a fight.

This money was set aside in a trust account for those who were injured.

Applying for a payment from these trusts is not affecting any company or coming out of anyone’s pocket. This is insurance money specifically to help people hurt by asbestos. 

The court ordered the funds because the asbestos industry could no longer hide its secret: asbestos is very dangerous to breathe.

NARCO Asbestos Trust

Company Founding	1929
Core Businesses	manufacture of refractory products
Bankruptcy	Western District of Pennsylvania (2002)
Year Trust was Founded	2013
Assets at Founding	$420,000,000
Assets as of 2022	$280,710,185
Payment Percentage	One hundred percent (100%)
Amount of Money Paid To Date	> $496.4 million
Number of Claims Paid	29,442

Company Summary

A Pennsylvania firebrick company merged with an Ohio firebrick company to form North American Refractories Company (NARCO) in Cleveland in 1929. Firebrick is a type of refractory material.

Refractory materials are used commonly in areas of construction which need to withstand high heat, like stone fireplaces and furnaces.

• NARCO began as a manufacturer of refractory cement and eventually expanded its product line to include other refractory materials. 

• Over the next 50 years NARCO products were being used to line furnaces in various types of manufacturing plants including chemical, glass, cement, iron, steel, and nonferrous metals. 

• In 1979, Allied Signal (now Honeywell International, Inc.) acquired NARCO and owned it until 1986. 

• As asbestos injury lawsuits began to pile up in the mid to late-’90s, the company was suffering. One catch, however, was that Honeywell would be responsible for assuming the company’s asbestos liabilities due to its previous 8-year ownership.

Workers Generally Eligible for the NARCO Asbestos Trust:

Workers who may have been at risk of exposure to asbestos from NARCO products include:

Boilermakers	Insulators	Ironworkers
Plumbers	Steamfitters	Shipyard workers
Steel mill workers	Factory workers	Pipefitters

Because refractory materials are not limited to use in one type of industry, the dangerous reach of NARCO’s asbestos containing products was vast. Plant workers in power plants, steel mills, oil refineries, or industrial plants would have been at risk of exposure to asbestos from NARCO products. Additionally, boilermakers, steamfitters, construction workers, and other industrial plant workers were at risk.

Secondary Asbestos Exposure

Spouses and household members of workers may qualify for the NARCO Asbestos Trust as well.

People who brought home asbestos on their work clothes may have also been exposed in their homes and vehicles. This especially includes anyone who regularly laundered asbestos-tainted work clothes. Asbestos is dusty and durable, and anyone who spent time in a garage or small laundry room breathing it in could have been at risk.

NARCO Settlement Trust History

On January 4, 2002, NARCO followed in the footsteps of many other asbestos companies and filed for Chapter 11 bankruptcy in the face of mounting lawsuits. It took a little over ten (10) years to finalize the establishment of the NARCO Asbestos Trust. 

The trust began accepting claims in 2013.

In 2013, NARCO created the NARCO Asbestos Trust under its Chapter 11 Plan of Reorganization. The current payment percentage is 100%.

The Trust states that it was created to “pay all valid NARCO Asbestos Trust Claims.” It classifies asbestos related diseases into seven (7) categories and offers a range of payment depending on the claimant’s diagnosis. 
The NARCO Asbestos Trust has established forms and procedures to apply and collect compensation from the trust. You can learn more on their website.

In 2022, 2,337 claims were settled with the NARCO Asbestos Trust, according to its annual financial report.

The report also details that $68,658,521 was paid out in claims in 2022, bringing the total to $496,472,836 that the Trust has paid since it was established.

Important Facts About Asbestos Trust Compensation for People with Asbestos Illnesses

Depending on where you worked, or how you were exposed to asbestos, you may qualify to file claims with more than one asbestos trust. Different occupations worked with different types of asbestos products. The location of the work – the actual job site – also impacts which claims may be filed. Every case is unique, and thousands of clients have been able to receive compensation from multiple asbestos trusts. 

Filing claims with asbestos trusts is a separate act than filing a lawsuit against certain companies. It is possible, however, to file a lawsuit and additionally file claims with asbestos trusts. This determination is made on a case-by-case basis depending on each client’s work and/or exposure history. Companies that are not bankrupt are eligible to be sued in a lawsuit, while bankrupt companies are those that were ordered to establish asbestos bankruptcy trusts.

The asbestos trusts exist for the purpose of awarding compensation to qualifying claimants. The courts designated that money be specifically set aside to provide payment to those individuals injured by asbestos. You do not have to be retired to file a claim, and the claim does not affect your current or previous employer(s), or any benefits you may already receive. If you worked with products or at a job site that was owned by a company that has established an asbestos trust, you may meet the criteria for compensation. 

Asbestos use was extremely common in the U.S. military for decades. Navy ships were built using asbestos insulation to ensure they were fireproof. The boiler rooms on the ships were full of asbestos insulation, gaskets, and valves used on the various types of equipment. Military tanks and vehicles used asbestos containing brake parts as well as gaskets and valves. These are just some examples of where asbestos would have been found.

Although asbestos trust claims are not lawsuits, they are subject to the same time limitations that lawsuits are.

These laws are called Statutes of Limitation. 

Statutes of limitation specify how much time a person has to file a lawsuit.

If a person waits too long, they lose the right to file a lawsuit. 

Every state puts limits on how long individuals have to file lawsuits on their own behalf or on behalf of a deceased loved one. These laws are called Statutes of Limitation, and if you miss one, you will not be able to file any asbestos claims.

The exact same thing applies with asbestos trusts: 

If you wait too long to file an asbestos trust claim, you’ll lose the right to do so. Statutes of Limitation can be complicated in asbestos cases because a person typically doesn’t develop an asbestos-related illness until many years after he or she was exposed.

Statutes of Limitations are often not very straightforward in asbestos cases because there are questions about when the statute should start:

• Does “the clock” start when a person is diagnosed with an asbestos-related illness, or does it start when they find out their illness could have been caused by asbestos? 

• If they worked in Texas but now live in Missouri, which statute applies? 

These are the sorts of questions that are best posed to an asbestos attorney, and we’re happy to answer them for you.

If you believe you are entitled to compensation for your asbestos-related illness, call, text or email our law firm so we can tell you how long you have to make the decision to file a trust claim or to seek asbestos compensation through an asbestos lawsuit. 

It won’t cost you anything to call us, but it could cost you everything if you wait too long to file a claim.

Justinian C. Lane, Esq. – AsbestosClaims.Law

My grandfather, grandmother and father were all exposed to asbestos in their work, and all three died of respiratory-related cancers.

I found out too late about the health effects of asbestos to help them.

But my firm has helped many other people receive compensation for health problems they developed from exposure to asbestos.

Call, text or email us for a completely free consultation with no obligation. I will listen to the details of your story, and explain your options. We only work on contingency, so we only get paid if you do.

Every case is different, but the Law Offices of Justinian C. Lane, Esq. has obtained large settlements for thousands of people harmed by asbestos. This compensation has helped ease our clients’ financial burdens, and offers a legacy to leave for their loved ones.

At AsbestosClaims.Law, we’ve helped thousands of people who were exposed to asbestos in their job, car or at home. Can we help you?