North American Refractories Company, or NARCO, was the leading manufacturer of refractory materials in the 1900s. Refractory products are heat-resistant and used to line high-temperature equipment. They often contained asbestos, as this mineral is naturally resistant to heat, chemicals and corrosion. The presence of asbestos in NARCO’s products ultimately led to the company going bankrupt due to litigation. The North American Refractories Company Asbestos Personal Injury Settlement Trust was created to compensate victims of asbestos exposure through their products.
If you or a loved one was exposed to asbestos through a NARCO product and have been diagnosed with a related illness, such as mesothelioma, you may be eligible to file a claim with the asbestos trust fund. Discuss your legal rights and options with an experienced asbestos attorney at Bailey & Glasser, LLP for more information.
Asbestos-Containing Products Manufactured by North American Refractories Co.
North American Refractories Company was founded in 1929 as a manufacturer of refractory materials. It manufactured ceramics, hearths and other refractories, and quickly became one of the country’s largest manufacturers of refractory materials. Since refractories by definition are resistant to heat, chemicals and pressure, asbestos was a popular ingredient used in their creation.
NARCO used asbestos in many of its refractory products and materials, including:
- Aerogun
- Gun mix
- Narcmag
- Narcocast
- Narcocrete
- Narcogun
- Narcolite
- Stazon
- Unicote
Over the years, the company expanded its business to create coatings, brake pads, linings and furnace fittings. Unfortunately, anyone who worked with or around these products may have been exposed to asbestos. The NARCO Asbestos Trust has published a list of worksites that were known to contain its asbestos products. The list currently has 896 worksites throughout the United States, with many listed in Texas, Arkansas, Louisiana, Missouri, Pennsylvania and Ohio.
What Is the North American Refractories Company Asbestos Personal Injury Settlement Trust?
The North American Refractories Company Asbestos Personal Injury Settlement Trust, often shortened to just the NARCO Asbestos Trust, was created by the company in 2013 as part of its Plan of Reorganization – a requirement of Chapter 11 bankruptcy. It was forced to declare bankruptcy in 2002 after facing over 200,000 asbestos-related lawsuits. NARCO’s asbestos trust fund was created to provide a protected source of financial compensation for victims of asbestos exposure. It enables NARCO to continue paying victims of asbestos exposure even after the company declared bankruptcy.
Who Can File a Claim With the NARCO Asbestos Trust?
Anyone who has been diagnosed with an asbestos-related disease, including mesothelioma and lung cancer, who can prove the condition was caused in whole or in part by exposure to an asbestos-containing product manufactured, sold or distributed by NARCO or the company’s predecessors can qualify for compensation through this trust fund.
To file a claim, you must first choose your desired type. This trust has five different types of claims for different situations: a pre-established claim, annual contribution fund claim, indirect claim, extraordinary claim or exigent claim. An attorney can help you understand which type is right for you. Then, you will need to submit the correct Claim Form and required documentation to support your claim.
In general, you must submit documents and records that show you were diagnosed with one of the illnesses listed and that you came into contact with a NARCO product. Required documents typically include medical records, employment records, proof of lost wages (if seeking this type of compensation) and a death certificate, if applicable. You can learn more about the NARCO Asbestos Trust Fund claims process on the trust’s FAQ page.
What Compensation Is Available Through the NARCO Asbestos Trust?
When the NARCO Asbestos Personal Injury Settlement Trust was created in 2013, it was funded with $6.32 billion, making it one of the largest asbestos trust funds in existence. In its first year, it paid out around $100 million in claims. The current payment percentage is 100 percent, which is unusually high compared to other asbestos trust funds. This means this trust fund pays 100 percent of a claim’s value. Others have percentages as low as 0.05 percent, meaning claims are only paid at 0.05 percent of their full value.
An asbestos trust fund claim is meant to compensate a victim for various losses related to his or her illness, such as:
- Past and future required medical care
- Disability expenses and accommodations
- Lost wages, earnings and future capacity to earn
- Physical and mental pain and suffering
- Death benefits such as funeral costs, if applicable
The NARCO Asbestos Trust does not have specific payout amounts for different types of illnesses. Instead, it has overall average values and maximum values. As of 2023, the maximum values available range from $62,165 for lung cancer to $1,243,314 for mesothelioma. These values will be up for review again in April 2025. The value of your asbestos trust fund claim will depend on the circumstances, such as the type of asbestos disease, your history of asbestos exposure, and your age and overall health.
Other Legal Options for Victims of Asbestos Exposure From NARCO
The NARCO Asbestos Trust may not be the only option available to you for recovering compensation for mesothelioma or another asbestos-related illness caused by one of this company’s products. At Bailey & Glasser, LLP, our mesothelioma attorneys can carefully review your case to determine if other sources of financial compensation are possible based on the circumstances. As your lawyers, we will search for ways to maximize your monetary recovery after being exposed to asbestos.
We can guide you through the process of filing an asbestos trust fund claim as well as explore other potential legal options, which may include:
- Mesothelioma lawsuit: a civil claim brought against NARCO for negligently exposing you or a loved one to asbestos, such as a personal injury lawsuit, product liability lawsuit or wrongful death claim.
- Workers’ compensation claim: a claim filed with NARCO’s insurance company as an employee of NARCO who was exposed to asbestos on the job. Workers’ comp claims do not require proof of negligence.
- Veterans claim: if you were exposed to a NARCO asbestos product while serving in the United States Military, you may be eligible for veterans benefits from the federal government.
These legal actions may result in additional compensation for your asbestos-related illness. Discuss all of your legal options with an attorney at Bailey & Glasser, LLP before accepting a settlement.
NARCO Asbestos Trust FAQs
What is the NARCO Asbestos Trust Payment Percentage?
The current payment percentage is 100 percent, which is unusually high compared to other asbestos trust funds.
How Was The NARCO Trust Formed?
Asbestos in NARCO’s products eventually drove the company into bankruptcy due to extensive litigation. To compensate those affected by asbestos exposure, the North American Refractories Company Asbestos Personal Injury Settlement Trust was established.
How Did NARCO Use Asbestos?
Founded in 1929, the North American Refractories Company quickly became one of the nation’s largest manufacturers of refractory materials, producing ceramics, hearths, and other heat-resistant products. Because refractories must withstand extreme heat, chemicals, and pressure, asbestos was commonly used in their production.
We offer free case consultations to individuals who are curious about their eligibility to file claims with the North American Refractories Company Asbestos Personal Injury Settlement Trust. Request your case review today by calling (866) 871-7971.
