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Politics : Foreign Affairs Discussion Group
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To: LindyBill who wrote (20499)3/3/2002 7:10:44 AM
From: maceng2  Read Replies (1) of 281500
 
After the experience of the American chemical company that India just about bankrupted over there a few years back, with phony insurance claims

Is this the incident you were referring to?

bhopal.com

I remember that incident well as I was working for a customer of Union Carbide. They made some proprietary products. I think most of the original insurance claims must of been genuine.

Lloyds of London had general insurance cover of USA companies, and the USA law courts managed to bend the rules a little, and make Lloyds of London pay up on all the Asbestos claims. Bankrupted Lloyds and the smarter guys there managed to unload a lot of the losses onto newbie members. A good number of them cannot even be declared bankrupt as the losses are not fully realized yet, or ever will be!! The Asbestos claims should have been filed against the guys who authorized its use. Many were fully aware of the risks but mandated the work force still to use it. There is only one or two kinds of Asbestos that are known to cause health problems. It's a very murky subject with many untruths. Sufficient to say, several companies I worked with stopped using asbestos in the 1930's when the risks became apparent.

I've usually worked for multinational companies. I found it is easier to get things done in small companies of a few hundred employees though. Much easier, not so much internal politics.
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