According to an article on the Quaker Chemical Corp asbestos dispute, Quaker Chemical Corp. said Thursday its SB Decking Inc. unit reached a deal with Employers Insurance Co. of Wausau related to a coverage dispute for some asbestos claims.
The companies entered a claim handling and funding agreement in which Wausau will pay 27 percent of defense and indemnity costs incurred by or on behalf of SB Decking in connection with the asbestos bodily injury claims for at least five years, according to a filing with the U.S. Securities and Exchange Commission.
Either company can end the agreement after three years, provided they give at least two years' written notice. The deal remains in effect until such notice is given.
SB Decking may still pursue a claim against Wausau for coverage for asbestos claims made after the deal ends.
Shares of Quaker Chemical fell 12 cents to $23.87 in morning trading