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Contingencies | 3 Months Ended
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Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract] |
Contingencies | 16. Contingencies Asbestos Litigation Albany International Corp. is a defendant in suits brought in various courts in the United States by plaintiffs who allege that they have suffered personal injury as a result of exposure to asbestos-containing products that we previously manufactured. We produced asbestos-containing paper machine clothing synthetic dryer fabrics marketed during the period from 1967 to 1976 and used in certain paper mills. Such fabrics generally had a useful life of three to twelve months. We were defending 3,752 claims as of March 31, 2017. The following table sets forth the number of claims filed, the number of claims settled, dismissed or otherwise resolved, and the aggregate settlement amount during the periods presented:
Year ended December 31, | Opening Number of Claims | Claims Dismissed, Settled, or Resolved | New Claims | Closing Number of Claims | Amounts Paid (thousands) to Settle or Resolve
2006 | 24,451 | 6,841 | 1,806 | 19,416 | $3,879
2007 | 19,416 | 808 | 190 | 18,798 | 15
2008 | 18,798 | 523 | 110 | 18,385 | 52
2009 | 18,385 | 9,482 | 42 | 8,945 | 88
2010 | 8,945 | 3,963 | 188 | 5,170 | 159
2011 | 5,170 | 789 | 65 | 4,446 | 1,111
2012 | 4,446 | 90 | 107 | 4,463 | 530
2013 | 4,463 | 230 | 66 | 4,299 | 78
2014 | 4,299 | 625 | 147 | 3,821 | 437
2015 | 3,821 | 116 | 86 | 3,791 | 164
2016 | 3,791 | 148 | 102 | 3,745 | 758
As of March 31, 2017 | 3,745 | 13 | 20 | 3,752 | $10
We anticipate that additional claims will be filed against the Company and related companies in the future, but are unable to predict the number and timing of such future claims. Exposure and disease information sufficient to meaningfully estimate a range of possible loss of a particular claim is typically not available until late in the discovery process, and often not until a trial date is imminent and a settlement demand has been received. For these reasons, we do not believe a meaningful estimate can be made regarding the range of possible loss with respect to pending or future claims. To date, almost 100% of settlement and defense costs have been paid by our insurance carrier. The Company’s insurer has confirmed the existence of approximately $2 million in remaining coverage under available primary policies, and $140 million in coverage under excess umbrella coverage policies, all of which should be available with respect to current and future asbestos claims. Brandon Drying Fabrics, Inc. (“Brandon”), a subsidiary of Geschmay Corp., which is a subsidiary of the Company, is also a separate defendant in many of the asbestos cases in which Albany is named as a defendant. Brandon was defending against 7,706 claims as of March 31, 2017. The following table sets forth the number of claims filed, the number of claims settled, dismissed or otherwise resolved, and the aggregate settlement amount during the periods presented:
Year ended December 31, |  | Opening Number of Claims |  | Claims Dismissed, Settled, or Resolved |  | New Claims |  | Closing Number of Claims |  | Amounts Paid (thousands) to Settle or Resolve
2006 |  |  | 9,566 |  |  | 1,182 |  |  | 730 |  |  | 9,114 |  |  | $- |
2007 |  |  | 9,114 |  |  | 462 |  |  | 88 |  |  | 8,740 |  |  | - |
2008 |  |  | 8,740 |  |  | 86 |  |  | 10 |  |  | 8,664 |  |  | - |
2009 |  |  | 8,664 |  |  | 760 |  |  | 3 |  |  | 7,907 |  |  | - |
2010 |  |  | 7,907 |  |  | 47 |  |  | 9 |  |  | 7,869 |  |  | - |
2011 |  |  | 7,869 |  |  | 3 |  |  | 11 |  |  | 7,877 |  |  | - |
2012 |  |  | 7,877 |  |  | 12 |  |  | 2 |  |  | 7,867 |  |  | - |
2013 |  |  | 7,867 |  |  | 55 |  |  | 3 |  |  | 7,815 |  |  | - |
2014 |  |  | 7,815 |  |  | 87 |  |  | 2 |  |  | 7,730 |  |  | - |
2015 |  |  | 7,730 |  |  | 18 |  |  | 1 |  |  | 7,713 |  |  | - |
2016 |  |  | 7,713 |  |  | 7 |  |  | - |  |  | 7,706 |  |  | - |
As of March 31, 2017 |  |  | 7,706 |  |  | - |  |  | - |  |  | 7,706 |  |  | $- |
We acquired Geschmay Corp., formerly known as Wangner Systems Corporation, in 1999. Brandon is a wholly owned subsidiary of Geschmay Corp. As of March 31, 2017, Brandon has resolved, by means of settlement or dismissal, 9,900 claims for a total of $0.2 million. For the same reasons set forth above with respect to Albany’s claims, as well as the fact that no amounts have been paid to resolve any Brandon claims since 2001, we do not believe a meaningful estimate can be made regarding the range of possible loss with respect to these remaining claims. Although we do not believe, based on currently available information and for the reasons stated above, that a meaningful estimate of a range of possible loss can be made with respect to such claims, based on our understanding of the insurance policies available, how settlement amounts have been allocated to various policies, our settlement experience, the absence of any judgments against the Company or Brandon, the ratio of paper mill claims to total claims filed, and the defenses available, we currently do not anticipate any material liability relating to the resolution of the aforementioned pending proceedings in excess of existing insurance limits. Consequently, we currently do not anticipate, based on currently available information, that the ultimate resolution of the aforementioned proceedings will have a material adverse effect on the financial position, results of operations, or cash flows of the Company. Although we cannot predict the number and timing of future claims, based on the foregoing factors and the trends in claims against us to date, we do not anticipate that additional claims likely to be filed against us in the future will have a material adverse effect on our financial position, results of operations, or cash flows.

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