The Boy Scouts of America has reached an agreement in principle worth $800 million with an insurer.

BSA agreed with insurer Century Indemnity Company and other Chubb companies to fund a trust to compensate sexual abuse victims for an estimated $800 million in settlements.

"This is an extremely important step forward in the BSA's efforts to equitably compensate survivors, and our hope is that this will lead to further settlement agreements from other parties," a spokesperson for BSA said in a statement to the Washington Examiner.

PANDEMIC FATIGUE MAKES BOOSTERS A DIFFICULT SELL IN US

The agreement is still subject to court approval.

Some consider the agreement to be a significant move for those boys and men who have been abused. "The settlement announced today is the result of months-long and hard-fought negotiations between Coalition attorneys and various other parties," said Coalition of Abused Scouts for Justice co-founder Ken Rothweiler in a statement. "We have always said that our goals in this situation are two-fold: making sure that current and future scouts are protected and building the largest compensation fund possible. Today was another step in the right direction."

BSA leadership had signed deals in September totaling more than $1 billion with the Hartford Financial Services Group, one of its largest insurers, and the Church of Jesus Christ of Latter-day Saints, which had been a longtime supporter of its activities.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

Not everyone is happy with how this has been settled. Attorney Jason Amala, who represents more than 1,000 men whom BSA leaders abused, told CNN, "This proposed settlement is historic only because it is one of the worst settlements in the history of child sexual abuse cases. The BSA and Century want to settle approximately 40,000 claims for an average of $20,000 per abuse survivor. You'll have a hard time finding a worst settlement if you look at what it means for individual survivors."

BSA filed for bankruptcy in February 2020 after hundreds of sexual abuse lawsuits were filed against the organization. As of November 2020, BSA was facing more than 92,700 claims of sexual abuse.