Transcript Tyser UK Limited - Brownfield Briefing

Tyser & Co Limited
Contaminated Land Insurance
To infinity and beyond?
– Risk, Facts and Theory
www.tysers.com
Tel: 020 3037 8000
Mathew Hussey
Associate Director
Tysers
UK Corporate Risks
Division
Contaminated Land Risk Assessment
Brownfield Briefing Conference
23 September 2009
Tysers
www.tysers.com
Tel: 020 3037 8000
Tysers Insurance Brokers established 1820 one of Lloyds
oldest brokers. Tysers have been working on environmental
insurance since 1997.
Widely recognised as leading UK independent broker on
environmental insurance and represented on range of both
Government and Trade groups/panels.
FSA authorised – only authorised companies can advise and
place insurance
Experience ranges from working on contaminated land
projects through to energy and waste
www.tysers.com
Tel: 020 3037 8000
In theory a Consultants Risk Assessment
work protects the client……
Risk Assessment vs Insurance
www.tysers.com
Tel: 020 3037 8000
How does risk assessment cover:
Unexpected, unforeseen?
Scientific knowledge limited. Change in scientific knowledge.
Are values or parameters wrong?
Legal cases limited. What will the courts accept?
Impact of future legislation (e.g. Ground Water Directive, Soils
Directive). A ‘sea change’ in enforcement activity with political
change?
Public awareness, ambulance chasing, increasing claims?
Limitations of Consultants Advice
www.tysers.com
Tel: 020 3037 8000
Based on limited and current technical guidelines and
knowledge only.
Actual offsite investigation data rare.
Scope of work – was it wide enough?
Tends to be regulatory focussed risk.
Negligence incorrect data collection or input etc
You don’t have to be wrong to have a claim!
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Consultants Professional Indemnity Insurance
Fact not theory!
Tel: 020 3037 8000
Misunderstood by clients
Defence mechanism for Consultant
Onus to prove negligence
Annually renewable not long term
Changing insurance market – restrictions in cover
Aggregate cover not unlimited
Collateral warranties – ineffective, costly to enforce
PI Cover dies with insolvency or non renewal
Insurers View of Risk
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Tel: 020 3037 8000
Consultants reports and risk assessments
Third party claims
Solvency and contract issues
Includes future law change
Future technical knowledge, discovery
Past/present claims
Conclusions
www.tysers.com
Tel: 020 3037 8000
Contaminated land insurance can protect against third party and
regulatory claims for up to 10 years, sometimes longer. This can include
protection against the unknown & known, change in law and the original
risk assessment being wrong.
Review your Professional Indemnity Insurance. In theory you are
covered but a review may find you’re not. The policy coverage is key, not
just the cost.
For further information contact:
Mathew Hussey
Associate Director
Tysers
12 Camomile Street, London EC3A 7PJ
Email: [email protected]
Tel: 020 3037 8000
www.tysers.com
www.tysers.com
Tel: 020 3037 8000
"If the facts don't fit the theory,
change the facts."
Albert Einstein