Another Company that we were involved in founding was ERIS, Environmental Risks Insurance Services. We had been aware for several years of the significant issues associated with brownfield sites, which as these became better known during the 1980’s and 1990’s started to slow, and then raise significant concerns for high value commercial property transactions.
Our MD teamed up with Roy Bays, who had retired from his exceptional career in the UK insurance industry, and a founder, in his own right of the Cork, Bays Fisher Insurance Group, a highly innovative business which developed the first real holiday insurance product.
The new insurance brokerage business established underwriting lines with AIG and Reliance Group, taking one of the first Environmental Impairment Liability policies into the marketplace.
It was an interesting adventure and whilst a number of successful policies were underwritten on behalf of clients during the mid 1990’s, there were insufficient Clients who understood the value of this type of insurance, to facilitate property transactions.
This was in contract to the standard insurance against insurance risks in the marine environment, where specific policies underwritten by Lloyds Open Form had provided an insured contingency fund, for dealing with risks from fire, cargo contamination and oil pollution.