An 'uninsurable risk' occurs where:
(a) insurance is not available in the recognised international insurance market with reputable insurers of good standing (including the minimum credit rating specified in the project agreement) in respect of that risk at the time that the insurance is sought to be obtained and coverage is not available under the Commonwealth Terrorism Insurance Act 2003; or
(b) the insurance premium payable for insuring that risk is at such a level that the risk is not generally being insured against in the international insurance market with reputable insurers of good standing by prudent, competent and experienced providers in Australia of services similar to the services at the time at which the insurance was sought to be obtained. The effect of this provision should not be to give protection against changes in terms of insurance or levels of deductibles. Rather, it is intended to offer protection if the cost of insurance is such that the market is not generally insuring against that risk (on any terms).