1 Project Co must comply with the provisions of this Section 4 of Schedule Part 15 when placing or renewing the Operational Insurances.
2 Not less than [sixty (60)] Business Days prior to the [first Phase] Completion Date and each subsequent renewal date in respect of each of the Operational Insurances, Project Co must inform the Authority's Representative of the forthcoming requirement to place or renew an Operational Insurance and its proposals for obtaining competitive quotations from at least ([three (3)] suitable insurers. Project Co must take advice from reputable insurance brokers experienced in arranging insurances for similar risks as to which insurers are most likely to provide quotations that will represent best value for money for the Authority as payer of the premiums for such insurance. In considering which insurers to approach, Project Co must consider whether any of the Shareholders enjoys any special relationship with any insurer and/or is otherwise able to procure the placing of the relevant insurance in any particular manner consistent with the requirements of this Agreement that may result in lower premiums and shall include such insurers in its proposal under this paragraph 2.
3 Within [ten (10)] Business Days of receiving a notice from Project Co pursuant to paragraph 2, the Authority may provide Project Co with details of any other insurers that it wishes Project Co to invite to quote for provision of the relevant Operational Insurance.
4 Not less than [thirty (30)] Business Days prior to the [first Phase] Completion Date and each subsequent renewal date for any of the Operational Insurances, Project Co must forward to the Authority's Representative quotes from the proposed insurers (together with the principal terms and conditions of the relevant insurance policies), to include any insurer nominated by the Authority pursuant to paragraph 3, including a reasoned recommendation as to which quote Project Co views as offering best value for money for the Authority, taking into account all relevant circumstances.
5 Within [ten (10)] Business Days of receiving a recommendation from Project Co pursuant to paragraph 4, the Authority must notify Project Co in writing which insurer it is to place the relevant Operational Insurance with, failing which Project Co shall be entitled to place the relevant Operational Insurance with the insurer recommended by Project Co.