Any Insurance proceeds received in respect of:
• loss or damage under the Contract Works Insurance (other than proceeds of the delay in start-up section of the policy);
• the Industrial Special Risks Insurance (other than proceeds of the business interruption section of the policy); and
• the Marine Transit Insurance (other than proceeds of the delay in start-up section of the policy),
must be deposited into the Insurance Proceeds Account and applied towards the cost of reinstatement or repair (refer to section 2.50.2 for further discussion).
Project Co is liable for the deductible or excesses which apply to a Claim made under any such Insurance policy, other than where the loss or damage was caused by certain circumstances in which the State will be liable for the relevant deductible or excess (refer to section 2.50.2.1 for further discussion).