(a) (Review and testing of market): Subject to clause 44.14(d), Project Co must review and test the insurance market vigilantly (and during the Operational Phase, no less than once every 12 months) to ascertain whether a Day 1 Uninsurable Risk or Uninsurable Risk has become an Insurable Risk, and determine whether, and if so what, insurance terms as to premium, deductible and coverage are available in connection with that risk from Reputable Insurers.
(b) (Project Co to effect Insurance): If upon such review it is found that a Day 1 Uninsurable Risk or an Uninsurable Risk is an Insurable Risk, then Project Co:
(i) must promptly notify the State of that risk and include details of insurance terms as to premium, deductible and coverage which Project Co has determined are available in connection with that risk from Reputable Insurers;
(ii) and the State must meet to discuss the effect of that Day 1 Uninsurable Risk or Uninsurable Risk being an Insurable Risk; and
(iii) unless the State requires otherwise, must procure the relevant Insurance in connection with that risk in accordance with the other provisions of this clause 44 and the Insurance Schedule.
(c) (Insurance premiums): Unless the State and Project Co agree otherwise within 10 Business Days after the State receives Project Co's notice under clause 44.14(b)(i), of the Insurable Risk then:
(i) during the period from Financial Close to the Operational Commencement Date, the State must pay Project Co:
A. if the risk is not insurable under an existing Insurance, an amount equal to the premium that is payable by Project Co for insurance of such a risk (when incepted and at each renewal date); or
B. if the risk is insurable under an existing Insurance, an amount equal to the increase in the premium of the existing Insurance that is required to cover insurance of such a risk,
within 10 Business Days after Project Co providing evidence to the State's reasonable satisfaction that it has procured such insurance or amendment to the existing insurance and the amount of the additional or increased premium (as applicable); and
(ii) after the Operational Commencement Date, the Service Payment will be increased to reflect the additional or increased premium (as applicable) payable by Project Co for insurance to cover the risk.
(d) (Terrorist incidents): If a Day 1 Uninsurable Risk is a terrorist act occurring on the Project Area then, unless the Insurance in question is one under which coverage is provided for a declared terrorist incident by operation of the Terrorism Insurance Act 2003 (Cth)), Project Co will not be required to review and test the insurance market under clause 44.14(a) in respect of that risk, unless expressly requested by the State to do so.