(a) (Project Co liability): Subject to clause 44.12(b), Project Co must pay or bear all amounts by way of deductibles and excesses which apply to a claim made under any Insurances.
(b) (State liability): The State must pay all amounts by way of deductibles and excesses which apply to a claim made under any Insurances where the event that is insured in respect of which the claim is made on the Insurances is:
(i) a Compensable Extension Event or a Compensable Intervening Event;
(ii) to the extent not covered by clause 44.12(b)(i), caused by a breach of a State Project Document by the State or a State Associate; or
(iii) to the extent not covered by clause 44.12(b)(i) or clause 44.12(b)(ii), death, personal injury or loss of or damage to property (including the Project Assets), to the extent that the Liability of Project Co or any Project Co Associate is a consequence of a fraudulent, reckless, unlawful or malicious act or omission of the State or any State Associate.