44.15  Benchmarking of Insurance Component of Service Payment

(a)  (Quotations): Three months prior to each Insurance Review Date, Project Co must obtain separate quotations from three Reputable Insurers for annual total premium costs (including separate identification of the fee component payable to the insurance broker) of obtaining the Industrial Special Risks Insurance and [general liability insurance] required by the Insurance Schedule for the remainder of the Operational Phase (Benchmarked Insurances). [Note: Name of relevant general liability insurance to be inserted on a Project Specific basis.]

(b)  (Selection of quotation): The State must select one quotation for each Benchmarked Insurance from the quotations obtained by Project Co in accordance with clause 44.15(a), which quotation will form the basis of the benchmarking of the Insurance Component for the upcoming Insurance Review Date (Future Insurance Component).

(c)  (Adjustment): On each Insurance Review Date, if the Future Insurance Component of the Benchmarked Insurances is greater or less than the Insurance Component (CPI Indexed) of the Service Payment current at that time (Existing Insurance Component), the Existing Insurance Component will be adjusted accordingly, save that in undertaking any such adjustment, any increase or decrease in the cost of obtaining the Benchmarked Insurance which is directly attributable to Project Co's or any of Project Co Associates' performance of the Services will be disregarded.