21.1.2  Insurance proceeds

(a)  Subject to paragraph (c), any insurance proceeds received in respect of such damage must be paid into a separate account and must be applied towards the cost of reinstatement or repair.

(b)  The account must be in the name of the private party with a financial institution approved by government.

(c)  In some circumstances, government may consider the possibility of allowing some or all of the insurance proceeds to be applied towards the repayment of the project debt where the insurance proceeds received exceed an agreed amount, the insurance proceeds are insufficient and it is not economically viable to repair the damage and the private party will not be able to repay the project debt on the terms agreed with the financiers.