22.1.3  Insurance proceeds

(a)  Any insurance proceeds received in respect of such damage90 (including any amounts representing insurance proceeds paid by government where the relevant event was uninsurable) must be applied towards the cost of reinstatement or repair.

(b)  All insurance proceeds will be paid into a separate insurance account and may be withdrawn only for reinstatement purposes. In some jurisdictions, the account must be in the joint names of government, the private party and, as appropriate, the private party's financiers.

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90  This refers to proceeds paid under all risks/physical damage policies, and not to third party liability, employer's liability, business interruption or advance loss of profits insurance.