XN000022-1992-04-24 — Page 10

FRIDAY, APRIL 24, 1992

THIS IS A SINGLE INSURANCE PROGRAMME COVERING ALL PARTIES AND ALL CONTRACTS JOINTLY.

THE OF

IT WOULD ENABLE THE GOVERNMENT TO RETAIN CONTROL OVER EXTENT AND COST OF THE INSURANCE PROTECTION AND HAS THE ADVANTAGE BETTER CONTROL AND CO-ORDINATION, TIMELY SETTLEMENT OF CLAIMS AND REINSTATEMENT OF DAMAGED WORKS AS WELL AS SUBSTANTIAL COST SAVINGS.

IT ALSO PROVIDES AN OPPORTUNITY TO SEEK INSURANCE COVERAGE IN AREAS THAT ARE NOT NORMALLY AVAILABLE UNDER THE CONTRACTOR-CONTROLLED POLICIES.

THE OCIP FOR THE SIX ACP PROJECTS COVER CONTRACTORS' RISKS INCLUDING PHYSICAL LOSS OR DAMAGE TO THE WORKS BY WEATHER, ACCIDENT OR THEFT TOGETHER WITH THIRD-PARTY INSURANCE.

FOLLOWING A MARKETING EXERCISE BOTH LOCALLY AND OVERSEAS, MAJOR PART OF THE INSURANCE PROGRAMME HAS BEEN PLACED.

THE TOTAL PREMIUMS FOR INSURANCE POLICIES ALREADY PLACED STAND AT ABOUT $240 MILLION.

IN TERMS OF VALUE, THE LARGEST PORTION HAS BEEN GERMANY (24 PER CENT), JAPAN (20 PER CENT), FRANCE (15 PER HONG KONG (13 PER CENT).

THE REST HAS BEEN PLACED IN CHINA (8 PER CENT), KINGDOM (2.5 PER CENT) AND OTHER COUNTRIES.

PLACED IN CENT) AND

THE UNITED

THE GOVERNMENT,

TYPES OF INDEMNITY

IN ADDITION TO CONTRACTOR-RELATED INSURANCES, TOGETHER WITH THE CONSULTANT BROKER, IS INVESTIGATING OTHER INSURANCE COVER INCLUDING DELAY INSURANCES AND PROFESSIONAL EXCESS..

AIRPORT WESTERN

THE PROVISIONAL AIRPORT AUTHORITY, THE PROPOSED RAILWAY OPERATOR (MASS TRANSIT RAILWAY CORPORATION), AND THE HARBOUR CROSSING FRANCHISEE WILL MAKE THEIR OWN INSURANCE ARRANGEMENTS FOR THEIR RESPECTIVE PROJECTS IN THE ACP.

ZHAO JIHUA TO VISIT HK

JIHUA,

OF

AT THE INVITATION OF THE HONG KONG GOVERNMENT, MR ZHAO DIRECTOR, HONG KONG AND MACAO AFFAIRS OFFICE, CHINESE MINISTRY FOREIGN AFFAIRS, WILL VISIT HONG KONG FROM APRIL 26 TO MAY 2.

MR ZHAO, ACCOMPANIED BY TWO OF HIS ASSISTANTS FROM THE MINISTRY OF FOREIGN AFFAIRS, WILL BE BRIEFED BY SENIOR GOVERNMENT OFFICIALS ON GOVERNMENT STRUCTURE, THE ECONOMIC AND MONETARY SYSTEMS AND INFRASTRUCTURAL DEVELOPMENTS.

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