XN000022-1992-04-24 — Page 9

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FRIDAY, APRIL 24, 1992

"ON BEHALF OF THE GOVERNMENT AND THE PEOPLE OF HONG WOULD LIKE TO THANK ALL OF YOU,

17

HE SAID.

KONG, I

"I FEEL SURE THAT WE CAN CONTINUE TO RELY ON YOU IN THE AS THERE WILL BE AN IMPORTANT ROLE FOR YOU TO PLAY AND IN

AHEAD CONTEXT.

P

YEARS

QUALITIES

THIS

SIR DAVID SAID IT WAS PLEASING TO SEE THAT THE DEDICATION, ENTHUSIASM AND LOYALTY WERE STILL SO STRONG IN THE CAS.

OF

INSURANCE AGREEMENT FOR AIRPORT PROJECTS SIGNED

* * *

GILMAN SWIRE WILLIS GOVERNMENT-FUNDED PROJECTS

THE NEW AIRPORT PROJECTS CO-ORDINATION OFFICE (NAPCO) TODAY (FRIDAY) SIGNED AN $18.5 MILLION AGREEMENT WITH LTD TO ARRANGE INSURANCE COVERAGE FOR SIX IN THE AIRPORT CORE PROGRAMME (ACP).

FOR THE ACP, AS THE GOVERNMENT'S CONSULTANT INSURANCE BROKER THE COMPANY WILL BE RESPONSIBLE FOR

THE GOVERNMENT'S ESTABLISHING PROGRAMME (OCIP) COVERING SIX OF OWNER CONTROLLED GOVERNMENT-FUNDED PROJECTS.

INSURANCE

THE

TUNG CHUNG

THESE SIX PROJECTS ARE: THE LANTAU FIXED CROSSING, DEVELOPMENT PHASE I, NORTH LANTAU EXPRESSWAY, ROUTE THREE (ACP PART),

WHICH HAVE WEST KOWLOON RECLAMATION (PARTS

NOT BEEN CONTRACTUALLY COMMITTED), AND THE WEST KOWLOON EXPRESSWAY,

THE

FOR THE

INSURANCE MARKET THE AGREEMENT REQUIRES APPROACHING THE WORLD TO OBTAIN

MOST FAVOURABLE

AND TERMS, PLACING THE INSURANCE DURATION OF ADMINISTERING THE OCIP

THE CONSTRUCTION AND

STATED MAINTENANCE PERIOD.

THE AGREEMENT WAS SIGNED BY THE PROJECT MANAGER OF NAPCO, MR S. S. LEE, AND THE CHAIRMAN OF GILMAN SWIRE WILLIS LTD, MR ANDREW YOUNG.

OF LARGE IN PHYSICAL

A SPOKESMAN FOR NAPCO SAID THE ACP INVOLVES A SERIES CONTRACTS, MOST OF WHICH ARE INTERLINKED WITH EACH OTHER AND SCHEDULING TERMS.

OWN

THE GOVERNMENT'S USUAL PRACTICE CONCERNING INSURANCE OF CONSTRUCTION CONTRACTS IS TO REQUIRE CONTRACTORS TO ARRANGE THEIR LIMITED INSURANCE.

AND PROFITS, ARK

THE PREMIUM, PLUS THE CONTRACTOR'S ON-COSTS THEN PASSED BACK TO THE GOVERNMENT IN THE CONTRACT PRICE.

HAS

OF

RELYING

ACP, THE GOVERNMENT BUT IN THE CASE OF THESE PROJECTS IN THE

THAT INSTEAD DECIDED

ON THE CONVENTIONAL CONTRACTOR-BORNE INSURANCE

CONTRACT-BY-CONTRACT BASIS, TOTAL PROJECT INSURANCE COULD BE BETTER EFFECTED UNDER AN OCIP.

ON A

/THIS IS