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Legislative Assembly for the ACT: 2000 Week 5 Hansard (10 May) . . Page.. 1342 ..

MR STANHOPE (continuing):

entered into a contract with that organisation. A significant provision of the contract is that the entrepreneur, our partner, will accept responsibility for taking out insurance to cover the significant risk.

Ms Carnell: So it is up to him to do so.

MR STANHOPE: Absolutely. It is up to our partner in this operation, under the terms of the contract, to take out an insurance policy.

Ms Carnell: So it is between him and the insurance company.

Mr Berry: No it is not.

MR STANHOPE: It is not. Under the terms of the contract it is not. Under the terms of the contract our partner is required to give us, his partner, copies of the insurance policies. There is absolutely no reason, BOPL having requested and received copies of the insurance policies, why BOPL should not have them in its possession and why they should not be tabled in this place.

Ms Carnell: Why is it in the public interest to release it?

MR STANHOPE: There are a range of reasons why it is in the public interest. For a start, there are probably an awful lot of people who would like actually to know which insurance company it is.

Ms Carnell: Why?

MR STANHOPE: A very significant and interesting form of insurance has been provided here. It is along the lines of rain insurance. It is an insurance policy designed to cover both BOPL and the International Touring Co from all losses that might result as a result of this venture. We paid $109,000 up front and we had a whole range of other requirements imposed on us as a result of the contract we entered into for the rock concert. A significant amount of ratepayers' funds were advanced for this enterprise.

Of course, it is only right and proper that we should insure against loss, and this is a good policy that we required ITC to take out. We required them not only to cover us against the loss of the monies which we advanced and the loss of all our other expenses, but also we asked them to take out an insurance policy that covered us for loss of profits. A very wise proposal. I would just like to see what insurance company it is that is providing this sort of coverage, and the terms of the particular clause that did cover the loss of all of our expenses and loss of profit.

I would have to say as an aside that there is probably a whole range of organisations around town that would like to know who this company is so that they can perhaps approach this company in relation to activities which they are organising in pursuance of their operations. Insuring against anticipated loss of profit is a particularly attractive and sensible form of insurance. I would have no doubt that there is a range of organisations around this town that would love to know which company it is that is offering this particular sort of insurance, particularly in relation to undertakings such as rock concerts.

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