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Aon Hong Kong Limited

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					 Summary of Insurance (Revised on 12 Apr 2010)
 Type:                  CONTRACTOR’S ALL RISKS INSURANCE (OPEN COVER)

 Insured:               Swire Properties Ltd. &/or Swire Properties Management Ltd. &/or its Subsidiaries &/or
                        Associated Companies for their respective rights and interests as Owner, Employer, Project
                        Manager, Principal Contractor or Agent &/or All Contractors &/or Sub-Contractors &/or
                        Nominated Sub-contractors &/or their Sub-contractors of every tier engaged in connection with
                        carrying out the Insured Contracts

 Period:                1 April, 2010 – 31 March, 2011 (both dates inclusive)

                        Any project commenced and declared during the said period with maximum 18 months
                        plus 12 months Maintenance / Defects Liability Period or to be extended until entire completion
                        as required with additional premium charge

 Postal Address:        33/F. One Pacific Place, 88 Queensway, Hong Kong
                        (change to “64/F., One Island East, 18 Westlands Road, Island East, Hong Kong” wef 26 Apr,
                        2010)

 Coverage:              1) “All Risks” Insurance for Contract Works
                        The Insurers will indemnify the Insured in respect of physical loss or damage to any of the
                        Property Insured described in the Schedule arising from ANY CAUSE WHATSOEVER (except
                        as hereinafter provided) whilst at any Contract Site or elsewhere in Hong Kong or whilst in
                        transit by land within and between any such places and the Contract Site.

                        The liability of the Insurers under this Section of the Policy shall not exceed in respect of each
                        item of the Insured Property the sum insured set opposite thereto in the Schedule or endorsed
                        hereon except as follows:

                        In the event of physical loss or damage the insurance under this Section shall be maintained in
                        force during the Period of Insurance for the Insured Contract the Insured undertaking to pay an
                        additional premium at the agreed rate on the amount of the loss or damage pro-rata from the
                        date of such loss or damage to the expiration of 28 days after the issue of Certificate of
                        Completion for the Contract

                        2) Liability to Third Party
                        In the event of accidental or unforeseen
                        -    Death bodily injury to or illness of any person
                        -    loss of or damage to property
                        happening in the course of and arising out of the Insured Contract the Insurers will indemnify
                        the Insured in respect of all sums which the Insured shall become legally liable to pay in respect
                        of such death injury illness loss or damage

 Insured Contracts:     1.    Building – related contracts (except contracts issued to lift and escalator contractors)
                              including all types of maintenance, repair, defect rectification works, cleaning services,
                              pest control, plumbing etc. even working in lift shaft in connection with building
                              management.
                        2.    Non-building related contracts including temporary construction, installations, demolitions
                              / construction of mock up or festive decorations, etc.
                        3.    Outdoor contract works for maintenance and repair of outdoor facilities / amenities under
                              the management of the Insured (e.g. High pressure water jet-cleaning along private road,
                              street lighting, clubhouse facilities and amenities, rock anchor monitoring works, works on
                              private road, underground cabling and piping works, etc.)

 Contract Site:         Anywhere in Hong Kong

 Territorial Limit:     Anywhere in Hong Kong

 Jurisdiction:          Hong Kong

 Insured Property:      The Contract Works comprising the permanent and temporary works forming part of the Project
                        including materials incorporated or to be incorporated therein, the property of the Insured, or for


Aon Hong Kong Limited                                       1                             香港保險顧問聯會會員
怡安保險顧問有限公司                                                                                A MEMBER OF THE HONG KONG
                                                                                          CONFEDERATION OF INSURANCE BROKERS
                        which they are responsible


 Limit of Indemnity:    1) “All Risks” Insurance for Contract Works
                        Maximum HKD25,000,000 any one Project otherwise subject to prior notice and consent by the
                        Insurer before the commencement of works

                        2) Liability to Third Party
                        HKD25,000,000 any one accident and unlimited in the aggregate but not exceeding
                        HKD200,000,000 in the aggregate during the Period Insurance in respect of liability arising
                        from:
                             Vibration, Weakening or Removal of Support and Collapse, Subsidence & Vibration
                             Employer’s Property

 Extensions:            Applicable to Section 1
                        1.    Plan & Documents Clause (HKD100,000 any one loss)
                        2.    Extra Charges Clause (Limit – 15% of adjusted loss)
                        3.    Professional Fees Clause
                        4.    Debris Removal Clause
                        5.    Escalation Clause (20% of Contract Value)
                        6.    Safety Precautions
                        7.    72 Hours Clause
                        8.    Strike, Riot and Civil Commotion
                        9.    Preventive Measure Clause (HKD500,000 max. / 10% of adjusted loss)
                        10. Non-Invalidation Clause
                        11. Cost of Compiling Records and Claims Preparation (HKD500,000 max. / 15% of adjusted
                              loss)
                        12. Temporary Repairs Clause (HKD500,000 max. / 10% of adjusted loss)
                        13. Special Conditions for Marine Work
                        14. Fire Extinguishing & Other Costs Clause
                        15. Payment on Account Clause
                        16. Public Authorities Clause (upto HKD5,000,000)
                        17. Reinstatement of Sum Insured Clause
                        18. Uunexploded Bombs Clause
                        19. Dismantling Costs

                        Applicable to Section 2
                        20. Indemnity to Other Persons Clause
                        21. Vibration, Removal and Weakening of Support (HKD25,000,000 any one accident and
                              HKD200,000,000 in aggregated during the policy period of this open cover)
                        22. Employer’s Property (HKD25,000,000 any one accident and HKD200,000,000 in
                              aggregated during the policy period of this open cover)
                        23. Underground Services
                        24. Cross Liability
                        25. Extended to cover “Personal Injury” instead of “Bodily Injury”. “Personal Injury” means
                              bodily injury, death, sickness, disease, disability, shock, fright and mental anguish.
                        26. Visitor Clause

                        Applicable to Section 1 & 2
                        27. Run Off Clause
                        28. Omission to Extend Clause
                        29. Premium Adjustment Clause
                        30. 60 Days Notice of Cancellation by Insurer
                        31. Bankruptcy, Insolvency or Termination Clause
                        32. Errors and Omissions and Misdescription Clause
                        33. Cancellation Clause relating to Credit Rating Downgrade

                        Exclusions
                        34. Absolute Pollution & Contamination Exclusion
                        35. Total Asbestos Exclusion
                        36. Professional Liability Exclusion
                        37. War and Terrorism Exclusion
                        38. Electronic Data Endorsement A
                        39. Products / Completed Operations Exclusion

Aon Hong Kong Limited                                     2                             香港保險顧問聯會會員
怡安保險顧問有限公司                                                                              A MEMBER OF THE HONG KONG
                                                                                        CONFEDERATION OF INSURANCE BROKERS
                        40.   Terrorism Exclusion Clause for Contamination and Explosives
                        41.   Lead Exclusion
                        42.   IT Clarification Clause

                        Others as per master policy specimen wordings

 Excess:                Applicable to Section 1
                        For contracts with contract value HKD5,000,000 or below
                        1.    Flood, inundation, storm, tempest, typhoon, subsidence, landslide, rockslide or earthquake -
                              HKD15,000
                        2.    Theft / burglary – HKD15,000
                        3.    Fault defect or error in design plan or specification – HKD15,000
                        4.    Scaffolding, shuttering, formwork, timbering screens and hoardings – HKD25,000 min. /
                              25% of loss
                        5.    Water Damage – HKD25,000 min. / 10% of loss
                        6.    Others Losses - HKD10,000

                        For contracts with contract value over HKD5,000,000 and upto HKD15,000,000
                        1.   Flood, inundation, storm, tempest, typhoon, subsidence, landslide, rockslide or earthquake -
                             HKD35,000
                        2.   Theft / burglary – HKD35,000
                        3.   Fault defect or error in design plan or specification – HKD35,000
                        4.   Scaffolding, shuttering, formwork, timbering screens and hoardings – HKD50,000 min. /
                             50% of loss but not exceeding HKD5,000,000
                        5.   Water Damage – HKD50,000 min. / 20% of loss but not exceeding HKD1,000,000
                        6.   Others Losses - HKD20,000

                        For contracts with contract value over HKD15,000,000 and upto HKD25,000,000
                        1.   Flood, inundation, storm, tempest, typhoon, subsidence, landslide, rockslide or earthquake -
                             HKD50,000
                        2.   Theft / burglary – HKD50,000
                        3.   Fault defect or error in design plan or specification – HKD50,000
                        4.   Scaffolding, shuttering, formwork, timbering screens and hoardings – HKD50,000 min. /
                             50% of loss but not exceeding HKD5,000,000
                        5.   Water Damage – HKD75,000 min. / 20% of loss but not exceeding HKD1,000,000
                        6.   Others Losses – HKD30,000

                        Applicable to Section 2
                        1.    Third Party Bodily Injury - HKD40,000
                        2.    Vibration or weakening or removal of support – HKD100,000 min. / 10% of loss but not
                              exceeding HKD1,000,000
                        3.    Underground services – HKD75,000 min. / 20% of loss but not exceeding HKD1,000,000
                        4.    Employer’s Property – HKD50,000 min. / 20% of loss but not exceeding HKD1,000,000
                        5.    Gondola Operation – HKD35,000
                        6.    Employer’s Property caused by Gondola Operation – HKD70,000 min. / 20% of loss but not
                              exceeding HKD1,000,000
                        7.    Oil filled or optic fibre cables – HKD100,000 min. / 40% of loss but not exceeding
                              HKD5,000,000
                        8.    Other Third Party Property Damages – HKD30,000

 Insurer:               Allianz Insurance (Hong Kong) Ltd.

 Date of Issue:         12 April 2010




Aon Hong Kong Limited                                      3                             香港保險顧問聯會會員
怡安保險顧問有限公司                                                                               A MEMBER OF THE HONG KONG
                                                                                         CONFEDERATION OF INSURANCE BROKERS