Mr. Chairman, under the system that will be followed, the GNWT will self-insure or assume the risk on the first $10 million of property risk. This is cumulative in that it could be several incidents that would total up to that. After that, we would have insurance. By doing it this way, we realize a savings of $1.641 million. But in the cost of implementing the loss/prevention risk control program, we are estimating about $165,000, resulting in a $1.475 million savings to us.

Under the old program, our premiums would have been over $3.6 million compared to now being approximately $2 million. Thank you.