The Internet address of the Bermuda Insurance Network listed in yesterday's business section is www.binet.bm and not www.binet.com . Incorrect information was supplied.

A new Bermuda insurance site was launched on the World Wide Web last week.

BINet -- the Bermuda Insurance Network -- is a joint effort by Internet (Bermuda) Ltd. and the Internet Strategic Planning Group (ISP) and went online last Friday at www.binet.com .

BINet claims to be "an innovative electronic network'' offering subscribers the opportunity to promote their services while taking advantage of several exclusive links to global information providers.

BINet includes an interactive electronic forum designed to promote the exchange of ideas in the insurance and reinsurance industry. ISP partner William Storie says the site is "a natural extension'' of the service provided by BerBiz, his free electronic industry mailing list.

IBL general manager Peter Durhager commented: "BINet will also connect insurers and their brokers with each other. IBL (www.ibl.bm) will build and manage the technical infrastructure which will allow local insurers to interact both locally and globally with each other, their business partners, clients and potential clients over a common network.'' Storie claimed: "BINet represents a giant step forward for Bermuda's expanding insurance industry and its electronic promotion in the global marketplace. BINet is an integral part of the Bermuda Business Network (www.berbiz.com) and is electronically linked to the Global Risk Management Network, the leading insurance site on the Internet, plus other ISP networks.'' Claire Green, a senior researcher at Lloyd's of London visiting the Island last week, said: "BINet represents a welcome and necessary addition to the world wide electronic information exchange environment. The Lloyd's research facility has seen an exceptional increase in demand from the London market alone, for electronic information on the Bermuda insurance market and the impact of BINet will be significant.'' Both IBL and ISP claim the new site will complement rather than compete with Bermuda Inc., the "official'' industry Web site announced last week. Bermuda Inc., a collaborative effort between the Bermuda Stock Exchange, the Bermuda International Business Association, Government's Registrar of Companies and the Bermuda Insurance Market, is due to go online early next month.