Common use of Ownership of Existing Policies and Programs Clause in Contracts

Ownership of Existing Policies and Programs. Xxxxxx Xxxxxxx or any member of the Xxxxxx Xxxxxxx Group will continue to own all insurance policies, insurance contracts and claim administration contracts of any kind of any member of the Xxxxxx Xxxxxxx Group which were or are in effect at any time at or prior to the Distribution Time (other than insurance policies, insurance contracts and claim administration contracts established in contemplation of the Distribution to cover only the Discover Group after the Distribution Time), including general liability (whether primary, excess or umbrella), fiduciary liability, automobile, aircraft hull and liability, all risk property (including business interruption) and casualty, directors and officers liability, employer’s liability, workers’ compensation, comprehensive crime, errors and omissions and property/boiler and machinery insurance policies, together with all rights, benefits and privileges thereunder (collectively, the “Xxxxxx Xxxxxxx Policies”). Subject to the provisions of this Agreement, (a) the members of the Xxxxxx Xxxxxxx Group shall retain all of their respective rights, benefits and privileges, if any, under the Xxxxxx Xxxxxxx Policies and (b) subject to the Discover Group’s rights under Section 4.05, coverage of the Discover Group under the Xxxxxx Xxxxxxx Policies shall cease as of the Distribution Time. Nothing contained herein shall be construed to be an attempted assignment of or a change to any part of the ownership of the Xxxxxx Xxxxxxx Policies.