Common use of Termination of Insurance Coverage Clause in Contracts

Termination of Insurance Coverage. At or after the Closing, Ferro and its Affiliates will have the right to terminate any and all insurance coverage affecting the Subsidiary with the effect that Akzo Nobel China will have no right of recovery with respect to any claim under policies or for refunds of premiums of insurance that previously covered the Subsidiary. Akzo Nobel China will, however, continue to be entitled to recoveries (net of deductibles and out-of-pocket claims handling costs) after the Closing under occurrence-based insurance policies to the extent the recovery relates to a claim made prior to Closing. Ferro will be responsible for the administration of claims for such recoveries.

Termination of Insurance Coverage. At or after the Closing, Ferro and its Affiliates will have the right to terminate any and all insurance coverage affecting the Subsidiary with the effect that Akzo Nobel China Korea will have no right of recovery with respect to any claim under policies or for refunds of premiums of insurance that previously covered the Subsidiary. Akzo Nobel China Korea will, however, continue to be entitled to recoveries (net of deductibles and out-of-pocket claims handling costs) after the Closing under occurrence-based insurance policies to the extent the recovery relates to a claim made prior to Closing. Ferro will be responsible for the administration of claims for such recoveries.