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MRO » Topics » POST-SEPARATION INSURANCE

This excerpt taken from the MRO 10-K filed Feb 29, 2008.

POST-SEPARATION INSURANCE

Section 3.1 Purchase of Insurance Policies. Effective as of the Separation Effective Time, USX and SteelCo shall each purchase separate policies of insurance to cover the risks covered by the Joint Insurance Arrangements.

Section 3.2 Extended Reporting Insurance.

(a) At the option of USX or SteelCo, any such party may purchase extended reporting insurance for any or all of the Joint Insurance Arrangements to cover pre-Separation claims. In the event that both parties elect to purchase the same extended reporting insurance, the cost of such insurance associated to the pre-Separation periods will be split between USX and SteelCo on a 65%—35% basis, respectively.

(b) Policy limits under each of the extended reporting insurance associated with pre-Separation periods shall be applied on a first-come, first-served basis. Neither party shall be liable to the other in the event policy limits under any extended reporting insurance has been exhausted. With respect to the purchase of extended reporting insurance, USX and SteelCo shall not take any action that would prejudice the access of the other to such coverage.

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