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14. AUTO LOAN PHYSICAL DAMAGE <br />EXTENSION <br />The following is added to SECTION III - <br />PHYSICAL DAMAGE COVERAGE, C. Limit <br />Of Insurance provision: <br />When a "loss" results in a total loss to a <br />covered auto you own for which a Loss <br />Payee is designated in this policy, the <br />most we will pay for "loss" in any one <br />"accident" is the greater of: <br />1. The actual cash value of the <br />damaged or stolen property as of <br />the time of the "loss"; or <br />2. The outstanding balance of the <br />initial loan, less any amounts for <br />taxes, overdue payments, overdue <br />payment charges, penalties, <br />interest , any charges for early <br />termination of the loan, costs for <br />Credit Life Insurance, Health, <br />Accident or Disability Insurance <br />purchased with the loan, and <br />carry-over balances from previous <br />loans. <br />15. AUTO LEASE PHYSICAL DAMAGE <br />EXTENSION <br />The following is added to SECTION III - <br />PHYSICAL DAMAGE COVERAGE, C. Limit <br />Of Insurance provision: <br />If, because of damage, destruction or theft <br />of a covered "auto", which is a long-term <br />leased "auto", the lease agreement <br />between you and the lessor is terminated, <br />"we" will pay the difference between the <br />amount paid under paragraph C. LIMIT OF <br />INSURANCE 1. or 2. and the amount due <br />at the time of "loss" under the terms of <br />the lease agreement applicable to the <br />leased "auto" which you are required to <br />pay: less any fees to dispose of the auto; <br />any overdue payments; financial penalties <br />imposed under a lease for excessive use, <br />abnormal wear and tear or high mileage; <br />security deposits not refunded by the <br />lessor; cost for extended warranties, <br />Credit Life Insurance, Health, Accident or <br />Disability Insurance purchased with the <br />loan; and carry over balances from <br />previous leases. <br />This coverage applies only to the initial <br />lease for the covered "auto" which has not <br />previously been leased. This coverage is <br />excess over all other collectible <br />insurance. <br />SECTION IV - CONDITIONS <br />16. DUTIES IN THE EVENT OF ACCIDENT, <br />CLAIM, SUIT OR LOSS <br />The following is added to SECTION IV - <br />BUSINESS AUTO CONDITIONS, A. Loss <br />Conditions, 2. Duties In The Event Of <br />Accident, Claim, Suit Or Loss: <br />d. Knowledge of any "accident', <br />claim, "suit' or "loss" will be <br />deemed knowledge by you when <br />notice of such "accident', <br />claim, "suit' or "loss" has been <br />received by: <br />(1) You, if you are an individual; <br />(2) Any partner or insurance <br />manager if you are a <br />partnership; or <br />(3) An executive officer or <br />insurance manager if you are <br />a corporation. <br />17. BLANKET WAIVER OF SUBROGATION <br />Paragraph 5. Transfer Of Rights Of <br />Recovery Against Others To Us, SECTION <br />IV - BUSINESS AUTO CONDITIONS, A. <br />Loss Conditions is replaced by the <br />following: <br />Includes copyrighted material of Insurance Services Office, Inc. with its pE <br />Copyright, Insurance Services Office, Inc., 1996 <br />461-0155 (9-97) <br />�oRaN <br />} z <br />RiskMmWmerdDMaian <br />REVIEWED & APPROVED BY.- <br />p R. Vj&wd <br />Risk Management Analyst <br />