|
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. BI....A14KET )AIALIIVEIZ,, OI,,, ,SII„IBROGA°I"I0N
<br />Paragr�:Ilph"i 5„ ...I...rslnsf r.%r Of Riilghts Of
<br />R!ecovea"'q( AgMnst Other.!:.a ...I..o 1111% SEdC..I..IOI'
<br />W - BUSINESS AUTO CON DI...1111 , 1.k.
<br />Loss Cond"wtlorus is i,.epl aced by tl,,ie
<br />f0111'::aai'ul,i rug;
<br />Includes copyrighted material of Insurance Services Office, Inc.
<br />Copyright, Insurance Services Office, Inc., 199
<br />461-0155 (9-97)
<br />6
<br />
|