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a. Be based on an estimate which includes parts furnished by the original equip- ment manufacturer or other sources in- cluding non -original equipment manu- facturers and b. If a repair or replacement results in bet- ter than like kind or quality, we will not pay for the amount of the net improve- ment. 5. If we offer to pay the actual cash value of the damaged or stolen property, we will value auto advertising wraps, paint customi- zation, and similar business related advertis- ing modifications, in addition to the actual cash value of the property. Auto advertising wraps, paint customization, and similar business related advertising modifications will be valued at the cost to replace them with an adjustment made for depreciation and physical condition. S. NEW VEHICLE REPLACEMENT COST The following is added to the Limit of Insurance provision of SECTION III — PHYSICAL DAMAGE COVERAGE: 5. The provisions of paragraphs Land 3. do not apply to a covered "auto' of the private passenger type or a vehicle with a gross ve- hicle weight rating of 20,000 pounds or less which is a "new vehicle." In the event of a total 'loss' to your "new ve- hicle' to which this coverage applies, we will pay at your option: a. The verifiable "new vehicle" purchase price you paid for your damaged vehi- cle, not including any insurance or war- ranties purchased; b. If it is available, the purchase price, as negotiated by us, of a "new vehicle" of the same make, model, and equipment or the most similar model available, not including any furnishings, parts, or equipment not installed by the manufac- turer or manufacturers' dealership; or. c. The market value of your damaged ve- hicle, not including any furnishings, parts, or equipment not installed by the manufacturer or manufacturer's dealer- ship. We will not pay for initiation or set up costs associated with loans or leases As used in this endorsement, a "new vehi- cle" means an "auto" of which you are the original owner that has not been previously COMMERCIAL AUTO AC 70 06 03 16 titled and which you purchased less than 365 days before the date of the "loss". T. PHYSICAL DAMAGE COVERAGE EXTENSIONS Under SECTION III — PHYSICAL DAMAGE COVERAGE, A. Coverage, 4. Coverage Exten- sions, b. Loss of Use Expenses is replaced by the following: b. Loss of Use Expenses For Hired Auto Physical Damage, we will pay expenses for which an "insured" becomes legally responsible to pay for loss of use of a vehicle rented or hired without a driver, under a written rental contract or agreement. We will pay for loss of use expenses if caused by: (1) Other than collision if the Decla- rations indicate that Comprehen- sive Coverage is provided for any covered "auto"; (2) Specified Causes of Loss only if the Declarations indicate that Specified Causes of Loss Cover- age is provided for any covered "auto"; or (3) Collision only if the Declarations indicate that Collision Coverage is provided for any covered "auto." However, the most we will pay for any expenses for loss of use is $50 per day, to a maximum of $1,500. The insurance provided by this provision is excess over any other collectible insurance. U. BUSINESS INCOME AND EXTRA EXPENSE COVERAGE 1. Business Income Coverage We will pay the actual loss of business in- come sustained by you as a result of the necessary suspension of your business dur- ing the period of restoration due to 'loss" to a covered "auto" used in your business. The loss must be caused by a cause of loss cov- ered under item Al of Physical Damage Coverage in this Coverage Part. 2. Extra Expense Coverage We will pay the necessary and reasonable extra expenses that you incur during the pe- riod of restoration that you would not have incurred had there been no 'loss' to a cov- ered "auto" used in your business. The loss AC 70 06 0316 Includes copyrighted material of Insurance Services Office, Inc. with its permission Rime Mattagmient DMsion REVIEWED&APPROVED BY: '� Risk Management Analyst