TOWNSEND PUBLIC AFFAIRS (3) - Laserfiche WebLink

Home Browse Search

COMMERCIAL AUTO AC 70 06 03 16 a.Be based on an estimate which includes titled and which you purchased less than parts furnished by the original equip- 365 days before the date of the “loss”. mentmanufacturer or other sources in- cluding non-original equipment manu- T. PHYSICAL DAMAGE COVERAGE facturers and EXTENSIONS b.If a repair or replacement results in bet- UnderSECTION III – PHYSICAL DAMAGE ter than like kind or quality, we will not COVERAGE, A. Coverage, 4. Coverage Exten- pay for the amount of the net improve- sions, b. Loss of Use Expenses is replaced by ment. the following: 5.If we offer to pay the actual cash value of b.Loss of Use Expenses the damaged or stolen property, we will For Hired Auto Physical Damage, we will value auto advertising wraps, paint customi- pay expenses for which an “insured” zation, and similar business related advertis- becomes legally responsible to pay for loss ing modifications, in addition to the actual of use of a vehicle rented or hired without a cash value of the property. Auto advertising driver, under a written rental contract or wraps, paint customization, and similar agreement. We will pay for loss of use business related advertising modifications expenses if caused by: will be valued at the cost to replace them with an adjustment made for depreciation (1)Other than collision if the Decla- and physical condition. rations indicate that Comprehen- sive Coverage is provided for any S. NEW VEHICLE REPLACEMENT COST covered “auto”; The following is added to the Limit of Insurance (2)Specified Causes of Loss only if provision ofSECTION III – PHYSICAL the Declarations indicate that DAMAGE COVERAGE: Specified Causes of Loss Cover- 5.The provisions of paragraphs 1.and 3. do age is provided for any covered not apply to a covered “auto“ of the private “auto”; or passenger type or a vehicle with a gross ve- (3)Collision only if the Declarations hicle weightratingof 20,000 pounds or less indicate that Collision Coverage which is a “new vehicle.” is provided for any covered In the event of a total “loss” to your “new ve- “auto.” hicle” to which this coverage applies, we will However, the most we will pay for any pay at your option: expenses for loss of use is $50 per day, to a a.The verifiable “new vehicle” purchase maximum of $1,500. The insurance provided price you paid for your damaged vehi- by this provision is excess over any other cle, not including any insurance or war- collectible insurance. ranties purchased; U. BUSINESS INCOME AND EXTRA EXPENSE b.If it is available, the purchase price, as COVERAGE negotiated by us, of a “new vehicle” of 1.Business Income Coverage the same make, model, and equipment or the most similar model available, not We will pay the actual loss of business in- including any furnishings, parts, or come sustained by you as a result of the equipment not installed by the manufac- necessary suspension of your business dur- turer or manufacturers’ dealership; or . ing the period of restoration due to “loss” to a covered “auto” used in your business. The c.The market value of your damaged ve- loss must be caused by a cause of loss cov- hicle, not including any furnishings, ered under item A1 of Physical Damage parts, or equipment not installed by the Coverage in this Coverage Part. manufacturer or manufacturer’s dealer- ship. 2.Extra Expense Coverage We will not pay for initiation or set up costs We will pay the necessary and reasonable associated with loans or leases extra expenses that you incur during the pe- riod of restoration that you would not have As used in this endorsement, a “new vehi- incurred had there been no “loss” to a cov- cle” means an “auto” of which you are the ered “auto” used in your business. The loss original owner that has not been previously AC 70 06 03 16Includes copyrighted material of Insurance Services Office, Inc. Page 5 of 7 with its permission