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5. LOAN/LEASE GAP COVERAGE A. SECTION III — PHYSICAL DAMAGE COVERAGE is amended by adding the following: In the event of a "total loss" to a covered "auto" owned or leased by you we will pay your additional legal obligation for any difference between the actual cash value of the covered "auto" at the time of "loss" and the "outstanding balance" of the loan or lease. As used in this provision "outstanding balance" means the amount you owe under the terms of the loan or lease to which the damaged covered "auto" is subject at the time of the "loss' less the amount of the following: a. Overdue payments and financial penalties associated with those payments at the time of "loss"; b. Financial penalties imposed under a lease due to high mileage, excessive use or abnormal wear and tear; c. Security deposits not refunded by the lessor; d. Cost for Extended Warranties and additional protections such as but not limited to Credit Life, Health, Accident or Disability Insurance purchased with the lease or loan; e. Carryover, transfer or rollover balances from previous loans or leases; f. Any amount representing taxes; g. Loan or lease termination fees; h. The dollar amount of any unrepaired damage that that occurred prior to the "total loss" of a covered "auto"; i. All refunds payable or paid to you as a result of the early termination of a lease agreement or as a result of the early termination of any warranty or extended service agreement on a covered "auto"; and j. Final payment under a "balloon loan". As used in this provision a "balloon loan" is a loan with periodic payments that are insufficient to repay the balance over the term of the loan, thereby requiring a large final payment. B. For the purposes of this Loan/Lease Gap Coverage provision, SECTION V —DEFINITIONS is amended by adding the following Definitions: "Total loss" means a "loss' in which the cost of repairs plus the salvage value exceeds the actual cash value at the time of "loss". A "balloon loan" is a loan with periodic payments that are insufficient to repay the balance over the term of the loan, thereby requiring a large final payment. 6. EXTENDED CANCELLATION CONDITION A. COMMON POLICY CONDITIONS, paragraph A. — Cancellation condition applies except as follows: If we cancel for any reason other than nonpayment of premium, we will mail or deliver to the first Named Insured written notice of cancellation at least 60 days before the effective date of cancellation. This provision does not apply in those states which require more than 60 days' prior notice of cancellation. 7. VEHICLE WRAP COVERAGE A. SECTION III — PHYSICAL DAMAGE COVERAGE, paragraph A. Coverage, 4. Coverage Extensions, is amended by adding the following: In the event of a "total loss" to a covered "auto" for which Comprehensive, Specified Causes of Loss, or Collision coverages are provided under this Coverage Form, we will pay up to $1,000.00 for vinyl vehicle wraps which are displayed on the covered "auto" at the time of "total loss". Regardless of the number of autos deemed a "total loss", the most we will pay under this coverage extension for any one "loss" is $5,000.00. For the p ----- _�.:_ AM coverage extension, signs or other graphics painted or magnetically affix twkmim%anaaotwltlat not considered vehicle wraps. REMeAEv&Ammar. Risk Management Specialist SA 00039 00 (01/18) Includes material copyrighted by ISO Properties, Inc., with its permission Page 3 of 4 79242009 123-24 GL, Aufo• Um 1, Prof. Liab & WC 11rn Cortez 13/26/2024 1:04:Oo PM (POT) I Page 6 of 10