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BUSINESSOWNERS 2. The maximum deductible stated in the Schedule above for Garagekeepers Cover- age Comprehensive is the most that will be deducted for all "loss" in any one event caused by theft or mischief or vandalism. 3. Sometimes to settle a claim or "suit", we may pay all or any part of the deductible. If this happens you must reimburse us for the de- ductible or that portion of the deductible that we paid. 4. Any deductible will apply only to the amount of "loss" and will not reduce our limit of liabil- ity. 5. The Garagekeepers Coverage Limits are ad- ditional limits and do not reduce the per oc- currence or aggregate limits under the COM- MERCIAL GENERAL LIABILITY COVER- AGE PART. F. LOSS CONDITIONS 1. Appraisal For Garagekeepers Loss If you and we disagree on the amount of "loss", either may demand an appraisal of the "loss". In this event, each party will select a competent appraiser. The two appraisers will select a competent and impartial umpire. The appraisers will state separately the actual cash value and amount of "loss". If they fail to agree, they will submit their differences to the umpire. A decision agreed to by any two will be binding. Each party will: a. Pay its chosen appraiser; and b. Bear the other expenses of the appraisal and umpire equally. If we submit to an appraisal, we will still retain our right to deny the claim. 2. Loss Payment — Garagekeepers Coverage At our option we may: a. Pay for, repair or replace damaged or sto- len property; b. Return the stolen property, at our ex- pense. We will pay for any damage that results to the "customer's auto" from the theft; or c. Take all or any part of the damaged or stolen property at an agreed or appraised value. MP T3 03 11 03 Copyright, The Travelers Indemnity Company, 2003 Page 3 of 3 Includes copyrighted material of Insurance Services Office, Inc., with its permission.