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4. Loss Payment — Physical Damage <br />Coverages <br />At our option, we may: <br />a. Pay for, repair or replace damaged or <br />stolen property; <br />b. Return the stolen property, at our expense. <br />We will pay for any damage that results to <br />the "auto" from the theft; or <br />c. Take all or any part of the damaged or <br />stolen property at an agreed or appraised <br />value. <br />If we pay for the "loss", our payment will <br />include the applicable sales tax for the <br />damaged or stolen property. <br />5. Transfer Of Rights Of Recovery Against <br />Others To Us <br />If any person or organization to or for whom we <br />make payment under this Coverage Form has <br />rights to recover damages from another, those <br />rights are transferred to us. That person or <br />organization must do everything necessary to <br />secure our rights and must do nothing after <br />"accident" or "loss" to impair them. <br />B. General Conditions <br />1. Bankruptcy <br />Bankruptcy or insolvency of the "insured" or the <br />"insured's" estate will not relieve us of any <br />obligations under this Coverage Form. <br />2. Concealment, Misrepresentation Or Fraud <br />This Coverage Form is void in any case of <br />fraud by you at any time as it relates to this <br />Coverage Form. It is also void if you or any <br />other "insured", at any time, intentionally <br />conceals or misrepresents a material fact <br />concerning: <br />a. This Coverage Form; <br />b. The covered "auto", <br />c. Your interest in the covered "auto"; or <br />d. A claim under this Coverage Form. <br />3. Liberalization <br />If we revise this Coverage Form to provide <br />more coverage without additional premium <br />charge, your policy will automatically provide <br />the additional coverage as of the day the <br />revision is effective in your state. <br />4. No Benefit To Bailee — Physical Damage <br />Coverages <br />We will not recognize any assignment or grant <br />any coverage for the benefit of any person or <br />organization holding, storing or transporting <br />property for a fee regardless of any other <br />provision of this Coverage Form. <br />5. Otherinsurance <br />a. For any covered "auto" you own, this <br />Coverage Form provides primary <br />insurance. For any covered "auto" you don't <br />own, the insurance provided by this <br />Coverage Form is excess over any other <br />collectible insurance. However, while a <br />covered "auto" which is a "trailer" is <br />connected to another vehicle, the Covered <br />Autos Liability Coverage this Coverage <br />Form provides for the "trailer" is: <br />(1) Excess while it is connected to a motor <br />vehicle you do not own; or <br />(2) Primary while it is connected to a <br />covered "auto" you own. <br />b. For Hired Auto Physical Damage Coverage, <br />any covered "auto" you lease, hire, rent or <br />borrow is deemed to be a covered "auto" <br />you own. However, any "auto" that is <br />leased, hired, rented or borrowed with a <br />driver is not a covered "auto". <br />c. Regardless of the provisions of Paragraph <br />a. above, this Coverage Form's Covered <br />Autos Liability Coverage is primary for any <br />liability assumed under an "insured <br />contract". <br />d. When this Coverage Form and any other <br />Coverage Form or policy covers on the <br />same basis, either excess or primary, we <br />will pay only our share. Our share is the <br />proportion that the Limit of Insurance of our <br />Coverage Form bears to the total of the <br />limits of all the Coverage Forms and <br />policies covering on the same basis. <br />6. Premium Audit <br />a. <br />El <br />The estimated premium for this Coverage <br />Form is based on the exposures you told us <br />you would have when this policy began. We <br />will compute the final premium due when <br />we determine your actual exposures. The <br />estimated total premium will be credited <br />against the final premium due and the first <br />Named Insured will be billed for the <br />balance, if any. The due date for the final <br />premium or retrospective premium is the <br />date shown as the due date on the bill. If <br />the estimated total premium exceeds the <br />final premium due, the first Named Insured <br />will get a refund. <br />If this policy is issued for more than one <br />year, the premium for this Coverage Form <br />will be computed annually based on our <br />rates or premiums in affwrt at the haninninn <br />of each year of the <br />r9 °ZI <br />Rlek MvagaTwdD[vM%Wn <br />RimEwm&APPR( Elhr <br />Risk Management Speu%ist <br />CA 00 01 10 13 © Insurance Services Office, Inc., 2011 Page 9 of 12 <br />