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coverage and/or limits of the policy.Notwithstanding the foregoing sentence,in no event shall the insurance <br /> provided exceed the scope of coverage and/or limits required by said contract or agreement. <br /> Lessor-Additional Insured and Loss Payee(CA 2001 10/01)- <br /> A.Coverage <br /> 1.Any"leased auto'on file with the carrier will be considered a covered"auto"you own and not a"covered"auto <br /> you hire or borrow.For a covered"auto"that is a"leased auto",Who Is An Insured is changed to include as an <br /> "insured"the lessor as per on file with the carrier. <br /> 2.The coverages provided under this endorsement apply to any"leased auto'on file with the carrier until the <br /> expiration date,or when the lessor or his or her agent takes possession of the"leased auto',whichever occurs first. <br /> B.Loss Payable Clause <br /> 1.We will pay,as interest may appear,you and the lessor on file with the carrier for"loss"to a"leased auto'. <br /> 2.The insurance covers the interest of the lessor unless the"loss"results from fraudulent acts or omissions on your <br /> part. <br /> 3.If we make any payment to the lessor,we will obtain his or her rights against any other party. <br /> C.Cancellation <br /> Should any of the above described policies be cancelled before the expiration date thereof,notice will be delivered in <br /> accordance with the policy provisions. <br /> D.The lessor is not liable for payment of your premiums. <br /> E.Additional Definition <br /> As used in this endorsement: <br /> "Leased auto"means an"auto"leased or rented to you,including any substitute,replacement or extra"auto'needed <br /> to meet seasonal or other needs,under a leasing or rental agreement that requires you to provide direct primary <br /> insurance for the lessor. <br /> The Memorandum of Insurance serves solely to list insurance policies,limits and dates of coverage.Any <br /> modifications hereto are not authorized. <br />