Laserfiche WebLink
MSIG 120 0113 <br />d. In the event of a covered total `loss" to a covered "auto" which is either owned by you or leased <br />by you for a period of 12 consecutive months or longer, we will pay any unpaid amount due on <br />your loan or lease for such covered "auto ", subject to the following additional provisions: <br />We will pay only the lesser of: <br />a) The sum of such unpaid amount, less <br />i. The amount paid under the Physical Damage Coverage Section of the policy or <br />coverage part; and <br />Any: <br />(a) Overdue loan /lease payments at the time of the "loss "; <br />(b) Financial penalties imposed under "auto" lease for excessive use, abnormal <br />wear and tear or high mileage; <br />(c) Security deposits not returned by the lessor; <br />(d) Costs for extended warranties, Credit Life insurance, Health, Accident or <br />Disability insurance purchased with the loan or lease; and <br />(e) Carry-over balances from previous loans or leases; or <br />b) $2,000. <br />2. This extension does not apply to any "auto" that is a land vehicle that would qualify under <br />the definition of "mobile equipment" under this coverage part or policy if it were not subject <br />to a compulsory or financial responsibility law or other motor vehicle insurance law where it <br />is licensed or principally garaged. <br />The insurance afforded for Limited Loan /Lease Gap Coverage in this extension endorsement <br />does not apply if separate Loan /Lease Gap Coverage is afforded for such covered "auto" in an <br />endorsement issued by us and made part of this coverage part or policy. <br />LOCKSMITH SERVICE <br />e. We will pay up to $100 for necessary locksmith services incurred when keys to a covered <br />"auto" have been lost, stolen or damaged. No deductible applies to this coverage. <br />BUSINESS PERSONAL PROPERTY <br />f. We will pay up to $500 for Business Personal Property that is damaged while in a scheduled <br />"auto ". Theft is covered if the property is located in or on the "auto" at the time and there are <br />visible signs of forced entry. <br />REPLACEMENT COST ON NEW VEHICLES <br />g. We will pay full replacement cost of a new "auto" that was purchased new if a total `loss" <br />occurs within 90 days of purchase. This extension does not apply to any "auto" that is a land <br />vehicle that would qualify under the definition of "mobile equipment" under this coverage part or <br />policy. <br />EXPENSE OF RETURNING STOLEN AUTO <br />h. Under Comprehensive coverage, we will pay for the expense of returning a stolen covered <br />"auto" to you. <br />7. HIRED AUTO PHYSICAL DAMAGE COVERAGE <br />If hired "autos" are covered "autos" for Liability Coverage in this policy or coverage part, then any <br />Physical Damage coverage which is provided in this policy or coverage part for any "auto" you <br />own will be extended to certain "autos" you lease, rent, hire, or borrow subject to the following <br />provisions: <br />A. This Hired Auto Physical Damage extension does not apply to: <br />Includes copyrighted material of ISO Properties, Inc., with its permission Page 4 of 8 <br />