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number of days it takes for the claim to <br />be settled, whichever comes first. <br />b. Our payment is limited to necessary and <br />actual expenses incurred. <br />c. This coverage does not apply while <br />there are spare or reserve "autos" <br />available to you for your operations. <br />on it, we will pay, in the event of a covered <br />total "loss", any unpaid amount due on the <br />lease or loan for a covered "auto", less: <br />a. The amount paid under the Physical <br />Damage Coverage Section of the <br />policy; and <br />b. Any: <br />d. If a "loss" results from the total theft of a <br />(1) <br />Overdue lease or loan <br />covered "auto" of the private passenger <br />payments including penalties, <br />type, we will pay under this coverage <br />interest or other charges <br />only that amount of your rental <br />resulting from overdue <br />reimbursement expenses which is not <br />payments at the time of the <br />already provided for under the Physical <br />"loss"; <br />Damage Coverage Extension. <br />(2) <br />Financial penalties imposed <br />under a lease for excessive use, <br />J. "Personal Effects" Exclusion <br />abnormal wear and tear or high <br />Paragraph B. Exclusions under SECTION <br />mileage; <br />III — PHYSICAL DAMAGE COVERAGE, is <br />(3) <br />Costs for extended warranties, <br />amended to add: <br />Credit Life Insurance, Health, <br />"Personal Effects" Exclusion <br />Accident or Disability Insurance <br />purchased with the loan or <br />We will not pay for "loss" to "personal <br />lease; <br />effects" of any of the following: <br />(4) <br />Security deposits not refunded <br />a. Accounts, bills, currency, deeds, <br />by the lessor; and <br />evidence of debt, money, notes, <br />securities or commercial paper or <br />(5) <br />Carry-over balances from <br />other documents of value. <br />previous loans or leases <br />b. Bullion, gold, silver, platinum, or other <br />precious alloys or metals; furs or fur <br />garments; jewelry; watches; precious <br />or semi-precious stones. <br />c. Paintings, statuary and other works of <br />art. <br />d. Contraband or property in the course <br />of illegal transportation or trade. <br />e. "Loss" caused by theft, unless there is <br />evidence of forced entry into the <br />covered "auto" and a police report is <br />filed. <br />K. Accidental Airbag Discharge Coverage <br />Item 3.a. of Paragraph B. Exclusions under <br />SECTION III — PHYSICAL DAMAGE <br />COVERAGE is amended to read: <br />a. Wear and tear, freezing, mechanical <br />or electrical breakdown. The <br />exclusion relating to mechanical <br />break -down does not apply to the <br />accidental discharge of an air bag. <br />L. Loan or Lease Gap Coverage <br />Paragraph C. Limit Of Insurance under <br />SECTION III — PHYSICAL DAMAGE <br />COVERAGE is amended to add: <br />If a covered "auto" is owned or leased and <br />if we provide Physical Damage Coverage <br />M. Aggregate Deductible <br />Paragraph D. Deductible under SECTION <br />III — PHYSICAL DAMAGE COVERAGE is <br />amended to add: <br />Regardless of the number of covered <br />"autos" involved in the same "loss", only <br />one deductible will apply to that "loss". If <br />the deductible amounts vary by "autos", <br />then only the highest applicable deductible <br />will apply to that "loss". <br />N. Diminishing Deductible <br />Paragraph D. Deductible under SECTION <br />III — PHYSICAL DAMAGE COVERAGE is <br />amended to add: <br />Any deductible will be reduced by the <br />percentage indicated below on the first <br />"loss" reported during the corresponding <br />policy period: <br />Loss Free Policy Periods <br />With the Expansion <br />Endorsement <br />Deductible <br />Reduction on the <br />first "loss" <br />1 <br />0% <br />2 <br />25% <br />3 <br />50% <br />4 <br />75% <br />5 <br />100% <br />Page 3 of 4 Includes Copyrighted Material of Insurance Services Offices, Inc. CA990187 07 15 <br />Used with permission <br />