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46 <br />10 <br />2 <br />of <br />2021 Liberty Mutual Insurance <br />AC 85 43 08 21 Page 5 of 7IncludescopyrightedmaterialofInsuranceServicesOffice,Inc.,with its permission. <br />15.LOAN /LEASE GAP COVERAGE (Not Applicable In New York) <br />A.Paragraph C.Limit Of Insurance of SECTION III -PHYSICAL DAMAGE COVERAGE is amended by <br />adding the following: <br />The most we will pay for a "total loss"to a covered "auto"owned by or leased to you in any one <br />"accident"is the greater of the: <br />1.Balance due under the terms of the loan or lease to which the damaged covered "auto"is <br />subject at the time of the "loss"less the amount of: <br />a.Overdue payments and financial penalties associated with those payments as of the date <br />of the "loss"; <br />b.Financial penalties imposed under a lease due to high mileage,excessive use or abnormal <br />wear and tear; <br />c.Costs for extended warranties,Credit Life Insurance,Health,Accident or Disability Insur- <br />ance purchased with the loan or lease; <br />d.Transfer or rollover balances from previous loans or leases; <br />e.Final payment due under a "Balloon Loan"; <br />f.The dollar amount of any unrepaired damage which occurred prior to the "total loss"of a <br />covered "auto"; <br />g.Security deposits not refunded by a lessor; <br />h.All refunds payable or paid to you as a result of the early termination of a lease agreement <br />or as a result of the early termination of any warranty or extended service agreement on a <br />covered "auto"; <br />i.Any amount representing taxes; <br />j.Loan or lease termination fees;or <br />2.The actual cash value of the damage or stolen property as of the time of the "loss". <br />An adjustment for depreciation and physical condition will be made in determining the actual <br />cash value at the time of the "loss".This adjustment is not applicable in Texas. <br />B.Additional Conditions <br />This coverage applies only to the original loan for which the covered "auto"that incurred the <br />"loss"serves as collateral,or lease written on the covered "auto"that incurred the "loss". <br />C.SECTION V -DEFINITIONS is changed by adding the following: <br />As used in this endorsement provision,the following definitions apply: <br />"Total loss"means a "loss"in which the cost of repairs plus the salvage value exceeds the actual <br />cash value. <br />A "balloon loan"is one with periodic payments that are insufficient to repay the balance over the <br />term of the loan,thereby requiring a large final payment. <br />16.GLASS REPAIR -WAIVER OF DEDUCTIBLE <br />Paragraph D.Deductible of SECTION III -PHYSICAL DAMAGE COVERAGE is amended by the addition <br />of the following: <br />No deductible applies to glass damage if the glass is repaired rather than replaced. <br />17.PARKED AUTO COLLISION COVERAGE (WAIVER OF DEDUCTIBLE) <br />Paragraph D.Deductible of SECTION III -PHYSICAL DAMAGE COVERAGE is amended by the addition <br />of the following: <br />The deductible does not apply to "loss"caused by collision to such covered "auto"of the private <br />passenger type or light weight truck with a gross vehicle weight of 10,000 lbs.or less as defined by the <br />manufacturer as maximum loaded weight the "auto"is designed to carry while it is: <br />a.In the charge of an "insured"; <br />b.Legally parked;and <br />c.Unoccupied. <br />Docusign Envelope ID: 15F8BE68-D125-405B-9ADC-3D65624EB783