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Gather Guarantee Insurance Declarations

Whereas: Gather Guarantee Insurance covers the actual loss for a dealer for all bona fide retail customer-based claims derived from collateral damage to covered items,

Whereas: Gather Uses Polaris Insurance of 8220 San Pedro Drive NE, Suite 515 Albuquerque, NM 87113 as their Plans Administrator, and;

Whereas: The following declarations page is made for qualifying claims

Therefore: a customer who falls under the terms of the Gather Guarantee Insurance with a reported constructive total loss to our administrator at LOSS@Gather.Technology will result in payment in accordance to these declarations.

CONDITIONS: 

  1. Concealment, Misrepresentation and fraud: This Agreement does not cover a qualifying loss if you, the Dealer, intentionally conceal or misrepresent any material fact relating to this Agreement.
  2. Should you have a collectible insurance on the Date of Loss, it is your responsibility to advise the Administrator within 7 days from the Date of Loss and have the Collateral available for inspection by the Administrator. The Administrator will calculate the Actual Cash Value of the Collateral immediately prior to the loss. 
  3. The loss period begins the moment the car is physically delivered to the customer with executed title work and continues for the lesser of eight (8) days or the beginning of the day the Finance/Lease contract is funded.
  4. This coverage applies only to a Qualifying Loss sustained while the Collateral is within the United States of America (USA.)
  5. This Agreement will provide coverage to the Collateral where the Amount Financed to Value Ratio (AFVR) exceeds the Maximum AFVR stated above however, the Debt Cancelation Agreement will not cover the amount exceeding the Maximum AFVR. Any amount exceeding the Maximum. 

EXCLUSIONS:

In addition to other provisions herein, this Agreement does not provide coverage for loss: 

  1. occurring prior to the effective date of this Agreement. 
  2. due to confiscation of the Collateral by a government body or public official. 
  3. caused by theft. 
  4. for Collateral not yet delivered to a customer 
  5. for Collateral lacking binding title transfer documentation executed by the customer
  6. for Collateral that has not received a “Green” indicator for in-force car insurance delivered by Gather to the dealer.
  7. resulting from the Collateral being operated, used, or maintained in any race, speed contest, or other contest. 
  8. For Collateral used in the commitment of any crime
  9. to the Collateral held as security under any wholesale, floor plan, field warehouse, or any type of financing made to a dealership or its employees. 
  10. to Collateral with a Gross Vehicle Weight Rating as known as “GVWR” exceeding 12,500 lbs. 
  11. to Collateral being used for Commercial Use. 
  12. Collateral used as an emergency vehicle, for livery or delivery, as a taxi, or for limousine or shuttle service where compensation is provided for those services (share-the expense carpools are not excluded under this policy). Commercial transactions are excluded where prohibited by law.  
  13. for any amounts deducted from the Primary Carrier settlement due to wear and tear, prior damage, unpaid insurance premiums, and towing and storage.
  14. attributable to other than the standard or optional equipment available from the manufacturer of the Collateral, including but not limited to: special carpeting, furniture, bars, audio, video, or data equipment, cooking and sleeping facilities, customized paint, or any equipment installed to overcome a physical handicap. Factory approved conversion packages and dealer installed options usually included in used car value guidebooks are not excluded. 
  15. resulting directly or indirectly from any dishonest, fraudulent, criminal, or illegal act or arising from an intentional act committed by you. 
  16. due to war, whether or not declared, invasion, civil war, insurrection, rebellion, or revolution. 

DEFINITIONS: 

  • Actual Cash Value (ACV) means the retail value of the Collateral on the Date of Loss, as listed in the J.D Power Official Used Car Guide if a used car or MSRP if a new car. If the retail value of the Collateral is not available in the J.D Power Official Used Car Guide, then an equivalent national or regional guide for the territory in which the Collateral is principally garaged will be used. 
  • Collateral is the vehicle described in this Agreement and described in the Financing Contract. 
  • Commercial Use means Collateral that is utilized for commercial/business purposes including but not limited to: 1) business name is displayed on the Collateral; 2) the Collateral is used in furtherance of business or commercial purposes; or 3) the purchase, license, registration, or primary insurance is in a business or commercial name or policy. No coverage is provided for a Commercial Use loss.  
  • Constructive Total Loss means a direct and accidental loss of or damage to the Collateral, which meets one of these criteria: 1.) the total cost to repair the Collateral is greater than or equal to the Actual Cash Value of the Collateral immediately prior to the loss; 2.) the Customer’s Primary Carrier declares the Collateral a total loss. In the case there is no primary insurance coverage, the Collateral must be available for the Administrator’s inspection to determine if the Collateral is a total loss.
  • Customer - The natural person(s) or business named in the Financing Contract purchasing from the Dealer.
  • Date of Loss means the date on which the Collateral is reported stolen or incurs physical damage that is severe enough to constitute a Constructive Total Loss
  • Financing Contract means the contract which represents the financing instrument for the purchase of the Collateral, which sets forth the terms, conditions, inception date, and expiration date of the financing instrument.
  • Financial Institution means the entity to which your Financing Contract is sold, assigned or transferred. 
  • MSRP means the Manufacturer’s Suggested Retail Price 
  • Net Payoff means the amount, as of the Date of Loss, represented by the portion of your unpaid balance according to the original payment schedule of the Financing Contract that is secured by the Collateral, subject to the following limitations: the amount does not include any unearned finance charges; Past Due Payments as described in the Financing Contract; late charges; refundable prepaid taxes and fees; or the recoverable portion of financed amounts for unearned insurance premiums or refundable charges (including, but not limited to credit life and vehicle service coverages/warranties) that are owed by you on the Date of Loss; and amounts that are added to the Financing Contract balance after the inception date of the Financing Contract. 
  • Primary Carrier means the insurance company selected by you prior to the Date of Loss that underwrites a policy of insurance providing physical damage coverage on the Collateral or the insurance company that provides liability coverage to any person who has caused the Collateral to incur a Constructive Total Loss. 
  • Qualifying Loss means the difference between the Net Payoff and the Primary Carrier settlement or in the event of no Primary Carrier, the Net Payoff and the Actual Cash Value. The Qualifying Loss will not exceed the Maximum Limit of Coverage as shown in the Program Limits section. If settlement by the Primary Carrier or the Actual Cash Value is greater than or equal to the Net Payoff, no Qualifying Loss will be afforded under this Debt Cancelation Agreement. In the event that there is no Primary Carrier coverage in effect on the Date of Loss, or if the Primary Carrier is declared insolvent, or if no proceeds are received from the Primary Carrier policy, the Agreement will only cover the difference between the Net Payoff and the Actual Cash Value of the Collateral on the Date of Loss. If there is no Primary Carrier, the Collateral must be available for inspection by the Administrator (inspection will be paid by the Administrator) to determine if the Collateral is a Constructive Total Loss.
  • Settlement Date - the date on which the Primary Carrier issues the settlement check for the Collateral.