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The Watson Insurance Group, LLC
1204-A East Washington Street
Greenville, SC 29601
864-235-6100
(fax) 864-271-1857
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Personal


Automobile

Personal Automobile Liability: Prior to March 1, 1999, insurance companies doing business in South Carolina were required to sell liability insurance. After March 1, 1999, the law changed and insurance companies were no longer required to sell you a policy. Change in the law made companies want to sell auto insurance in SC, and lower rates show the competition has been good.

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Boat

Marine Policy: Homeowners and dwelling policies provide some coverage, but they place limitations on both property and liability. The Standard Homeowners Policy provides a $1,000 limit to all watercraft including their trailers, furnishings, equipment, and out-board motors. Generally there is no coverage for theft off premises. Some policies may even provide extended coverage on hull up to $5,000. You need to compare your Homeowners boat coverage with a separate Marine Policy because of the low limits and exclusions under the Homeowners Policy. It is generally better to obtain a separate policy. Very often the separate policy provides better coverage and a better price. It can cover use on both inland waters, off-shore, and tidal waters of the United States.

We represent several companies that offer tailored package policies to take care of such insurance needs – for boaters with very little experience to experienced captains. We also can provide coverage for jet skies and boats with speed in excess of 60 MPH.

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Other Vehicle

Motorcycles, RVs and Similar Vehicles on a Personal Auto Policy: These can be added to the Personal Auto Policy. The policy defines “miscellaneous type vehicles” as a motor home, motorcycle, scooter, all terrain vehicle, dune buggy, or golf cart. (Note: A golf cart can also be endorsed onto a Homeowners Policy). The endorsement can be used for virtually any type of motor vehicle that meets auto eligibility requirements – non-fleet, not owned by a corporation or partnership, etc. An exception is a snowmobile for which there is a separate endorsement.

You might find better coverage and price on a separate motorcycle policy offered by one of our carriers. We will compare the coverage cost of an endorsement to your auto coverage with a separate motorcycle policy to see which best suit your needs.

Golf Cart Endorsement: A golf cart can also be endorsed on some Homeowners Policies to cover loss and for liability coverage when used on a golf course, on public roads within one mile of a residence's premises, in a planned community residential park, or similar limited access community. The endorsement provides up to $5,000 actual cash value for direct and accidental physical damage to the golf cart.

Snowmobile Endorsement: This may be an endorsement to a Personal Auto Policy. The snowmobile must be privately owned and may be insured for liability, medical payments, uninsured motorists, and physical damage. From a coverage standpoint, the Personal Auto Policy is preferable to the Homeowners endorsement because: 1. it provides uninsured motorists and physical damage coverage; 2. does not exclude a snowmobile that may be subject to Motor Vehicle Registration; 3. includes the named insured or any family member under medical payments coverage unlike the Homeowners endorsement.

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Homeowners

Personal Package: When written with your auto, Homeowners becomes a Personal Package, which makes both coverages cost less.

Homeowners HO 2 and 3: These may be issued: 1. to the owner-occupant(s) of a dwelling used exclusively for private residence; 2. to a purchaser-occupant who has a long term contract for purchase and won't receive the title until the contract has been satisfied; 3. to the occupant of a dwelling under a life estate arrangement; 4. to cover dwellings in the course of construction provided the policy is issued in the name of the intended owner-occupant; 5. when a two-family dwelling is occupied by co-owners, each occupying distinct living quarters with separate entrances. Note: A Homeowners Policy providing building coverage may be issued to only one of the co-owner occupants of the dwelling. The policy may be endorsed to cover the interest of the other co-owner(s) in the building and for premises liability. A separate HO-4 contents policy may be issued to the other occupant.

Homeowners HO-2 (Broad Form) Coverage Policy

COVERAGE Homeowners HO-2 (Broad Form)
Dwelling - Coverage A Stated Value
Perils Covered Direct Physical Loss
Valuation: Replacement Cost
Other Structures - Coverage B 10% of Coverage A
Contents - Coverage C 50% of Coverage A
Perils Covered Named Perils
Property Exclusions More Information
Valuation:  
Actual Cash Value Yes
Replacement Cost Can be Purchased

SPECIAL LIMITS

Jewelry $1,000
Silver $2,500
Furs $1,000
Money $200
Securities $1,000
Firearms $2,000
Watercraft $1,000
Trailers $1,000
Credit Cards $500
Property Off Premises 10% of Cov C or $1,000 whichever greater

BUSINESS PROPERTY

On Premises $2,500
Off Premises $250
Loss of Use - Coverage D 20% of Coverage A
Personal Liability - Coverage E $100,000
Medical Payments - Coverage F $1,000
Personal Injury Can Be Purchased - More Information
Perils Covered More Information
Exclusions More Information

Homeowners HO-3 (Standard) Coverage Policy

COVERAGE Homeowners HO-3 (Standard Form)
Dwelling - Coverage A Stated Value
Perils Covered Direct Physical Loss
Valuation Replacement Cost
Other Structures - Coverage B 10% of Coverage A
Contents - Coverage C 50% of Coverage A
Perils Covered Named Perils
Property Exclusions More Information
Valuation:  
Actual Cash Value Yes
Replacement Cost Can be Purchased

SPECIAL LIMITS

Jewelry $1,000
Silver $2,500
Furs $1,000
Money $200
Securities $1,000
Firearms $2,000
Watercraft $1,000
Trailers $1,000
Credit Cards $500
Property Off Premises 10% of Cov C or $1,000 whichever greater

BUSINESS PROPERTY

On Premises $2,500
Off Premises $250
Loss of Use - Coverage D 20% of Coverage A
Personal Liability - Coverage E $100,000
Medical Payments - Coverage E $100,000
Medical Payments - Coverage F $1,000
Personal Injury Can Be Purchased - More Information
Perils Covered More Information
Exclusions More Information

Renters Coverage Policy

COVERAGE (Renters Coverage)
Dwelling - Coverage A No Coverage
Perils Covered  
Valuation:  
Other Structures - Coverage B No Coverage
Contents - Coverage C Amount Purchased
Perils Covered Named Perils
Property Exclusions More Information
Valuation:  
Actual Cash Value Yes
Replacement Cost Can be Purchased

SPECIAL LIMITS

Jewelry $1,000
Silver $2,500
Furs $1,000
Money $200
Securities $1,000
Firearms $2,000
Watercraft $1,000
Trailers $1,000
Credit Cards $500
Property Off Premises 10% of Cov C or $1,000 whichever greater

BUSINESS PROPERTY

On Premises $2,500
Off Premises $250
Loss of Use - Coverage D 20% of Coverage A
Personal Liability - Coverage E $100,000
Medical Payments - Coverage E $100,000
Medical Payments - Coverage F $1,000
Personal Injury Can Be Purchased - More Information
Perils Covered More Information
Exclusions More Information

Condo Coverage Policy

COVERAGE Condo Coverage
Dwelling - Coverage A No Coverage
Perils Covered  
Valuation:  
Other Structures - Coverage B No Coverage
Contents - Coverage C Amount Purchased
Perils Covered Named Perils
Property Exclusions More Information
Valuation:/td>  
Actual Cash Value Yes
Replacement Cost Can be Purchased

SPECIAL LIMITS

Jewelry $1,000
Silver $2,500
Furs $1,000
Money $200
Securities $1,000
Firearms $2,000
Watercraft $1,000
Trailers $1,000
Credit Cards $500
Property Off Premises 10% of Cov C or $1,000 whichever greater

BUSINESS PROPERTY

On Premises $2,500
Off Premises $250
Loss of Use - Coverage D 20% of Coverage A
Personal Liability - Coverage E $100,000
Medical Payments - Coverage E $100,000
Medical Payments - Coverage F $1,000
Personal Injury Can Be Purchased - More Information
Perils Covered More Information
Exclusions More Information

Enhancements Coverage Policy

COVERAGE Homeowners HO-2 (Broad Form)
Dwelling - Coverage A  
Perils Covered  
Other Structures - Coverage B  
Contents - Coverage C Up to 70% of Cov A of Direct Physical Loss
Perils Covered  
Property Exclusions  
Valuation:/td>  
Actual Cash Value Yes

SPECIAL LIMITS

Jewelry $5,000
Silver $10,000
Furs $5,000
Money $1,000
Securities $5,000
Firearms $5,000
Watercraft $2,000
Trailers $3,000
Credit Cards $10,500
Property Off Premises $2,500 Name Peril

BUSINESS PROPERTY

On Premises $10,000
Off Premises $500
Loss of Use - Coverage D Unlimited
Personal Liability - Coverage E $200,000
Medical Payments - Coverage F $2,000
Personal Injury Included
Perils Covered  
Exclusions  

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Manufactured Home

Manufactured Home Policy: Insurance for manufactured/mobile homeowners has been written on a package basis (property and liability) since the introduction of the Mobile Home Policy Program in the late 1960s. Current rules provide for writing manufactured home insurance by adding endorsements (MH 04 01) to a Homeowners Form that tailors the standard homeowners coverage to exposures characteristic of manufactured homes. Many carriers offer standard and preferred programs where the benefits and cost vary.

Section 1 Property

Coverage A Mobile Home: This applies to the described manufactured home, attached structures, utility tanks, and permanently installed property such as appliances, cabinets, and floor coverings. It must be written for at least the minimum limits in the Homeowners Premium Table. Some carriers have a minimum $2,000 to $5,000 and maximum of $65,000 to $75,000. While other carriers write a policy that more closely resembles a Homeowners Policy.

Coverage B Other Structures: This is 10% of Coverage A just as in a Homeowners Policy.

Coverage C Personal Property: This is generally written as a limit equal to 30-50% of the Coverage A limit.

Coverage D Loss of Use: This may be written on a daily amount (example $20 per day) not to exceed a percentage of the Coverage A limit (10-20%).

Section II Liability

Coverage E Personal Liability: This is generally less than a Homeowners Policy. Depending on the program, you qualify for personal liability ranging from $25,000 to $100,000 as is standard in many Homeowners Policies. You can purchase more coverage.

Coverage F Medical Payments to Others: This generally ranges from $500-$1,000 per person.


Manufactured Home Policy Example

Coverage Limits Method of Payment

Section 1 Property

Manufactured Home Policy Example

Coverage A Dwelling As shown on declaration page Amount on declaration page for total loss

Replacement Cost available
Coverage B Other Structures As shown on declaration page Actual Cash Value

Replacement Cost Available
Coverage C Personal Property    
On Premises As shown on declaration page; additional amount available Actual Cash Value

Replacement Cost Available
Off Premises (world wide) As displayed. If located at another residence owned or rented by the insured there is a limit of 10% of Cov C or $1,000 whichever is greater Actual Cash Value

Replacement Cost available
Golf Cart Physical Damage up to Personal Property Limit. Liability up to liability limit. Actual Cash Value

Replacement Cost Available
Special Limits on Certain Property   Actual Cash Value

Replacement Cost available
Animals, Including Birds & Fish $250
Money, bank notes, coins, & medals $250
Personal property used for business while away from the premises $250
Personal property used for business while on premises $2,500
Securities, accounts, deeds, evidence of debt, letters of credit & bank notes, manuscripts, passports, personal records tickets & stamps $1,000
Watercraft, including their trailers $1,000
Trailers, other than watercraft $1,000
Special Limits only apply for theft including mysterious disappearance Actual Cash Value

Replacement Cost available
Jewelry, watches, furs, precious & semi-precious stones $1,000
Memorabilia, souvenirs, trading cards, collectors items & similar articles $1,000
Firearms $2,000
Tools $2,000
Silverware, goldware, and pewter ware $2,500

Coverage D
Additional Living Expense

Actual, reasonable, necessary up to 20% of Coverage A Dwelling Actual Amount

Section I Your Additional Coverages

1. Debris removal
a. Other than trees Actual, reasonable, & necessary included in the amount of insurance for the damaged property plus an additional 5% of that amount or $2,500 which ever is greater
b. Trees (must damage ins structure) Up to $500 for one loss
2. Emergency Repairs After Loss Actual, reasonable, & necessary
3. Trees, Shrubs, Plants & Lawns Actual, reasonable, & necessary
4. Fire Department Services Actual, reasonable, & necessary up to $500 per call
5. Emergency Removal Reasonable & Necessary
6a. Credit Card & money transfer other than someone authorized Actual, reasonable, & necessary up to $1,000
6b. Check Forgery Coverage Actual, reasonable, & necessary up to $1,000
6c. Counterfeit money (US & Canada only) Actual, reasonable, & necessary up to $1,000
7. Food Spoilage Actual, reasonable, & necessary up to $500 (subject to $50 deductible)

Section II Your Liability Coverages

Coverage E
Personal Liability

1. Pay up to limit of liability shown on the Declarations Page for damages the insured is legally liable Coverage indicated as displayed; Additional amount available Not applicable
2. Provide a defense at our expense by attorneys of our choice Coverage indicated as displayed; Additional amount available

Coverage F
Medical Payments Others
As displayed

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Dwelling Policy

Dwelling Policy: These policies continue to be in demand for dwelling insurance despite the preferred multi-line approach of homeowners insurance. Comparison of the eligibility rules for a Homeowners Policy and a Dwelling Policy is part of the explanation.

In many territories, homeowners insurance cannot be issued on anything other than a one or two-family dwelling, and all territories require that the dwelling be “owner-occupied.” Dwelling Forms, on the other hand, may be written on one to four-family dwellings as well as mobile or trailer homes (use DP 0001), whether they are owner-occupied or not. Also, Homeowners' rules generally require higher minimum limits of liability than those on the Dwelling Property Forms. In some cases, dwelling insurance may offer the only means of insuring a low-valued dwelling or mobile home. Our carriers can insure dwelling starting at $15,000 and up.

Dwelling Policies are also used to provide insurance on dwellings that don't meet eligibility requirements for homeowners insurance because of their physical condition. Incidental business occupancy may be added to a Dwelling Policy by endorsement (DP 04 20). Permissible incidental occupancies are small service operations such as barber shops, beauty shops, tailors, dressmakers, shoe shop repairs, offices, and private schools.

Dwelling Forms differ in coverage: DP 00 01 insures against perils of fire, lightning, and internal explosion with the option of adding “extended perils” coverage such as explosion, malicious mischief, vandalism, riot, civil commotion, smoke, aircraft, vehicle, windstorm, hailstorm, and volcanic eruptions.

Form DP 00 02 includes the perils from DP 00 01 plus extended coverage for vandalism and broad form named perils such as falling objects, weight of snow or sleet, water freezing or accidental steam discharge, and damage caused by an artificial electric current. Form DP 00 03 open peril, which includes all direct physical loss, insures personal property (contents) for the perils of form DP 00 02.

All three dwelling forms provide:

Coverage A: Dwelling

Coverage B: Other Structures

Coverage C: Personal Property

Coverage D: Fair Rental Value

Coverage E: Addition Living Expenses appears DP 00 02 and special form DP 0003

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Builders Risk

Builders Risk: This policy is used to cover a new dwelling during construction. Coverage can begin when materials are first delivered to the job site if that particular coverage is included in the policy. This coverage can be written on a Dwelling Form (DP 00 11) or as an endorsement added to an HO-2 or HO-3. This endorsement can also cover for theft of building supplies on the premises. The cost of this endorsement varies. When the dwelling is completed, coverage ceases on the date the owner partially or completely occupies the dwelling, or 90 days, whichever comes first. The premium for the Builders Risk, excluding theft of materials, is a rate per $100 of the completed dwelling's value. For example, if the house will cost $200,000/$100=$2,000 x rate - $25=$500 annual premium.

We have carriers that offer Builders Risk through the Home Builder Program. This coverage can be written for a contractor and/or the future owner on a “one time” basis, covering only that dwelling. The program is also offered to residential general contractors on a reporting policy. At the end of the month, a contractor would send in a report on the number of house starts that month and coverage would be written back to the beginning of the month. The policy can be written on a monthly rate or on an annual basis of value in a fire protection class 1-8.

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Earthquake

Earthquake Policy: While the frequency of earthquakes in South Carolina is low, the potential for a severe quake is high. Most people don't buy earthquake insurance, because they think it's too expensive and an earthquake will never happen to them. But in South Carolina, the entire state is considered to have a moderate to high risk for earthquakes. Several areas actually reside on fault lines.

Most homeowner and rental insurance policies don't cover damage caused by an earthquake, but coverage can be added to most policies as an “endorsement” for additional premium. Earthquake deductibles are set as percentages, i.e. 5% or 10% of the coverage amount rather than fixed dollar amounts. The earthquake deductible applies separately from your basic homeowner's (and business) policy deductible.

According to the SC Department of Insurance, about 70% of earthquakes in South Carolina are located in clusters around three areas:

1. Ravenel-Adams Run-Hollywood;

2. Middleton Place-Summerville; and

3. Bowman

These are not, however the only places that earthquakes occur in South Carolina. Earthquakes have occurred in the Lake Jocassee area, Charleston/Summerville, and near the Monticello Reservoir area in 2000. Other locations in the state with low level earthquakes in the last ten years are near Bowman, Neeses, Aiken, McCormick, Greenwood, Liberty Hill, and the Savannah River Site. (Earthquake Education Center, Charleston Southern University and University of South Carolina, South Carolina Seismic Network). There are faults in the earth at the base of the Blue Ridge Mountains.

The earthquake of 1886 in Charleston registered 7.6 on the Richter Scale and was felt from Cuba to New York. Approximately 110 people were killed and damage estimates in 1886 dollars were about $5.5 million. The forecast for a large earthquake somewhere in the Eastern United States with in the next 20 years is a 40-60% chance of a magnitude 6. (Earthquake Education Center, Charleston Southern University). 170 earthquakes occurred in South Carolina in 2000. The strongest registered 2.7 on the Richter Scale and occurred in the Lake Jocassee area (University of South Carolina, South Carolina Seismic Network).

Following a damaging earthquake, South Carolinians could face loss of life, injury, and property damage. Without earthquake insurance, all of the losses to your home and possessions would have to be financed by you or by relying on the federal government for assistance.

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Flood

Flood Policy: Everyone needs flood insurance. It's easy to obtain and is affordable for many people. Floods may be caused by heavy rains, drainage problems, water backups, or a number of other reasons. You don't have to live near a lake, stream, or body of water to have flood damage. Any home can become flooded, and flood damage is not covered under most Homeowners Insurance Policies. However, you may purchase flood insurance for your home, business, or building as well as the contents of that property.

Flood insurance is easy to buy because it is available to all homeowners regardless of their flood risk. You can still buy coverage even if the property has been flooded in the past. Renters also qualify to purchase flood insurance for the contents of their apartment, condominium, or other living space, and owners of commercial and non-residential property are able to insure a building's contents from flood damage as well.

The average cost of flood insurance varies. For example, on a $100,000 home, it may be between $350-400 per year. However in a low to moderate risk area, a similar policy might average $100 to $125. In comparison to repair and replacement costs, insurance rates are usually reasonable. Flood insurance may be purchased at any time regardless of weather predictions. However, there is typically a waiting period of 30 days before coverage becomes effective. The exception to the 30-day rule is if a bank requests the coverage to close a mortgage.

Federal disaster assistance may be available to flood victims if the US President declares an area to be a Federal Disaster Area. Generally, a small percentage of floods are ever declared Federal Disasters. Also, if you are not insured and receive federal assistance following a flood, you may be required to purchase flood insurance in order to qualify for any future disaster relief benefits.

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Personal Property Floater

Personal Property Floater: This can either be an endorsement to a Homeowners Policy with form (HO 04 61) written on an “open peril basis” (meaning loss due to direct physical damage of property), or it can stand alone as a separate policy.

Insureds: This is an individual, spouse, and members of the same household who live together.

Classes of Property: Insurable property can be fine arts, jewelry, furs, silverware, stamp and coin collections, cameras, photographic equipment, golf equipment, and musical instruments. For example, the definition of Fine Arts includes painting, etchings, pictures, tapestries, etched glass windows, and other bonafide works of art such as valuable rugs, statuary, marbles, bronzes, antique furniture, rare books, antiques, silver, manuscripts, porcelains, rare glass, and bric-a-brac of rarity, historical value, or artistic merit.

Coverage: This is generally, all risk of direct physical loss to the property for most classes and coverage is worldwide in scope except for fine arts, where coverage is limited to the US, its territories and possessions, and Canada.

Loss Valuation: Following a loss the carrier will pay the least of the following: 1. actual cash value; 2. repair amount to reach conditions that existed before the loss; 3. cost to replace item with one “substantially identical” item; or 4. the amount of insurance specified in the policy.

Exclusions: There are two primarily exclusions applicable to most forms: 1. wear and tear, deterioration, or inherent vice; and 2. loss caused by insects or vermin. In addition to these two general exclusions there are conditions and exclusions found in each form.

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Personal Umbrella

Umbrella or Excess Liability: Because there is no standard form for Personal Umbrella Liability insurance, each company offering this line of coverage files its own independently developed form. Consequently, no two Personal Umbrella Policies are exactly alike, and in fact there are often considerable differences between one contract and another. This explanation describes the usual and typical provisions of Personal Umbrella Policies.

The key protection provided by virtually all Personal Umbrella Policies is $1 million or more, single limit per occurrence, bodily injury (personal injury liability and property damage liability in excess of the insured's underlying coverage), or in excess of the insured's retention when the Umbrella Policy is broader than the underlying policy coverage. Most companies make higher limits available in multiples of the basic $1 million with some companies offering up to $10 million.

All policies provide excess coverage over underlying auto liability, comprehensive personal liability (or homeowners liability), and water craft liability policies. Some policies can be written to provide excess coverage over professional liability and uninsured or underinsured motorists coverage. The Umbrella Policy is usually extended over Uninsured Motorist Coverage only in states required by law to offer this coverage, and if it has been done by statue or judicial decision. South Carolina law requires Uninsured Motorists Coverage but doesn't require Underinsured Motorist Coverage.

In a state where the minimum limits are $15,000 per person for bodily injury; $30,000 for all injured in the accident; and/$10,000 total property damage, you often have a situation where there is not enough money under the responsible parties insurance to pay your damages. You could sue the responsible party or file a claim under your Underinsured Motorists Coverage.

That is why there has been such an increase in underinsured motorist claims in South Carolina over the past few years. When the Umbrella Policy provides broader coverage than the underlying policy, it is sometimes referred to as “drop down” coverage. The name means the umbrella policy “drops down” to cover the entire loss (minus the retention), because the underlying policy does not cover the loss. The umbrella now covers the entire loss (up to the limits of the umbrella policy) instead of paying on top of the underlying limits. For example, an umbrella policy ordinarily provides coverage for a “personal injury” such as libel or slander even though the underlying coverage does not normally cover libel or slander (except where the insured chooses to pay extra premium to have the coverage added to Homeowners Liability). In a case where the insured did not purchase the underlying coverage, the umbrella would “drop down” to provide coverage and a defense for any claim against the insured for libel or slander claim (minus the retention).

You should buy enough liability insurance to protect your family and your other assets. If you own property and or have investments and savings that are worth more than the liability limits in your policy, you may be putting them at risk.

Umbrella Policies provide extra coverage. They start to pay after you have used up the liability insurance in your underlying home or auto policy, or it might “drop down” to provide coverage as explained earlier. An Umbrella Policy is not part of your Homeowners Policy. You have to purchase it separately. The umbrella carrier will want to carry the underlying coverage (home and auto) for your personal liability and auto liability, or you can get a carrier to write a stand alone umbrella. Generally the umbrella carrier will require underlying Personal Liability limits of at least $300,000 and Auto Liability limits of $250,000/$500,000/$50,000.

For an average household with a home and two cars, the cost of the umbrella coverage will range from $35-$40 per year on the house and $35-$40 for each car. There is a slightly higher price if you have drivers under 21. An Umbrella Policy will allow you to rest easier and give you peace of mind.


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