OPINION
JACOBSON, Judge.
The sole issue on appeal is the validity of the so-called "owned but uninsured" exclusion clause contained in an underinsured motorist endorsement to an automobile liability policy.
The stipulated facts giving rise to this inquiry are that on September 6, 1982, Paul Mason, while operating his 1969 Honda motorcycle was involved in an accident with an automobile driven by Henry Echer. Echer was at fault.
At the time of...
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