We do not provide coverage under this endorsement for "property damage" or "bodily injury" sustained by an "insured":
Who is an owner of a motor vehicle:
Insured under a basic automobile insurance policy issued in accordance with New Jersey law or regulation; or Required to be insured in accordance with New Jersey law or regulation, but not insured for this coverage or any similar coverage.
This includes a trailer of any type used with a vehicle described in and above.
However, this Exclusion does not apply to you unless you are "occupying", at the time of the accident, a motor vehicle described in and above.
[(emphasis in original).]
An "insured" is not the named insured under this policy; That "insured" is a named insured under one or more other policies providing similar coverage; and All such policies have a limit of liability for similar coverage which is less than the limit of liability for this coverage;
then our maximum limit of liability for that "insured", for all damages resulting from any one accident, shall not exceed the highest applicable limit of liability under any insurance providing coverage to that "insured" as a named insured.