All of the following are excluded from garage policy liability coverage, EXCEPT?

In the context of a garage policy liability coverage, the correct choice highlights an important aspect of insurance policy exclusions. The exclusion of injury or damage arising from a motorboat stored in the garage underlines that while garage policies primarily cover automobile-related liabilities, they typically do not extend liability coverage to vehicles that fall outside the defined scope of “covered autos” — such as motorboats.

Motorboats, even when stored in a garage, are not included in the typical definitions of an "auto" under garage liability policies. Therefore, any injury or damage related to a motorboat would correctly fall outside the scope of coverage provided by the policy, leading to exclusion.

The other options involve scenarios that are generally excluded from liability coverage under garage policies. For example, autos used in organized races are often excluded due to the inherent risks and heightened liabilities involved. Similarly, liability for damage resulting from leased autos, as well as for property being transported, reflects standard exclusions aimed at reducing the insurer's potential exposure to higher risks associated with those activities. Thus, while these options reflect common exclusions in garage liability coverage, the storage of a motorboat stands as the exception.