What it does
CG 21 52 excludes injury or damage resulting from the rendering of or failure to render financial services by any insured to others. Financial services include planning, administering or advising on investment, pension, annuity, savings, checking or retirement plans, funds or accounts; issuing or withdrawing securities; trading securities, commodities or currencies; and other services listed in the form.
Who needs it
Banks, credit unions, broker-dealers, wealth managers and financial planners.
Key provisions and limits
- Like most ISO professional exclusions, it applies even when the claim alleges negligent supervision, hiring, employment, training or monitoring of others, if the occurrence or offense involved the excluded service.
Quoting and selling notes
- Pair with financial institution bond and professional liability. CG 22 38 addresses fiduciary property exposures.
