What it does
CG 22 38 excludes "bodily injury", "property damage" and "personal and advertising injury" arising out of the ownership, maintenance or use, including related operations, of property for which the named insured is acting in a fiduciary or representative capacity.
Who needs it
Bank trust departments and trust companies that manage real estate held in trust or estates.
Key provisions and limits
- Coverage A and Coverage B exclusions are added.
Quoting and selling notes
- Liability for trust property should be covered under the trust or estate's own policy, with the bank as an insured (see CG 24 11 and CG 24 05).
- When a professional exclusion is attached, review the professional liability policy for bodily injury and property damage coverage, defense outside limits and the retroactive date, so the two policies fit together without a gap.
