What it does
CU 21 15 excludes injury or damage arising out of the rendering or failure to render financial services described in the endorsement, leaving that exposure to professional liability policies. ISO revised it to a 06 26 edition.
Who needs it
Banks, credit unions, insurance agencies, investment advisers and other financial institutions.
How it fits the umbrella
The umbrella has its own exclusions that apply whether or not the underlying policies cover the claim, and many ISO umbrella exclusion endorsements mirror a CGL or auto exclusion so that the umbrella does not drop down where the underlying is excluded. When an underlying policy carries an exclusion, check that the umbrella carries the matching CU endorsement, or explain the gap if it does not.
Quoting and selling notes
- Refer financial services errors and omissions to a professional liability policy.
