**GREAT AMERICAN INSURANCE COMPANIES**

Subsidiaries of American Financial Corporation

580 WALNUT STREET, CINCINNATI, OHIO 45202

**THE PROTECTOR**

**CATASTROPHE LIABILITY POLICY**

**GENERAL ENDORSEMENT**

**SECURITIES AND FINANCIAL INTEREST EXCLUSION**

IT IS UNDERSTOOD AND AGREED THAT THIS INSURANCE DOES NOT APPLY TO ANY LIABILITY ARISING OUT OF OR BY REASON OF:

1. THE PURCHASE OR SALE, OR OFFER OF SALE, OR SOLICITATION OF ANY SECURITY, DEBT, BANK DEPOSIT OR FINANCIAL INTEREST OR INSTRUMENT;

2. ANY REPRESENTATIONS MADE AT ANY TIME IN RELATION TO THE PRICE OR VALUE OF ANY SECURITY, DEBT, BANK DEPOSIT OR FINANCIAL INTEREST OR INSTRUMENT; OR

3. ANY DEPRECIATION OR DECLINE IN PRICE OR VALUE OF ANY SECURITY, DEBT, BANK DEPOSIT OR FINANCIAL INTEREST OR INSTRUMENT.

IT IS FURTHER UNDERSTOOD AND AGREED THAT WE HAVE NO OBLIGATIONS TO DEFEND OR PAY FOR THE DEFENSE OF ANY CLAIM THAT MAY ALLEGE ANY OF THE FOREGOING.

**ENDORSEMENT NO. 6**

GAI 6011 (Ed. 02/89) PRO
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