RIPPLE, Circuit Judge.
Ronald South, an investment advisor in Belleville, Illinois, purchased an errors and omissions policy from Transamerica Insurance Company (Transamerica). The policy contained a clause excluding coverage for claims arising out of the insolvency of any organization in which Mr. South placed the funds of a client. In 1988, Mr. South encouraged several clients to purchase "risk-free" annuities from First Columbia Life
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