Kaplan,
An investment decision consists of a decision made by the Officers (the Consumer) on the basis of the Officers' investment expertise and on information provided by the Investment Vendor or Agent (the Provider).
Were it possible to insure against the risk of Investment Loss, there would have to be at very least, a quantification of
(a) the exact nature of the existing portfolio,
(b) the stated Board Investment policy,
(c) the expertise available to the Board and
(d) the likely investment products to be adopted.
This information is not sought.
If such a claim were to be successful, the whole risk/reward relationship would be ended, and Boards would be best advised to put their least-informed Officers on the Investment Committee and speculate extravagantly!!!!! And the product vendors would probably pay the premiums!!!!!!