Under Rule 501(i) ofthe Securities Act of 1933, a purchaser representative shall mean any person who satisfies all of the following conditions: (1) Is not an affiliate, director, officer or other employee of the issuer, or beneficial owner of 10 percent or more of any equity securities in the issuer, except where the purchaser is: (i) A relative of the purchaser representative by blood, marriage or adoption and not more remote than a first cousin; (2) Has such knowledge and experience in financial and business matters that he is capable of evaluating, alone, or together with other purchaser representatives of the purchaser, or together with the purchaser, the merits and risks of the prospective investment; (3) Is acknowledged by the purchaser in writing to be his purchaser representative in connection with evaluating the merits and risks of the prospective investment; and (4) Discloses to the purchaser in writing any material relationship between himself, the issuer, or that has existed at any time during the previous two years.

As an attorney, what risk of liability will Jane incur if she acts as a purchaser representative for Marcy? Is it likely that this liability is covered by her malpractice insurance policy?