General Liability Coverage at Designated Premises

CG 21 44, limitation of coverage to designated premises or projects, is an endorsement to the CGL form. We would like to understand the intent of this endorsement. Is this an attempt to cover liability claims only at the designated premises? My understanding of CG 21 44 is that it provides coverage arising out of the ownership, maintenance, or use of the premises, and not necessarily just premises only liability coverage. In other words, if the insured's product is manufactured at the designated premises, the insured still has products coverage.

One more thing, does the endorsement eliminate coverage for employees working off-premises?