You are correct that CG 22 70 prevents coverage for the insured property manager for property damage to property managed by the insured. As for the second paragraph, that only means that if the property manager has primary coverage under the property owner’s CGL form, then CG 22 70 gives the manager excess coverage. For example, the real estate manager is an insured under the property owner’s CGL form in accordance with the Who Is An Insured clause in the policy. If someone suffers bodily injury or makes allegations of personal injury such as wrongful entry or eviction, and the claimant sues the property owner and the property manager, the CGL form of the property owner provides coverage for the owner and the manager. CG 22 70 then provides excess coverage for the property manager in such circumstances.