Common use of INSURING CLAUSE Clause in Contracts

INSURING CLAUSE. Whereas the company, partnership or firm as stated in Item 1 of the Schedule (the “Named Insured”) has made to Underwriters a Proposal, a copy of which is attached hereto, which is hereby agreed to be the basis of this Policy, We, the Underwriters, in consideration of the payment of the Premium stated in Item 8 of the Schedule, agree, subject to all the terms and conditions of this Policy, to indemnify the Insured against all sums which the Insured shall become legally liable to pay as damages and claimants’ costs, fees and expenses as a result of any claim first made against the Insured and notified to Underwriters during the Period of Insurance stated in Item 3 of the Schedule arising out of any negligent act, negligent error or negligent omission by the Insured or any negligent act, negligent error or negligent omission by others for whom the Insured is legally liable, in or about the conduct of the Named Insured's professional business as stated in the Proposal.