Insuring Agreement

1. The Insurer will pay, on behalf of the Insureds, Loss in excess of the applicable Retention arising from any Employment Claim first made against an Insured during the Policy Period (or Extended Reporting Period, if applicable) for a Wrongful Employment Act.
2. If Third-Party Wrongful Act coverage is purchased as indicated in the Policy Declarations, the Insurer will pay, on behalf of the Insureds, Loss in excess of the applicable Retention arising from any Third-Party Claim first made against an Insured during the Policy Period (or Extended Reporting Period, if applicable) for a Third-Party Wrongful Act.