The insurance company will pay on behalf of the College all sums which the College shall become obligated to pay as damages by reason of liability to which this insurance applies, imposed by law or assumed by the insured under any written contract, for Bodily Injury, Property Damage or Personal Injury caused by an occurrence, and the company shall have the right and duty to defend any suit against the insured seeking damages on account of such Bodily Injury, Property Damage or Personal Injury, even if any of the allegations of the suit are groundless, false or fraudulent, and may make such investigation and settlement of any claim or suit as it deems expedient.  The company shall not be obligated to pay any claim or judgment or to defend any suit after the applicable limit of the company’s liability has been exhausted by payment of judgments or settlements.