**Johnson & Higgins**
Established 1845

**February 13, 1992**

**Mr. Patrick J. Noone**
Manager - Casualty Insurance
International Business Machines Corporation
2000 Purchase Street
Room 3H-08
Purchase, NY 10577

**EXCESS LIABILITY INSURANCE**
**FIREMANS FUND INSURANCE COMPANY**
POLICY NO.: XOM2104735
**GULF INSURANCE COMPANY**
POLICY NO.: GSE5362500

Dear Pat:

Enclosed are the captioned policies written for the term May 21, 1991 to May 21, 1992.

These policies represent Firemans Fund and Gulf Insurance Company's Excess Liability participation of $10,000,000/each Occurrence/Aggregate where applicable, part of $55,000,000 each Occurrence/Aggregate where applicable, excess of $115,000,000 each Occurrence/Aggregate where applicable which in turn is excess of Primary Insurances or a Self Insured Retention.

Listed below are the discrepancies we found, by policy, after our review:

**Policy #XOM2104735**
**Firemans Fund**

The Schedule of Underlying Insurance contains a few errors with respect to the policy numbers listed for each insurance company. The Royal Insurance Company, Zurich Insurance Company and the Aetna Insurance Company policies should be revised to reflect either the correct or the updated policy number.