# JOINT VENTURE LIMITATION ENDORSEMENT

| Named Insured | International Business Machines Corporation |
|---------------|-------------------------------------------|
| Policy Symbol  | XOO                                        |
| Policy Number | G2763848A                                 |
| Policy Period | 05/21/2015 to 05/21/2016                   |
| Effective Date of Endorsement | 05/21/2015                                |

**Issued By (Name of Insurance Company)**  
ACE Property and Casualty Insurance Company

**THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.**

This endorsement modifies insurance provided under the following:

**COMMERCIAL UMBRELLA LIABILITY POLICY**

With respect to covered damages arising out of the liability of any "joint venture" in which you have an ownership interest, but which is not a Named Insured, the policy is amended as follows:

1. The last unnumbered paragraph in Section II WHO IS AN INSURED is deleted and replaced by the following:
   A "joint venture" in which you have an ownership interest is an "insured" but only for your liability arising out of such "joint venture". However, where any Named Insured has 50% interest or greater or majority management control or where any Named Insured is obligated by contract or agreement to provide insurance to any "joint venture" such as is afforded by this policy; such entity and its members and partners as applicable, are "insureds" but only with respect to the conduct of such entity.

2. We will be liable only for that portion of covered damages in excess of the "insured's" retained limit.

3. Coverage for any "joint venture" is subject to the provisions and limitations of Section IV. LIMITS OF INSURANCE.

4. The following definitions are added to the policy:
   - "Joint venture" means an association by contract in which you join together with one or more other entities with ownership interest in the venture (member/owners) to accomplish mutually a specific project or group of projects. A "joint venture" may take the form of a joint venture, limited liability company, or partnership.

All other terms and conditions of this Policy remain unchanged.

**Authorized Representative**
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This document outlines the changes made to the Commercial Umbrella Liability Policy through a Joint Venture Limitation Endorsement. It specifies how the policy will now cover liabilities arising from joint ventures in which the insured has an ownership interest, but only under certain conditions.