# WATERCRAFT EXCLUSION AMENDATORY ENDORSEMENT

| Named Insured | International Business Machines Corporation |
|---------------|-------------------------------------------|
| Endorsement Number | 32 |
| Policy Symbol | XOO |
| Policy Number | G25915951 |
| Policy Period | 05/21/2012 - 05/21/2013 |
| Effective Date of Endorsement | 05/21/2012 |
| 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**

The following exclusion is added to **Section V. EXCLUSIONS**:

**Watercraft**

This insurance does not apply to "bodily injury" or "property damage" arising out of the ownership, maintenance, use or entrustment to others of any watercraft owned or operated by or rented or loaned to any "insured". Use includes operation and "loading or unloading".

This exclusion applies even if the claims against any "insured" allege negligence or other wrongdoing in the supervision, hiring, employment, training or monitoring of others by that "insured", if the "occurrence" which caused the "bodily injury" or "property damage" involved the ownership, maintenance, use or entrustment to others of any watercraft that is owned or operated by or rented or loaned to any "insured".

This exclusion does not apply to:
1. A watercraft while ashore on premises you own or rent; or
2. A watercraft you do not own that is:
   a. Less than 51 feet long; and
   b. Not being used to carry persons or property for a charge.

All other terms and conditions of the policy remain unchanged.

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**Authorized Agent**

**CLASS CODE 2-13000**

**NOTICE: THESE POLICY FORMS AND THE APPLICABLE RATES ARE EXEMPT FROM THE FILING REQUIREMENTS OF THE NEW YORK STATE INSURANCE DEPARTMENT. HOWEVER SUCH FORMS AND RATES MUST MEET THE MINIMUM STANDARDS OF THE NEW YORK INSURANCE LAW AND REGULATIONS.**

MS-9626 (05/12)

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