# Placement Binder

## Insured:
- **Name:** International Business Machines Corporation
- **Address:** Armonk, New York U.S.A.

## Type:
- **Excess Umbrella Liability**

## Period:
- **12 Months effective 21st May, 1987**

## Limit:
- $2,500,000 each occurrence and in the aggregate where applicable part of $25,000,000 each occurrence and in the aggregate excess of $55,000,000 each occurrence and in the aggregate where applicable which in turn excess of the underlying insurance.

## Terms and Conditions:
- To follow those of the lead Umbrella with the National Union Policy No.: T.B.A. as expiring

## Premium:
- $25,000

## Brokerage:
- 15% plus applicable taxes

## Written Line:
- $2,500,000

## Insurer:
- Zurich International
- **Your Ref:** 75,966-87

## Signature:
- **Date:** 15 July 1987

## CSL/BVR/1554-1

**Z 008753**

**J & H Intermediaries Limited**