# THE BERMUDA SHORTS FORM - 03 (03/14)

## RISK DETAILS / DECLARATIONS

In consideration of the payment of the premium, and in reliance upon the statements in the Declarations below and subject to the limits of liability, exclusions, conditions and other terms of this Policy, Allied World Assurance Company, Ltd. (hereinafter referred to as either the "Insurer" or the "Company") agrees with the Named Insured as listed in Item 1. Below (hereinafter referred to as the "Insured") as follows:

**Item 1.**
- **a) Named Insured:** International Business Machines Corporation and as more fully set forth in the Followed Policy.
- **b) Address of Named Insured:** One New Orchard Road Mail Drop 109 Armonk, NY 10504

**Item 2.** **Policy Period:**
- **From:** May 21, 2018 at 12:01 a.m. standard time at the address of the Named Insured.
- **To:** May 21, 2019 at 12:01 a.m. standard time at the address of the Named Insured.

**Item 3.** **Retroactive Date (if applicable):** N/A

**Item 4.**
- **a) Followed Policy:**
  - **Company:** ACE Property and Casualty Insurance Company
  - **Policy Number:** G27983212 003
  - **Coverage:** Lead Umbrella - Occurrence
  - **Binder Dated:** May 17, 2018
  - **Policy Period:**
    - From: May 21, 2018
    - To: May 21, 2019
  - **Limits of Liability:** USD 50,000,000
- **b) Underlying Policy(ies):** As per Endorsement Number One – Schedule of Underlying Policy(ies).

**Item 5.** **Limit of Liability:**
- **(Insuring Agreement 2):** (As Per Individual Security Details)
  - **a) USD 50,000,000 each Occurrence**
  - **b) USD 50,000,000 Aggregate**

**Item 6.** **Underlying Limits:**
1