# ENDORSEMENT No. 14

This endorsement, effective 12:01 AM: May 21, 2008

Forms a part of policy no.: 5443148

Issued to: INTERNATIONAL BUSINESS MACHINES CORPORATION

By: NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA.

**Commercial Umbrella Liability Policy with CrisisResponse®**

**Financial Institutions and Insurance Company Exclusion Endorsement**

This policy is amended as follows:

**Section V. EXCLUSIONS, A. Aircraft and Watercraft** is deleted in its entirety and replaced by the following:

A. **Aircraft, Watercraft, Auto and Railroad Vehicle**

This insurance does not apply to Bodily Injury or Property Damage arising out of the ownership, maintenance, use, including operation, loading and unloading, or entrustment of others of any:

1. aircraft, watercraft or railroad vehicle in which the Insured has any financial interest;
2. aircraft, watercraft or railroad vehicle owned by the Insured or rented to the insured without a crew;
3. off-lease aircraft, watercraft, Auto or railroad vehicle;
4. aircraft, watercraft, Auto or railroad vehicle repossessed by the Insured; or
5. Auto leased by the Insured to others.

**Section V. EXCLUSIONS** is amended to include the following additional exclusions:

1. This insurance does not apply to Bodily Injury or Property Damage to or arising out of any property held by or in the care, custody or control of the Insured while the Insured is acting in any Fiduciary Capacity;
2. This insurance does not apply to Property Damage to money; currency; coin; bank notes; Federal Reserve notes; postage and revenue stamps; savings stamps; savings bonds; bullion; precious metals of all kinds and in any form; articles made from such precious metals; jewelry; watches; necklaces; bracelets; gems; precious and semi-precious stones; bonds; securities; evidences of debts; debentures; script certificates; receipts; warrant rights; transfers; coupons; drafts; bills of exchange; acceptances; notes; checks; withdrawal orders; money orders; travelers checks; letters of credit; bills of lading; abstracts of title; insurance policies and assignments of such policies; deeds; mortgages upon real estate and/or upon chattels and upon interests therein and assignments of such mortgages and instruments; other valuable papers and documents and all other instruments similar to or in the nature of the foregoing;
3. This insurance does not apply to any damages arising out of any act, error, mistake or omission of any Insured or any agent or sub-agent of any Insured while acting in any Fiduciary Capacity;
4. This insurance does not apply to any damages assumed by any Insured or any agent or sub-agent of any Insured under any insurance binder or any contract relating to insurance, suretyship or reinsurance;

**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.**

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