# CANOPIUS Bermuda

**Endorsement No:** 006

**This endorsement effective:** May 21, 2011 (at 12:01AM prevailing time at the address of the Named Insured as shown in Item 1(b) of the Declarations)

**Forms a part of Policy No:** IBM-200/CUBLBSF02-11

**Issued to:** International Business Machines Corporation

**By:** Canopius Underwriting Bermuda Limited

## CREDIT RATING CANCELLATION ENDORSEMENT

It is hereby agreed that Condition 3. Cancellation of the Policy is deleted and replaced with the following:

This Policy may be canceled by the first Named Insured listed in Item 1(a) of the Declarations of this Policy by mailing or delivering to the Company at the address set forth in Item 7(a) of the Declarations of this Policy advance written notice of cancellation. This Policy may be cancelled by or on behalf of the Company by delivering to the first Named Insured or by mailing it to the first Named Insured, by registered, certified or other first class mail, at the first Named Insured's address set forth in Item 1(b) of the Declarations of this Policy, written notice stating when thereafter, not less than fifteen (15) days in the event of any premium is not paid when due, and not less than sixty (60) days in all other cases, cancellation shall be effective. Proof of mailing of such notice as aforesaid shall be sufficient proof of notice. It is agreed that the first Named Insured shall act on behalf of all other Insureds with respect to giving and receiving notice of cancellation. (The Policy Period terminates at the date and hour specified in such notice, but in case of notice of cancellation by the first Named Insured, in no event prior to the date such notice is received by the Company.)

If this Policy shall be cancelled by the first Named Insured, the Company shall return ninety percent (90%) of the unearned portion of the premium calculated on a pro rata basis unless there is a Minimum Earned Premium set forth in Item 8. b) of the Declarations of this Policy, in which case the Company shall retain the Minimum Earned Premium and return the difference, if any, between the Minimum Earned Premium and the unearned portion of the premium calculated on a pro rata basis.

If this Policy shall be cancelled by the Company, the Company shall return to the first Named Insured the unearned portion of the premium calculated on a pro rata basis.

Ref: BSF02-CUBL015-05-10
Page 1 of 2