# Allied World

**Endorsement No:** 1  
**This endorsement, effective:** May 21, 2016 (at 12:01 A.M. prevailing time at the address of the Named Insured as shown in Item 1(b) of the Declarations)  
**forms a part of Policy No:** C018124/004  
**Issued to:** International Business Machines Corporation

**(b.) Companion Policy(ies):**  
- **GAI Insurance Company**  
  - **USD25,000,000**  
  - **Each Occurrence**  
- **Punitive damages wrap-around policy**  
  - **May 21, 2016 to May 21, 2017**  
  - **USD25,000,000**  
  - **Aggregate**

3. **Excess Liability**  
   - **Endurance Specialty Insurance Ltd.**  
     - **USD25,000,000**  
     - **Each Occurrence, Products Completed Operations Aggregate General Aggregate**  
     - **May 21, 2016 to May 21, 2017**  
     - **USD25,000,000**  
     - **USD25,000,000**  
     - **(excess of the items listed above)**

4a. **Excess Liability**  
   - **National Liability & Fire Insurance Company**  
     - **USD25,000,000**  
     - **Each Occurrence, Products Completed Operations Aggregate General Aggregate**  
     - **May 21, 2016 to May 21, 2017**  
     - **USD25,000,000**  
     - **USD25,000,000**  
     - **Part of USD100,000,000 Each Occurrence USD100,000,000 Products Completed Operations Aggregate General Aggregate USD100,000,000**

**Ref:** ACBSF-401c (AWAC Ed. 11/14)

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