# WATERCRAFT EXCLUSION AMENDATORY ENDORSEMENT

| Named Insured | International Business Machines Corporation |
|---------------|-------------------------------------------|
| Policy Symbol  | XOO                                        |
| Policy Number | G27983212 002                             |
| Policy Period | 05/21/2017 to 05/21/2018                   |
| Issued By (Name of Insurance Company) | ACE Property and Casualty Insurance Company |

| Endorsement Number | 037 |
|--------------------|-----|
| Effective Date of Endorsement | 05/21/2017 |

**THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.**

This endorsement modifies insurance provided under the following:

**COMMERCIAL UMBRELLA LIABILITY POLICY**

The following exclusion is added to Section V. EXCLUSIONS:

**Watercraft**

This insurance does not apply to "bodily injury" or "property damage" arising out of the ownership, maintenance, use or entrustment to others of any watercraft owned or operated by or rented or loaned to any "insured". Use includes operation and "loading or unloading".

This exclusion applies even if the claims against any "insured" allege negligence or other wrongdoing in the supervision, hiring, employment, training or monitoring of others by that "insured", if the "occurrence" which caused the "bodily injury" or "property damage" involved the ownership, maintenance, use or entrustment to others of any watercraft that is owned or operated by or rented or loaned to any "insured".

This exclusion does not apply to:

1. A watercraft while ashore on premises you own or rent; or
2. A watercraft you do not own that is:
   - Less than 51 feet long; and
   - Not being used to carry persons or property for a charge to the participant.

All other terms and conditions of this Policy remain unchanged.

**Authorized Representative**

**JOHN J. LUPICA, President**