When underlying insurance limits have been reduced by any joint venture clause, this policy shall be excess of the sum of (a) such reduced limits and (b) the limits of any underlying insurance not reduced.

When underlying insurance limits have been reduced by payment of claims in respect of occurrences arising during the underlying policy periods, this policy shall be excess of such reduced limits.

**NOTICE OF OCCURRENCE:** Whenever the IBM Manager of Insurance can reasonably conclude that a claim payment under this policy is likely to result, notice will be provided to Underwriters.

**CANCELLATION:** This policy is non-cancellable for the three-year term unless notice is given by either party at least ninety days prior to an anniversary date.

If the Named Assured cancels, earned premium shall be computed in accordance with the customary short rate table and procedure of the annual installment. If the Underwriters cancel, earned premium shall be computed pro rata. Premium adjustment may be made either at the time cancellation is effected or as soon as practicable after cancellation becomes effective, but payment or tender of unearned premium is not a condition of cancellation.

**EXCLUSIONS:** In relation to liability arising outside the U.S.A., its Territories or Possessions, Puerto Rico or the Canal Zone, this policy does not cover any liability of whatsoever nature directly or indirectly caused by or contributed to by or arising from ionising radiations or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel.

This policy does not cover any loss or damage arising directly or indirectly from nuclear reaction, nuclear radiation or radioactive contamination however such nuclear reaction, nuclear radiation or radioactive contamination may have been caused NEVERTHELESS if Fire is an insured peril and a Fire arises directly or indirectly