**AMERICAN ZURICH INSURANCE COMPANY**

**COMMERCIAL EXCESS LIABILITY POLICY**

**POLICY NO.** CEO 6463583-01

**PRODUCER** Roppelt, Corieri & Assoc. 18-493

**DECLARATIONS**

**Item 1.** **Named Insured and Address:** International Business Machines Corp. Armonk, NY 10504

**Item 2.** **Policy Period:** From 5-21-91 to 5-21-92 12:01 A.M.

standard time at the address of the first named insured as stated herein, unless sooner cancelled in accordance with Condition 8 herein.

**Item 3.** **Premium:** $ 25,000

**Item 4.** The limits of the Company's liability are:

a) $ 5,000,000 each occurrence; in the aggregate of $ 5,000,000 per annual policy period part of

b) $ 55,000,000 each occurrence; in the aggregate of $ 55,000,000 per annual policy period.

**Item 5.** The limits of the Company's liability apply in excess of the following limits of liability of underlying insurance:

$ 60,000,000 each occurrence; in the aggregate per $ 60,000,000 annual policy period where applicable which may be in turn excess of various underlying limits or self-insured amounts specified in the governing underlying insurance policy.

**Item 6.** The governing underlying insurance policy is:

**Policy No.** TBD

**Name of issuing insurance company:** National Union

**Type of insurance:** Umbrella Liability

**Policy Term:** 5-21-91 to 5-21-92

**Item 7.** Unless otherwise stated herein, the Named Insured agrees that

a) No part of the underlying insurance or contributing insurance in Item 4.b) is written on what is commonly known as a "claims made" basis;

b) No part of the limits of liability of underlying insurance or contributing insurance in Item 4.b) includes costs;

c) No underlying insurance policy nor any contributing policy contains exclusions not found in or more restrictive from the viewpoint of the named insured than in the governing underlying insurance policy.

**Item 8.** Endorsements Attached at Issue: U-ES-10002-A, U-ES-10003-A, U-GU-243-A, U-GL-113-BCW #1

**md/6-26-91**

Countersigned by (Authorized Representative)

**SERIAL NO.** 004158