# CHUBB/PACIFIC INDEMNITY GROUP DECLARATIONS

**EXCESS LIABILITY POLICY**

**Prior Number:** 7922-56-77  
**Producer Number:** 4-65222  
**Policy Number:** 79227106  

**Issued by the stock insurance company indicated below, herein called the company.**

**FEDERAL INSURANCE COMPANY**  
**Incorporated under the laws of New Jersey**

**Item 1. Named Insured & Address:**  
International Business Machines Corp., Armonk, New York  

**Item 2. Producer's Name & Address:**  
Johnson & Higgins, 95 Wall Street, New York, New York 10005  

**Item 3. Policy Period:**  
From: May 21, 1977  
To: May 21, 1978  
(12:01 A.M. standard time at the address of the Named Insured)  

**Item 4. Premium:** $12,500.  
**Premium Basis:** Rate:  

**Item 5. Limit of Liability:**  
The Company's Liability, under this policy, shall not exceed the greater of the following amounts:

A. 26.3% Percent of the LOSS in excess of all UNDERLYING INSURANCE nor for more than  
B. $5,000,000. per occurrence or;  
C. $5,000,000. Annual aggregate (as defined in the First UNDERLYING INSURANCE policy)  

**Item 6. Schedule of UNDERLYING INSURANCE:**  

First UNDERLYING INSURANCE policy:  
Zurick Ins. Co.  
Policy # on binder 5/21/77-5/21/78  
$2,000,000. each occurrence  
$2,000,000. annual aggregate (where applicable)  

other UNDERLYING INSURANCE:  
As per Schedule on file with Insurance Company various companies  
$17,000,000. each occurrence  
$17,000,000.annual aggregate where applicable in excess of the first underlying insurance.  

**Issued at:** 100 William Street, N.Y., N.Y.  
**Date:** May 25, 1977  
**Authorized Representative:** [Signature]