**COMMERCIAL UMBRELLA LIABILITY POLICY**

**ZURICH INSURANCE COMPANY**
111 W. JACKSON BLVD., CHICAGO, ILL 60604

**ENDORSEMENTS ATTACHED**
4075c 946 620
POLICY NO. SERIES U C PRODUCER NO.
87-91-601 50 515
AGENCY NAME: Johnson & Higgins

**SPOKES ON SUB AGENT NAME:** 8752

**DECLARATIONS**

**Item 1. Named Insured:** International Business Machines Corp. (see end. 1)

**Address:** Armonk, N.Y.

The entity first named above, on behalf of itself and all insureds, shall be responsible for payment of premium and return premium, if any, in accordance with Condition 1, and as respects cancellation of this policy, in accordance with Condition 11.

**Item 2. Policy Period:** From: 1-18-77 To: 5-21-78
(12:01 A.M. standard time at the address shown above, of that named insured listed first in Item 1 of these Declarations. First annual period of the policy ends 5-2-77, a period less than 12 months.)

**Item 3. Limits of Liability—As Section III.**

(A) Limit in all in respect of each occurrence: $ 2,000,000
(B) Limit in the aggregate for each annual period where applicable: $ 2,000,000
(C) Retained limit in respect of: $ 25,000

**Item 4. Policy: $ 127,18**

Minimum Premium for Policy: $ 500
(Not subject to adjustment if policy cancelled)
Premium is Payable: Advance 1-18-77 $ 47,180
First Anniversary 5-21-77 $ 140,000
Second Anniversary: $

**Item 5. Rate:** Flat

IH:ad 2-17-77

Countersigned on behalf of the ZURICH INSURANCE COMPANY by
Duly Authorized Agent: [Signature]