**POLICY NO:** 87-91-601

**EFF DATE OF POL:** 1-18-77

**EFF DATE OF END:** 1-18-77

**AGENCY NO:** 50-515

**ADD'L PREMIUM:** $ -- 

**RETURN PREMIUM:** $ -- 

**Named Insured:** INTERNATIONAL BUSINESS MACHINES CORP., ETAL.

This endorsement is issued by the company named below which is the insurer under the policy designated above issued to the Named Insured and forms a part of said policy as of the effective date hereof at the hour stated in the policy declaration page.

IT IS UNDERSTOOD AND AGREED THAT CONDITION V OF THE POLICY, CAPTIONED "PERSONS OR ENTITIES INSURED" PART 5 IS AMENDED TO INCLUDE: COVERAGE IS AFFORDED AS RESPECTS EMPLOYEES WHILE OPERATING NON-OWNED WATERCRAFT IN THE BUSINESS OF THE NAMED INSURED.

IT IS FURTHER UNDERSTOOD AND AGREED THAT THIS COVERAGE IS EXCESS OVER PRIMARY UNDERLYING LIMITS OF LIABILITY AS FOLLOWS:

| KIND | LIMIT OF LIABILITY | INSURER |
|------|--------------------|----------|
| NON-OWNED WATERCRAFT | 1,000,000 EACH OCCURRENCE | ZURICH INSURANCE CO. |

ALL OTHER TERMS AND CONDITIONS REMAIN THE SAME

**ZURICH INSURANCE COMPANY**

**AMERICAN GUARANTEE AND LIABILITY INSURANCE COMPANY**

**JOHNSON & HIGGINS**

**Date:** AUGUST 10, 1978

**Countersigned:** [Signature]

**Authorized agent:** [Signature]