**Johnson & Higgins**
Established 1845

**November 8, 1991**

**Mr. Patrick J. Noone**
Manager - Casualty Insurance
International Business Machines Corporation
208 Harbor Drive
P.O. Box 10501
Stamford, CT 06904-2501

**EXCESS LIABILITY INSURANCE**
**TRAVELERS INSURANCE COMPANY**
**POLICY NO.: 7FSJEX-21870330-A-91**

Dear Pat:

Enclosed is the captioned policy written for the term May 21, 1991 to May 21, 1992. This policy represents the Travelers' excess liability participation of $5,000,000 each occurrence/aggregate where applicable, part of $25,000,000 each occurrence/aggregate where applicable, excess of the $25,000,000 Lead Umbrella policy, which in turn is excess of primary insurances or a self insured retention.

Based on our review of the policy, we have written a letter to our intermediary Henry Ward Johnson requesting the following changes:

- The Cross Liability Exclusion be removed from the policy. We were informed that this exclusion will be deleted.
- A revised Schedule of Underlying Insurance. The current Schedule contains a few errors with respect to IBM's Primary Insurance Program. The schedule lists IBM Insurance Company as the underwriter for the Auto Liability policy. The Schedule does not list the applicable aggregates as respects the IBM Canadian Program written with Commercial Union Assurance Company. Finally, Travelers does not list the Workers Compensation and Employers