# DECLARATIONS COMMERCIAL EXCESS LIABILITY POLICY

**Chubb Group of Insurance Companies**
15 Mountain View Road, Warren, N.J. 07060

## Item 1 Named Insured & Address
- **International Business Machines Corp., ETAL (AS PER FIRST UNDERLYING INSURANCE)**
- **Old Orchard Road**
- **Armonk, NY 10504**

## Producer's Name & Address
- **Johnson & Higgins**
- **125 Broad Street**
- **New York, NY 10004**

## Item 2 Policy Period
- **From: 05/21/96 To: 05/21/97**

## Item 3 Premium
- **$10,000.00 Basis Rate:**

## Item 4 Limits of Liability
- **$5,000,000. Each Occurrence**
- **$115,000,000. Aggregate**

## Item 5 Scheduled Underlying Insurance
a. **First Underlying Insurance**
   - **Company:** AIU INSURANCE COMPANY
   - **Policy No.: TBA**
   - **From/To:** 05/21/96 05/21/97
   - **Claims Made:** NO
   - **Retroactive Date:**
     - **Limits:**
       - **Each Occurrence:** $25,000,000.
       - **Aggregate:** $25,000,000.

b. **Other Underlying Insurance**
   - **Company:** FEDERAL INSURANCE CO.
   - **Policy No.: 7966-56-84**
   - **From/To:** 05/21/96 05/21/97
   - **Claims Made:** NO
   - **Retroactive Date:**
     - **Limits:**
       - **Each Occurrence:** $5,000,000.
       - **Aggregate:** $5,000,000.

## Witness
The company issuing this policy has caused this policy to be signed by its authorized officers, or the authorized officers of its U.S. Manager, Chubb & Son Inc., but this policy shall not be valid unless also signed by a duly authorized representative of the company.

**FEDERAL INSURANCE COMPANY**

**President:** [Signature]
**Date:** JUN 24 1996

**Secretary:** [Signature]
**Authorized Representative**

**Form 07-02-0575-U (Rev. 11-96)**

**INSURED**