**AMERICAN RICH INSURANCE COMPANY**

**COMMERCIAL EXCESS LIABILITY POLICY**

**POLICY NO.:** CEO 6463583-00

**PRODUCER:** Roppelt, Corieri & Assoc.

**DECLARATIONS**

**Item 1.** Named Insured and Address: International Business Machines Corp., Armonk, New York 10504

**Item 2.** Policy Period: From 5-21-90 to 5-21-31 12:01 A.M.

standard time at the address of the first named insured as stated herein, unless sooner cancelled in accordance with Condition 8 herein.

**Item 3.** Premium: $ 25,000

**Item 4.** The limits of the Company's liability are:

a) $ 5,000,000 each occurrence; in the aggregate of $ 5,000,000 per annual policy period part of b) $ 25,000,000 each occurrence; in the aggregate of $ 25,000,000 per annual policy period.

**Item 5.** The limits of the Company's liability apply in excess of the following limits of liability of underlying insurance:

$ 75,000,000 each occurrence; in the aggregate per $ 75,000,000 annual policy period where applicable which may be in turn excess of various underlying limits or self-insured amounts specified in the governing underlying insurance policy.

**Item 6.** The governing underlying insurance policy is:

Policy No.: UX 194-50-64 Name of issuing insurance company: National Union Insurance Co. Type of insurance: Umbrella Liability Policy Term: 5-21-90 to 5-21-91

**Item 7.** Unless otherwise stated herein, the Named Insured agrees that a) No part of the underlying insurance or contributing insurance in Item 4. b) is written on what is commonly known as a "claims made" basis; b) No part of the limits of liability of underlying insurance or contributing insurance in Item 4. b) includes costs; c) No underlying insurance policy nor any contributing policy contains exclusions not found in or more restrictive from the viewpoint of the named insured than in the governing underlying insurance policy.

**Item 8.** Endorsements Attached at Issue: U-ES-10002-A, U-ES-10003-A, U-GU-243-A, U-GL-113-B CM #1, #2

**Z 008638**

**5-21-90** Countersigned by