# Excess Liability Policy

**Gibraltar Casualty Company**

A Delaware Corporation
UNDERWRITING MANAGER
Order & Committee No.
One Main Street, Summit, New Jersey 07928

**New**
Stewart Smith & Co., Inc.
c/o Johnson & Higgins Account
116 John Street
New York, New York 10038

## DECLARATIONS

**Insured:**
International Business Machines (as per underlying insurance, as described in Item 5 of this policy)
Address:
New York 10504

**Effective Date:** From May 21, 1979
**Expiration Date:** May 21, 1980

**Coverage:**
- **Excess Umbrella Liability:** $130,000,000 each occurrence and annual aggregate where applicable excess of various Underlying Primaries and/or Self-Insured Retentions.

**Underlying Limits:**
- $5,000,000 part of $5,000,000 each occurrence and annual aggregate where applicable excess of Underlying Limits.

**Gibraltar's Limits of Liability:**
- $5,000,000 part of $5,000,000 each occurrence and annual aggregate where applicable excess of Underlying Limits.

**Flat Charge:** $5,000.

**Premium Basis:**
- Schedule of Underlying Insurance: Centennial Insurance Company Umbrella Liability Policy No. to be determined.

**Dryden & Company, Inc., Underwriting Manager**
**Date:** May 11, 1979
**Signature:**
**Original**