# Johnson & Higgins

Established 1845

**Insurance Brokers - Average Adjusters**
**Actuaries - Employee Benefit Plan Consultants**

CABLE ADDRESS "KERODEN NEW YORK"
TELEX NO. 420007

95 WALL ST., NEW YORK, N.Y. 10005
TEL 701-7500 AREA CODE 212

November 5, 1985

Mr. Richard Faron
Insurance Department
International Business Machines Corporation
Armonk, New York 10504

Dear Dick:

EXCESS UMBRELLA LIABILITY
POLICY #5220518472
EFFECTIVE: MAY 21, 1985 TO MAY 21, 1986

In accordance with our previous Advice of Insurance, enclosed is the captioned renewal policy in duplicate as issued by the North River Insurance Company for a limit of liability of $4,500,000 part of $20,000,000 excess of $40,000,000 which I trust you will find in order. Our invoices, totalling $24,750 were previously forwarded to you.

We have reviewed the contract and note that the premium was not broken down between your United States and Canadian exposures. In addition, the Aircraft Products Liability Exclusion Endorsement is more restrictive than the one we agreed to and we have asked the underwriter to issue endorsements correcting the premium breakdown as well as amending the Aircraft Products Exclusion.

I trust you will find the enclosed in order, and ask that you contact us, should you have any questions.

Very truly yours,

Richard T. Michel
Vice President

RTM3/ml
enc.