# Declarations - Excess Umbrella Policy

**Renewal of No.:** NEW
**Policy Number:** SCU 955-157

**Item 1. Named Insured:** INTERNATIONAL BUSINESS MACHINES CORPORATION
**Item 2. Address:** Armonk, New York 10504
**Item 3. Policy Period:** From: May 21, 1979 To: May 21, 1980 12:01 A.M. Standard Time at the address of the Named Insured as stated herein
**Item 4. Coverage:** Excess Umbrella Liability
**Item 5. Limits of Liability:** $10,000,000. part of $50,000,000. excess of $80,000,000. excess of primary
**Item 6. Premium:** Advance $13,000 Annual Minimum: $13,000. Rate: Flat
**Item 7. Schedule of Underlying Insurance:** As per Form TV 9812 Attached.

When used as a premium basis:
1. "admissions" means the total number of persons, other than employees of the named insured, admitted to the event insured or to events conducted on the premises, whether on paid admission tickets, complimentary tickets or passes;
2. "cost" means the total cost to the named insured with respect to operations performed for the named insured during the policy period by independent contractors of all work let or sub-let in connection with each specific project, including the cost of all labor, materials and equipment furnished, used or consumed for use in the execution of such work, whether furnished by the owner, contractor or subcontractor, including all fees, allowances, bonuses or commissions made to such persons;
3. "receipts" means the gross amount of money charged by the named insured for such operations by the named insured or by others during the policy period as are rated on a receipts basis other than receipts from telecasting, broadcasting or motion pictures, and includes taxes, other than taxes which the named insured collects as a separate item and remits directly to a governmental division;
4. "remuneration" means the total amount of money paid under the policy, divided by proprietors and by all employees of the named insured, other than sufficient (except in the case of mobile equipment) and aircraft pilots and co-pilots, subject to any overtime earnings or limitation of remuneration applicable in accordance with the manuals in use by the company;
5. "sales" means the gross amount of money charged by the named insured or by others trading under his name for all goods and products sold or supplied during the policy period and charged during the policy period for installation, servicing or repair, less taxes, other than taxes which the named insured and such others collect as a separate item and remit directly to a governmental division.

**Countersignature Date:** June 29, 1979
**Authorized Representative:** [Signature]
**MCC:** TV 9810