**Johnson & Higgins**
95 Wall Street
New York, N.Y. 10005
212 701 7500

Cable Address: "Keroden"
Telephone: 422398

Established 1845

March 25, 1986

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

Dear Dick:

EXCESS UMBRELLA LIABILITY POLICY #UW3419800
EFFECTIVE: MAY 21, 1985 TO MAY 21, 1986

Supplementing our previous correspondence, I am enclosing the captioned policy issued through the London market and covered by various London insurance companies as indicated on the contract. The [redacted] is for a premium of $25,500 for which you were previously invoiced.

We have reviewed the enclosed and find it to be in order. Please give us a call should you have any questions.

Very truly yours,

Richard T. Michel
Vice President

RTM2/dls

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