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AIG LEX BSN
6-24-86
TO: DICK MICHAELS
FROM: TOM CIARDELLO
RE: IBM

BINDING AS FOLLOWS:
EFF.: 5-21-87
COVERAGE: EXCESS UMBRELLA LIABILITY
FORM: RETAINED-AMOUNT 2 POLICY AGGS, CLAIMS-MADE
LAYER: 10 MIL XS 80 MIL
PREMIUM: $5,000
ASSIGNED POLICY NO.: 5528820
CONN: 5 PCT.
RETRO DATE: 5-21-86
DISC. OPTION: 1 YR AT 125 PCT OF EXPIRING PREMIUM
TERMS: X-ERISA, X-CCC, X-ABESTOS, X-POLLUTION (ABSOLUTE)
X-E+O, X-AIRCRAFT PRODS/GROUNDING, X-D+O, X-PUNITIVE,
X-DISCRIMINATION
FOLLOW FORM: PERS., INJURY, CONTRACTUAL, FOREIGN, LIQUOR, INCIDENTAL MEDICAL MALPRACTICE
ATTACH: JOINT VENTURE ENDT., UNIMPAIRED AGG ENDT.
SUBJECT: 1 - SIGNED APPLICATION
2 - WKNRL LETTER FROM ASSURED 5/21-6/23/86
NOTE: PREMIUM PAYABLE WITHIN 15 DAYS.
REGARDS
JR
420027A KERODEN
AIG LEX BSN