**TELEX 9142027**

**To:** Dick Michaels  
**From:** Tom Carroll  
**Date:** 6/23/86  
**Re:** IBM

**Binding As Follows: EFF. 5/21/86-87**

**Coverage: EXCESS Umbrella Liability**

**Form:** RETAINED - AMOUNT, 2 Policy Aggs., CLAIMS - MADE

**Layer:** 10 mil x's 80 mil

**Premium:** $85000

**Assigned Policy No.: 5528820**

**Comm:** 5 pt

**Retro Date:** 5/21/86

**Disc. Option:** 1 yr at 125 pt of existing premium

**Terms:** X-ERISA, X-CCC, X-ASBESTOS, X-POLLUTION (ABSOLUTE), X-ELD, X-PATENT INFRINGEMENT, X-PRODUCTS RECALL, X-DDI/EL, X-MICROBIAL MODELS/GROWING, X-DLQ, X-POSITIVE, X-DISCRIMINATION

**Follow Team:** Ads. Injury, Contingent, Foreign, Liquor, Incidental Medical Malpractice.

**Attach:** Joint Venture Exit, Unimpaired Agg End.

**Subject:** ① Signed Application  
② Work/Life Letter from Assured 5/21-6/23/86

**Note:** Premium Payable Within 15 Days