# DECLARATIONS

## EXCESS LIABILITY POLICY

**Prior Number:** (85)7922-81-34
**Producer Number:** 4-65222
**Policy Number:** (86)7922-81-34

**Issued by the stock insurance company indicated (by "x" below) herein called the company:**

- **X. FEDERAL INSURANCE COMPANY**
  - Incorporated under the laws of New Jersey

- **PACIFIC INDEMNITY COMPANY**
  - Incorporated under the laws of California

- **SUN INSURANCE OFFICE LIMITED**
  - Incorporated under the laws of England

**Item 1. Named Insured & Address**
- **International Business Machines Corporation, etal**
- **Armonk, New York 10504**

**Item 2. Producer's Name & Address**
- **Johnson & Higgins**
- **95 Wall Street**
- **New York, New York 10005**

**Item 3. Policy Period**
- **From:** 5/21/85
- **To:** 5/21/86
- **(12:01 A.M. standard time at the address of the Named Insured)**

**Item 4. Premium $ 22,500.-**
- **Premium Basis: Rate:**

**Item 5. Limit of Liability**
- The Company's Liability, under this policy, shall not exceed the greater of the following amounts:
  - A. 12.5% Percent of the LOSS in excess of all UNDERLYING INSURANCE nor for more than
  - B. $ 5,000,000. per occurrence or;
  - C. $ 5,000,000. Annual aggregate (as defined in the First UNDERLYING INSURANCE policy)

**Item 6. Schedule of UNDERLYING INSURANCE**

**First UNDERLYING INSURANCE policy:**
- **Centennial Ins. Co.**
- **Pol. # TBA**
- **5/21/85 to 5/21/86**
- **$2,000,000.- each occurrence**
- **$2,000,000.- annual aggregate (where applicable)**

**Other UNDERLYING INSURANCE:**
- **Various Companies**
- **5/21/85 to 5/21/86**
- **$58,000,000.- each occurrence**
- **$58,000,000.- annual aggregate where applicable in excess of the First Underlying Insurance**

**Date:** cr - 06/17/85
**0617.06**

In Witness Whereof, the company issuing this policy has caused this policy to be signed by its authorized officers or the authorized officers of its U.S. Manager, Chubb & Son Inc., but this policy shall not be valid unless also signed by a duly authorized representative of the company.

**CHUBB & SON INC., U.S. MANAGER of**
**PACIFIC INDEMNITY COMPANY**
**FEDERAL INSURANCE COMPANY**
**SUN INSURANCE OFFICE LIMITED**

**Form 07-02-290 (Ed. 8-76)**