**July 28, 1980**

**Mr. Dennis Busti**
**Executive Vice President**
**American Home Assurance Company**
**70 Pine Street**
**New York, New York 10005**

Dear Dennis:

**INTERNATIONAL BUSINESS MACHINES CORPORATION**
**EXCESS UMBRELLA LIABILITY**
**POLICY #9910310**
**EFFECTIVE: MAY 21, 1980 TO MAY 21, 1981**

I am in receipt of the captioned policy issued by the National Union which represents excess coverage for IBM at various layers of liability excluding Canada. The Canadian layers are to be written under an American Home policy which has not as yet been received in my office.

Upon reviewing the captioned, I noted several errors. The first and probably most important is that the contract issued is missing a layer in which you write $2,000,000 part of $45,000,000 excess of $130,000,000. This would result in a total additional U.S. premium of $200,766 and not $198,832.50 as presently shown on your policy. Of course, the total limit of liability provided under the policy would then read $30,000,000 and not $28,000,000.

In addition to the above, the named insured is incorrect. Certain joint ventures are missing and I ask that you refer to the renewal