# EXCESS LIABILITY POLICY

**HEC - 9693946**

**CITY INSURANCE COMPANY**
Short Hills, New Jersey

**ITEM 1. Insured's Name and Mailing Address**
- **International Business Machines Corp., etal (See Endt. No. 1)**
- **Armonk, N.Y. 10504**
- **Johnson & Higgins**
- **95 Wall Street**
- **New York, N.Y. 10005**

**Producer**
- **50138**
- **081**
- **N.Y.**

**5/21/78** **5/21/79**
- **Inception (Mo. Day Yr.)**
- **Expiration (Mo. Day Yr.)**
- **12:01 A.M. Standard Time at the address of the Named Insured as stated herein**

**ITEM 2. PRIMARY OR UNDERLYING INSURANCE — DESCRIPTION OF COVERAGE**
- **$40,000,000.00 Umbrella Liability, Bodily Injury, Property Damage, or both combined Each Occurrence and in the Aggregate where applicable, as more fully described by American Guarantee & Liability Ins. Co. Policy No. (To Be Advised) in turn excess of Underlying Insurances as per Schedule on file with the Company.**

**268**

**ITEM 3. EXCESS COVERAGE AFFORDED BY THIS POLICY**
- **$10,000,000.00 P/O $40,000,000.00 Bodily Injury, Property Damage or both combined Each Occurrence and in the Aggregate where applicable, following the Terms, Conditions, Exclusions and Limitations of American Guarantee & Liability Ins. Co. Policy No. (To Be Advised) Excess of the Limits set forth in Item No. 2 above.**

**ITEM 4. PREMIUM**
- **$19,200.00**

**In Witness Whereof, the said CITY INSURANCE COMPANY, Short Hills, New Jersey, has caused these Presents to be signed by its President, attested by its Secretary at its Executive Office located in the City of New York, and this policy is made and accepted upon the above conditions, but shall not be valid unless countersigned by a duly Authorized Representative of the Company at place of issue.**

**Secretary:** [Signature]
**R. H. Tullo, Jr. President:** [Signature]

**COUNTERSIGNED BY (AUTHORIZED REPRESENTATIVE):**
- **Vice President:** [Signature]
- **DATE:** 6/9/78

**H31136F**