# Excess Liability Policy

**Gibraltar Casualty Company**

A Delaware Corporation

**UNDERWRITING MANAGER**

Dryden & Company, Inc.

One Main Street, Chatham, New Jersey 07928

**DECLARATIONS**

Item 1. Insured's Name and Address:
International Business Machines Corp. (as per Underlying Insurance as indicated on Item 5 of this policy)
Armonk, New York

Item 2. Policy Period: From May 21, 1981 to May 21, 1982
(12:01 A.M. Standard Time at the address of the Insured as stated herein)

Item 3. Coverage/Limits of Liability:
This policy covers with respect to those coverages indicated below and shall apply only as a result of underlying limits and then only up to the amount of GIBRALTAR'S LIMITS OF LIABILITY.

**COVERAGE**
Excess Umbrella Liability
$40,000,000 each occurrence and annual aggregate where applicable, excess of various Underlying Primaries and/or Self-Insured Retentions

**UNDERLYING LIMITS**
GIBRALTAR'S LIMITS OF LIABILITY
$5,000,000, part of $1,000,000 each occurrence and annual aggregate where applicable, excess of UNDERLYING LIMIT

Item 4. Premium:
A) Deposit: $7,000.
B) Annual Minimum: $1,000.
Rate: —
Premium Basis: Flat Charge

Item 5. Schedule of Underlying Insurance:
Centennial Insurance Company Umbrella Liability Policy No. 462-01-86-23.
Endorsement Number(s) Attached: #1
April 14, 1981

Dryden & Company, Inc., Underwriting Manager
Eleanor McCarthy
Authorized Signatory

**ORIGINAL**