# Declarations

## Excess Liability Policy

**Policy Number:** HXL-F 86 48 37

**Insured by the Stock Company checked below and hereinafter called the Company**

- The Home Insurance Company (Manchester, New Hampshire)
- City Insurance Company (Short Hills, New Jersey)
- The Home Indemnity Company (Manchester, New Hampshire)
- The Home Insurance Company of Indiana (Indianapolis, Indiana)

**Item 1. Named Insured and Mailing Address (No. Street, Town or City, County, State, Zip Code)**

- **Producer Name:** Johnson & Higgins of New York Inc.
- **International Business Machine Corp.**
- **Armonk, New York 10504**

**Item 2. Policy Premium**

- **Policy Period:** From (Mo.-Day-Yr): 05-21-92 To (Mo.-Day-Yr): 05-21-93
- **Policy Minimum Premium:** $12,500.00
- **Policy Premium:** $50,000.00
- **Rate:** Flat Charge: $50,000.00
- **1st Anniversary:** $---
- **2nd Anniversary:** $---

**Item 3. Limits of Liability**

- The Company's liability under this policy shall not exceed the following Limit:
  - 50 Percent of the ultimate Net Loss in excess of all underlying insurance but for no greater amount than:
    - Each Occurrence: $25,000,000.
    - Annual Aggregate as defined in the First Underlying Insurance Policy: $25,000,000.

**Item 4. Schedule of Underlying Insurance**

- **First Underlying Insurance Policy:**
  - **Carrier, Policy No., and Term:** American Home Assurance Company To Be Advised
  - **Underlying Limit:** $25,000,000. Each Occurrence
  - **Annual Aggregate (where applicable):** $25,000,000.
- **Other Underlying Insurance:**
  - **Underlying Limit:** $120,000,000. Each Occurrence
  - **Annual Aggregate (where applicable):** $120,000,000.

**Subject to forms attached hereto (enter form number and edition dates):**
- H38529F; H35269F; H22300F - 1,2,3,4,5,6,7,8.

**Do Not Write In This Box**

- **Countersigned at:** New York, New York
- **Issue Date:** 05/21/92 sb
- **Authorized Representative:** [Signature]
- **Countersign Date:** [Signature]

**INSURED'S COPY**