# DECLARATIONS

## EXCESS LIABILITY POLICY

**Policy Number:** 7922-81-34
**Point of Number:** 4-65222

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

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

**Item 3: Policy Period**
- **From:** May 21, 1981
- **To:** May 21, 1982

**Item 4: Premium**
- **$7,000. (see end't #3)**
- **Premium Basis:** Flat
- **Premium:** $6,758. - U.S.
- **$242. - Canadian**
- **$7,000. - Tot. Premium**

**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.**
  - **5/21/81 to 5/21/82**
  - **$2,000,000. - each occurrence**
  - **$2,000,000. - annual aggregate (where applicable)**

- **Other UNDERLYING INSURANCE:**
  - **Various Companies**
  - **5/21/81 to 5/21/82**
  - **$38,000,000. - each occurrence**
  - **$38,000,000. - annual aggregate where applicable in excess of the First Underlying Insurance**

**Date:** May 12, 1981

**Witness Whereof:** the company issuing this policy has caused this policy to be signed by its authorized officers 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.

**Pacific Indemnity Company**
**Federal Insurance Company**
**Chubb & Son Inc., U.S. Manager**
**Sun Insurance Office Limited**

**Authorized Representative:**