**American Home Assurance Co.**

**48-million**

The Company issuing this policy is indicated by an "X" in the box below.

- AMERICAN HOME ASSURANCE
- THE INSURANCE COMPANY OF THE STATE

(A Stock Insurance Company, herein called)

POLICY NO CE - 26919229
R/N CE 14

The Company agrees with the Insured named below, in consideration of the premium paid and subject to all the terms and conditions set forth below that the insurance afforded by this policy shall follow all the terms and conditions of Policy Number HCL 5h 14 issued by The United States Fire Insurance Co., including all renewals and rewrites thereof.

**NAMED INSURED:** International Business Machines Corporation (See Endorsement 1)

**ADDRESS:** Armonk, New York 10504

**POLICY PERIOD:** July 1, 1971 - July 1, 1972
1:01 p.m. Standard Time at the address of the above Named Insured.

**COVERAGE:** Excess following Form Umbrella Liability

**LIMIT OF LIABILITY:** $3,000,000 excess of $2,000,000.

**PREMIUM:** $1,000.00 annual

**RATE:** 

IN WITNESS WHEREOF, the Company has caused this policy to be signed by its President and Secretary at New York, New York and countersigned by a duly authorized representative of the Company.

**Marcelle Weilman**
J. S. Bollinger & Co.
20 Vesey Street
New York, New York 1000

Countersigned by:
**Chimene A. Weilman**
President

**Patrick J. Foley**
Authorized Representative

Form 2361 (4-68)