**Johnson & Higgins**

Established 1845

**Insurance Brokers - Average Adjusters**
**Actuaries - Employee Benefit Plan Consultants**

CABLE ADDRESS "KERODEN NEW YORK"
TELEX NO. 420027

95 WALL ST., NEW YORK, N.Y. 10005
TEL 701-7500 AREA CODE 212

June 6, 1985

Mr. Richard Faron
Insurance Department
International Business Machines Corporation
Armonk, New York 10504

Dear Dick:

EXCESS UMBRELLA LIABILITY INSURANCE

Attached is our Advice of Insurance indicating that an Excess Umbrella Liability policy has been placed with the Federal Insurance Company for a limit of $10,000,000 each occurrence/aggregate where applicable part of $50,000,000 excess of $100,000,000 per occurrence/aggregate where applicable at an annual premium of $20,000.

The policy will contain an **[redacted]** as well as a Satellite Launching Evaluation, the wording of which is yet to be determined.

I trust you find the attached in order and ask that you contact me should you have any questions.

Very truly yours,

Richard T. Michel
Vice President

RTM16/dls