# DECLARATIONS COMMERCIAL EXCESS LIABILITY POLICY

**Chubb Group of Insurance Companies**
15 Mountain View Road, Warren, N.J. 07060

## Item 1 Named Insured & Address
- **International Business Machines Corp., et al.**
  - **Address:** Old Orchard Road, Armonk, NY 10504

## Item 2 Policy Period
- **From:** 05/21/94
- **To:** 05/21/95

## Item 3 Premium
- **Basis Rate:** $64,500.00
- **Per:** $15,000,000. Each Occurrence $15,000,000. Aggregate

## Item 4 Limits of Liability
- **Each Occurrence:** $15,000,000.
- **Aggregate:** $15,000,000.

## Item 5 Scheduled Underlying Insurance
a. **First Underlying Insurance**
   - **Company:** National Union
   - **Policy No.:** TBA
   - **From/To:** 05/21/94 to 05/21/95
   - **Claims Made:** No
   - **Retroactive Date:** None
   - **Limits:**
     - **Of Liability:** $25,000,000. Each Occurrence
     - **Aggregate:** $25,000,000.

b. **Other Underlying Insurance**
   - **Company:** Aetna
   - **Policy No.:** TBA
   - **From/To:** 05/21/94 to 05/21/95
   - **Claims Made:** No
   - **Retroactive Date:** None
   - **Limits:**
     - **Of Liability:** $10,000,000. Each Occurrence
     - **Aggregate:** $10,000,000.

## Witness
The company issuing this policy has caused this policy to be signed by its authorized officers, or 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.

**FEDERAL INSURANCE COMPANY**

**Date:** May 26, 1994
**President:** [Signature]
**Secretary:** [Signature]
**Authorized Representative:** [Signature]

**Form:** 07-02-0575-U (Rev. 11-86)
**INSURED**