**Johnson & Higgins**
Established 1815

**INSURANCE BROKERS - AVERAGE ADJUSTERS**
**EMPLOYEE BENEFIT PLAN CONSULTANTS**

CABLE ADDRESS "HEROEN"
TELEX NO. 438069

98 WALL ST., NEW YORK N.Y. 10005
TEL: 644-3000 · AREA CODE 212

**July 16, 1973**

**Miss Dolores Warnecke**
**Insurance Department**
**International Business Machines Corporation**
**Armonk, New York 10504**

Dear Dolores:

**EXCESS UMBRELLA LIABILITY**
**POLICY #01XN406WCA**
**AETNA CASUALTY & SURETY COMPANY**

Attached please find an endorsement to be added to the captioned policy clarifying the limits of liability as appear on the Declaration Page of the policy.

You will note that that words "where applicable" have been inserted after the annual aggregate. This clearly indicates that the aggregate applies to the products exposure only inasmuch as the policy follows the terms, conditions and exclusions of the controlling insurance. Without the additional wording, the aggregate could be construed to apply on an annual basis to all types of occurrences.

We trust you will find the attachment in order and ask that you contact us, should you have any questions.

Very truly yours,

**Richard T. Michel**
**Casualty Department**

mp