# Declarations

## Excess Liability Policy

**Insured by the Stock Company checked below and hereinafter called the Company**

- The Home Insurance Company (Manchester, New Hampshire)
- City Insurance Company (Short Hills, New Jersey)
- The Home Indemnity Company (Manchester, New Hampshire)
- The Home Insurance Company of Indiana (Indianapolis, Indiana)

**Item 1. Named Insured and Mailing Address (No. Street, Town or City, County, State, Zip Code)**

- **International Business Machine Corp.**
  - Corporate Headquarters: Armonk, N.Y. 10504

**Producer Name:** Johnson & Higgins

**Policy Period**
- From (Mo-Day-Yr): 5-21-94
- To (Mo-Day-Yr): 5-21-95
- 12:01 A.M. Standard Time at the address of the Named Insured

**Item 2. Policy Premium**
- $ 21,500.00
- Policy Minimum Premium: $ 5,375.00
- Flat Charge: $ 21,500.00

**Item 3. Limits of Liability**
- The Company's liability under this policy shall not exceed the following Limit:
  - 9.09 Percent of the ultimate Net Loss in excess of all underlying insurance but for no greater amount than:
    - $ 5,000,000. Each Occurrence
    - $ 5,000,000. Annual Aggregate as defined in the First Underlying Insurance Policy

**Item 4. Schedule of Underlying Insurance**
- **First Underlying Insurance Policy:**
  - Carrier, Policy No., and Term: National Union
  - To Be Advised: 5-21-94 to 5-21-95
  - Underlying Limit: $ 25,000,000. Each Occurrence
  - Underlying Limit: $ 25,000,000. Annual Aggregate (where applicable)
- **Other Underlying Insurance:**
  - Various
  - Underlying Limit: $ 35,000,000. Each Occurrence
  - Underlying Limit: $ 35,000,000. Annual Aggregate (where applicable)

**Subject to forms attached hereto (enter form number and edition dates)**
- H35269F, H38529F, H22300FH, 1,2,3,4,5,6,7.

**Do Not Write In This Box**
- Countersigned at: New York, N.Y.
- Issue Date: 6-8-94 ajm
- Authorized Representative Signature
- Countersign Date:

**INSURED'S COPY**