# 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., ETAL (AS PER FIRST UNDERLYING INSURANCE)**
- **Old Orchard Road**
- **Armonk, NY 10504**

## Producer's Name & Address
- **Johnson & Higgins**
- **125 Broad Street**
- **New York, NY 10004**

## Policy Number
- **(96) 7908-98-97**
- Issued by the stock insurance company indicated below, herein called the company.

## Item 2: Policy Period
- **From: 05/21/95 To: 05/21/96**
- **12:01 A.M. standard time at the address of the insured as stated.**

## Item 3: Premium
- **$10,938.00**
- **Premium Basis Rate:** Per:

## Item 4: Limits of Liability
- **$5,000,000. Each Occurrence**
- **$5,000,000. Aggregate in excess of**
- **$115,000,000. Each Occurrence**
- **$115,000,000. Aggregate**

## Item 5: Scheduled Underlying Insurance
a. **First Underlying Insurance**
   - **Company:** NATIONAL UNION
   - **Policy No.: BE309-7770**
   - **From/To:** 05/21/95 05/21/96
   - **Claims Made:** NO
   - **Retroactive Date:**
   - **Limits:**
     - **Of Liability:** $25,000,000. Each
     - **Occurrence:** $25,000,000.
     - **Aggregate:** $25,000,000.

b. **Other Underlying Insurance**
   - **Company:** FEDERAL INS. CO.
   - **Policy No.: 7966-56-84**
   - **From/To:** 05/21/95 05/21/96
   - **Claims Made:** NO
   - **Retroactive Date:**
   - **Limits:**
     - **Of Liability:** $5,000,000. Each
     - **Occurrence:** $5,000,000.
     - **Aggregate:** $5,000,000.

## In Witness Whereof, 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**

**President:**
**Secretary:**
**Authorized Representative:**

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