**JOHNSON & HIGGINS**
Established 1845

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

CABLE ADDRESS "KRODEN"
TELENO 428006

January 4, 1974

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

Dear Dolores:

**EXCESS UMBRELLA LIABILITY**
**POLICY #JU0029**
**WRITTEN WITH UNITED STATES FIRE INSURANCE COMPANY**
**EFFECTIVE - MAY 21, 1973 TO MAY 21, 1976**

We are pleased to enclose the captioned policy written for $20,000,000 part of $50,000,000 excess of $100,000,000 which we trust you will find in good order. We are not forwarding our invoices at this time inasmuch as they were previously sent to you on August 29, 1973.

We have reviewed the policy and find it to be in good order and we trust you will concur. You will note that the annual aggregate applies to the Products and Occupational Diseases only.

Kindly contact us should you have any questions.

Very truly yours,

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

fc
encl.