# Excess Liability Policy

**Gibraltar Casualty Company**

A Delaware Corporation
UNDERWRITING MANAGER
Dryden & Company, Inc.
One Main Street, Chatham, New Jersey 07928

**New**
Stewart Smith Bar, Inc.
c/o Robinson & Higgins, Accountants
114 Joan Street
New York, New York 10032

**DECLARATIONS**

International Business Machines (as per underlying insurance, as described in Item 5 of this policy)
Armonk,
New York 10504

**Policy Period: From May 21, 1979 To May 21, 1980**

**Item 3. Coverage Limits and Limits of Liability**

This policy covers with respect to all risks insurable under the terms and conditions of the underlying primary and/or self-insured retentions.

**COVERAGE**
**UNDERLYING LIMITS**
**GIBRALTAR'S LIMITS OF LIABILITY**

Excess Umbrella Liability
$40,000,000 each occurrence and annual aggregate where applicable excess of various Underlying Primaries and/or Self-Insured Retentions.
$5,000,000 part of $40,000,000 each occurrence and annual aggregate where applicable excess of Underlying Limits.

**Item 4. Premium:** $8,750.
A Deposit: $8,750.
B Annual Charge:

Rate:
Premium Basis: Flat Charge

**Item 6. Schedule of Underlying Insurance**
Centennial Insurance Company Umbrella Liability Policy No., to be determined.

**Dryden & Company, Inc., Underwriting Manager**

**May 11, 1979**

**Date**