# CERTIFICATE OF
EXCESS UMBRELLA LIABILITY CONTRACT

**MICHIGAN MUTUAL LIABILITY COMPANY**
Detroit, Michigan

AGREES WITH THE INSURED named below in consideration of the payment of premium and, except as herein modified, to afford excess umbrella liability coverage in accordance with the insuring agreements, definitions, exclusions and conditions of Policy No. RDU-9972884, issued by CONTINENTAL CASUALTY COMPANY, and Policy No. CE-350011, issued by AMERICAN HOME INSURANCE COMPANY, to:

**INSURED:** International Business Machines Corporation, I.B.M. World Trade Corp., The Service Bureau Corp., and any other subsidiary or affiliated corporation of each provided such other subsidiary or affiliated corporation warrants that it is under the same operative and financial control through the identity of its officers, directors or stockholders.

**POLICY PERIOD:** June 24, 1964 to May 21, 1967

**COVERAGE:** Excess Umbrella Liability

**EXCEPTIONS:** This insurance does not apply:
1. To liability arising out of the ownership, operation, maintenance or use of any aircraft as defined in the policy, wherever situated;
2. To liability arising out of errors and omissions of the insured as excluded by the policy.

**PROPORTION OF RISK INSURED:** $2,000,000 excess of $90,700,000 each occurrence which in turn is excess of primary and self-insured retention.

**PREMIUM:** $2,000 flat charge.

**MUTUAL PROVISIONS:** This contract is non-assessable. The named insured is a member of the company and shall participate, to the extent