# Liberty Mutual Insurance Company

**Home Office: Boston**

**(A Mutual Insurance Company, Herein Called the Company)**

**Policy No. RK1-300-007504-014 TD92**

for itself, severally and not jointly and in the proportionate share hereinafter set forth, agrees with the insured named below in consideration of the payment of the premium and, except as herein provided, subject to all the terms and conditions of Policy No. RBU 9972884 issued by Continental Casualty Company, Chicago, Illinois 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." 590 Madison Avenue, New York, New York

**COVERAGE:** Excess Umbrella - excluding Errors & Omissions

**EXCEPTIONS:**

(1) **Policy Period:** From May 26, 1964 to May 21, 1967 12:01 A.M. Standard Time at New York, New York.

(2) **Loss Payable:** Liability under this policy with respect to any occurrence shall not attach unless and until the Insured, the Insured's underlying primary insurers and the Insured's underlying excess or umbrella insurers shall have paid on account of such occurrence the full amount of the "retained limit" as hereinafter defined.

"Retained limit" means (a) as respects aircraft liability the total sum of Eighty Million Two Hundred Thousand Dollars ($80,200,000) plus the underlying limits as defined in Policy No. RBU 9972884 and (b) as respects hazards other than aircraft liability Eighty-five Million Two Hundred Thousand Dollars ($85,200,000) plus the underlying limits as defined in Policy No. RBU 9972884.

(3) **Proportionate Share:** One hundred percent (100%) share of the next Two Million Dollars ($2,000,000) layer of ultimate net loss in excess of the retained limit.