# Endorsement # 12

**This Endorsement, Effective 12:01 A.M.**
**MAY 21, 1999**
**Forms A Part Of**

**Policy Number:** BE 701 41 56
**Issued To:** International Business Machines Corporation
**By:** National Union Fire Insurance Company of Pittsburgh, PA.

## Non-Concurrency Endorsement

Whereas, the underlying policy (ies) listed in the schedule of underlying insurance including renewals or replacements hereof, are non- concurrent with the policy period hereunder, and

Whereas the insured has no knowledge of accidents or occurrences having taken place during the period(s) of the underlying policy (ies) listed in the schedule of underlying insurance to the inception of this excess policy.

Now therefore, in consideration of premium charged, in the event of reduction or exhaustion of the aggregate limit(s) of the underlying policy (ies) listed in the schedule of underlying insurance by reason of losses in respect of occurrences or accidents prior to the inception of this excess policy, it is agreed that such insurance as is afforded by this policy shall, subject to the terms and conditions of the underlying insurance:

(1) in the event of reduction apply in excess of the reduced underlying limit.
(2) in the event of exhaustion continue in force as underlying insurance.

Anything in this endorsement to the contrary notwithstanding this policy applies only to occurrences happening during the policy period.

ALL OTHER TERMS AND CONDITIONS OF THIS POLICY REMAIN UNCHANGED.

**Authorized Representative**
**Date**