# American Excess Insurance Company Endorsement

**ENDORSEMENT**

**ISSUED BY**

**American Excess Insurance Company**

*Wilmington, Delaware*
*One Liberty Plaza - 91 Liberty Street*
*New York, N.Y. 10006*

**TO:**
**JOHNSON AND HIGGINS**
*95 Wall Street*
*New York, New York 10006*
**ATTENTION:** Mr Richard Michel V.P.

**INTERNATIONAL BUSINESS MACHINES**
*(HEREIN CALLED THE INSURED)*
**EUL-5079620**
**5/21/80**
**Endorsement Number**
**FROM 5/21/80 TO 5/21/81**
**CERTIFICATE PERIOD**

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**NEW YORK STATE AMENDATORY ENDORSEMENT**

It is hereby understood and agreed that, notwithstanding anything in this Certificate to the contrary, with respect to such insurance as is afforded by this Certificate, the terms of this Certificate as respects coverage for operations in the State of New York shall conform to the coverage requirements of the applicable insurance laws of the State of New York or the applicable regulations of the New York Insurance Department; provided, however, that the Company's limit of liability as stated in this Certificate shall be excess of the limits of liability of any underlying insurance or self-insurance as stated in the Declarations or in any endorsement attached hereto.

It is further understood and agreed that, notwithstanding anything in this Certificate to the contrary, with respect to such insurance as is afforded by this Certificate for operations in the State of New York, the words in Insuring Agreement I... "hereby indemnifies the Insured against ultimate net loss"... are deleted and replaced by... "will pay on behalf of the Insured the ultimate net loss".

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**Nothing herein contained shall alter, vary or extend any provision or condition of the Certificate to which this endorsement is attached other than as above stated.**

**D-1048 (8/4)**

**5/30/80 /ek**
**DATE**

**ORIGINAL COPY**

**Countersigned by Robert E.**
**AUTHORIZED REPRESENTATIVE**