# Declarations

## Excess Liability Policy

**Insured by the Stock Company checked below and hereinafter called the Company**

- The Home Insurance Company (Manchester, New Hampshire)
- City Insurance Company (Short Hills, New Jersey)
- The Home Indemnity Company (Manchester, New Hampshire)

**Item 1. Named Insured and Mailing Address (No. Street, Town or City, County, State, Zip Code)**

- International Business Machine Corp.
- Armonk, New York 10504

**Producer Name**
- Johnson & Higgins of New York Inc.

**Policy Period**
- From: 05-21-92
- To: 05-21-93
- 12:01 A.M. Standard Time at the address of the Named Insured

**Item 2. Policy Premium**
- $25,000.00
- Rate: Flat Charge
- $25,000.00

**Item 3. Limits of Liability**
- The Company's liability under this policy shall not exceed the following Limit:
  - 9.09 Percent of the ultimate Net Loss in excess of all underlying insurance but for no greater amount than:
    - $5,000,000. Each Occurrence
    - $5,000,000. Annual Aggregate as defined in the First Underlying Insurance Policy

**Item 4. Schedule of Underlying Insurance**
- **First Underlying Insurance Policy:**
  - Carrier: American Home Assurance Company
  - Policy No.: To Be Advised
  - Term: 05/21/92 to 05/21/93
  - Underlying Limit:
    - $25,000,000. Each Occurrence
    - $25,000,000. Annual Aggregate (where applicable)
- **Other Underlying Insurance:**
  - Various
  - Underlying Limit:
    - $35,000,000. Each Occurrence
    - $35,000,000. Annual Aggregate (where applicable)

**Subject to forms attached hereto (enter form number and edition dates):**
- H38529F; H35269F; H22300F - 1,2,3,4,5,6,7,8.

**Do Not Write In This Box**
- Countersigned at: New York, New York
- Issue Date: 05/21/92 sb
- Authorized Representative Signature
- Countersign Date

**H35268 F Rev. 5-91**
**INSURED'S COPY**