**125 Broad Street**
**New York, N.Y. 10004-2424**
**212 574 7000**

**Cable Address:** "KERODEN"
**Telex No.:** 6720134 JANHNY UW

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**JOHNSON & HIGGINS Established 1845**

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**January 24, 1992**

**Mr. Patrick J. Noone**
**Manager - Casualty Insurance**
**International Business Machines Corporation**
**2000 Purchase Street**
**Room 3H-08**
**Purchase, NY 10577**

**EXCESS LIABILITY COVERAGE**
**HOME INSURANCE COMPANY**
**POLICY NO.:** **HXLF269441**

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**Dear Pat:**

Enclosed is the captioned policy written for the term May 21, 1991 to May 21, 1992.

This policy represents the Home Insurance Company's Excess Liability participation of $25,000,000 each Occurrence/Aggregate where applicable, part of $55,000,000 each Occurrence/Aggregate where applicable, excess of $115,000,000 each Occurrence/Aggregate where applicable which in turn is excess of Primary Insurances or a self-insured retention.

Upon our review of the policy we noticed the following discrepancies:

- The Canadian Premium Allocation Endorsement was not included as part of the policy.
- An Endorsement was requested amending the Notice of Cancellation Provision to read 60 days in lieu of 30 days.

Pat, please note there were a few revisions between the current and expiring policies. The Omnibus Endorsement which clarifies the Insuring Agreement and the Maintenance of Underlying Insurance provisions, was added to the policy. The endorsement changes the policy to only recognize the exhaustion of underlying limits by the payment of claims.

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**A Partner in UNISON**