Group Personal Excess Liability Insurance Plan

EXHIBIT 10(O)


EXCESS LIABILITY INSURANCE PLAN


SUMMARY DESCRIPTION


The Walt Disney Company provides certain key employees with personal


liability insurance coverage up to five million dollars. Benefits supplement


each such employee's personal homeowner's and automobile liability insurance


coverage.


Attached hereto is a representative sample of the insurance policy provided


to a participant under the Excess Liability Insurance Plan.


EXHIBIT 10(o)


CNA FOR ALL THE COMMITMENTS YOU MAKE EXCESS LIABILITY POLICY DECLARATION


Policy Issued by COLUMBIA CASUALTY COMPANY Symbol Policy Number
CNA Insurance Companies GPE
CNA Plaza 157335834
Chicago, IL 60685 - ------------------------------------------------------------------------------------------------------------------------------------ Producer's Name and Seabury & Smith Producer Code Address 700 North Brand Boulevard, #1100 975-945824
Glendale, CA 91203-1238 - ------------------------------------------------------------------------------------------------------------------------------------ Named Insured The Chairman & Chief Executive Officer, President and Chief Operation Officer, Senior Vice Presidents
and above of Business Unit (a) reporting directly to the Chairman and President (b) All other
Executives of The Walt Disney Company and as per Endt. No. 1 (a-b) - ------------------------------------------------------------------------------------------------------------------------------------ Sponsoring Organization and The Walt Disney Company Address 500 South Buena Vista Street
Burbank, California 91521 - ------------------------------------------------------------------------------------------------------------------------------------ Policy Period From May 01, 1997 through May 01, 1999
12:01 a.m. Standard Time at the Address of the Sponsoring Organization as stated herein. - ------------------------------------------------------------------------------------------------------------------------------------


Limit of Liability $ See Endt. No. 2 Each Occurrence - ------------------------------------------------------------------------------------------------------------------------------------ Retained Limits $500.00 Each Occurrence - ------------------------------------------------------------------------------------------------------------------------------------ The Named Insured Agrees to Maintain during the term of the policy at least the following underlying coverages and minimum required underlying limits for the Automobile Liability (Cars or Recreational Vehicles) and Comprehensive Personal Liability. If exposure exists, the Named Insured further agrees to maintain at least the following underlying coverages and minimum Required Underlying Limits for Watercraft and Employers Liability. - ------------------------------------------------------------------------------------------------------------------------------------


EXPOSURES COVERAGES MINIMUM REQUIRED U/L LIMIT
------------------------------------------------------------------------------------------------------
Automobile (Cars and Bodily Injury $250,000 Per Person, $500,000 Per
Recreational Vehicles Property Damage Occurrence $50,000 Per Occurrence
except snowmobiles)
-----------------------------------------------------------------------------------------------------
-or- $300,000 Per Occurrence
Combined Single Limit ($325,000 in Texas)
------------------------------------------------------------------------------------------------------
Homeowners Combined Single Limit $100,000 Per Occurrence
Personal Liability (Required for all property
owned or rented)
------------------------------------------------------------------------------------------------------ Schedule of Required Watercraft Liability Bodily Injury/Property Damage $100,000 Per Occurrence Underlying Limits or Combined Single Limit
------------------------------------------------------------------------------------------------------
Employers Liability Combined Single Limit $100,000 Per Occurrence
------------------------------------------------------------------------------------------------------
Snowmobile Liability Bodily Injury $100,000 Per Person, $300,000 Per
Property Damage Occurrence $25,000 Per Occurrence
-------------------------------------------------------------------------
-or- $300,000 Per Occurrence
Combined Single Limit
------------------------------------------------------------------------------------------------------
UM/UIM (only Bodily Injury $250,000 Per Person, $500,000 Per
when coverage is Property Damage Occurrence $50,000 Per Occurrence
provided under this
policy) -------------------------------------------------------------------------
-or- $300,000 Per Occurrence
Combined Single Limit ($325,000 in Texas) - ------------------------------------------------------------------------------------------------------------------------------------ Premium $62,105.00 Advance Premium payable at inception - ------------------------------------------------------------------------------------------------------------------------------------ Endorsements Forming a part of this policy at inception. Endorsement No. 1-(a-b)5 - ------------------------------------------------------------------------------------------------------------------------------------


- ------------------------------------------------------------------------------------------------------------------------------------


Dated at New York, NY this 15 day of May, 1997


Countersigned by:
_________________________
Chairman of the Board


EXHIBIT 10(o)


EXCESS LIABILITY POLICY


- -------------------------------------------------------------------------------- INTRODUCTION - --------------------------------------------------------------------------------


Various provisions in this policy restrict coverage. Read the entire policy carefully to determine rights, duties and what is and is not covered.


Throughout this policy the words "you" and "your" refer to the "Named Insured" shown in the declarations. "Named Insured" means the person shown as the Named Insured in the Policy Declarations and that person's spouse, if he or she lives in the same household.


Wherever used in this policy, "we," "us" and "our" refer to the company providing this insurance.


- -------------------------------------------------------------------------------- INSURING AGREEMENT - --------------------------------------------------------------------------------


If the Sponsoring Organization pays the premium, and you and the Sponsoring Organization comply with policy terms, we agree with you as follows:


We will pay all sums, more fully defined by the term Net Loss, that the Insured becomes legally obligated to pay for Personal Injury or Property Damage in excess of the Required Underlying Limit or in excess of the Retained Limit, if applicable.


This insurance applies to Personal Injury and Property Damage only if: 1. The Personal Injury or Property Damage is caused by an Occurrence that
takes place in the Policy Territory; and


2. The Personal Injury or Property Damage occurs during the policy period.


- -------------------------------------------------------------------------------- WHAT WE DO NOT COVER - --------------------------------------------------------------------------------


We do not provide coverage for:


1. Personal Injury or Property Damage caused intentionally by any person.
This does not apply to:


(a) any act by an Insured while trying to prevent or eliminate danger in
the use of Cars or watercraft; or
(b) while trying to protect persons or property;


2. Personal Injury or Property Damage arising out of the ownership,
maintenance or use of any aircraft or hovercraft. This does not apply to:


(a) model airplanes of the hobby type which do not carry people or cargo.
(b) an aircraft chartered with crew by an Insured.


3. Personal Injury or Property Damage arising out of any watercraft you own,
rent or use, or is in your care custody or control if it is:


(a) powered by an inboard or inboard/outboard motor of more than 50
horsepower;
(b) a sailing vessel (with or without auxiliary power) 26 feet or more in
overall length;
(c) powered by any outboard motor(s), singly or in combination, of more
than 25 total horsepower.


This restriction does not apply to such watercraft if they are covered by required underlying liability Insurance. We will not pay for or defend any claims that are, or should be, covered under any kind of maritime statutes.


4. Personal Injury or Property Damage arising out of the use of any Car or
watercraft in any prearranged or organized race, speed contest, other
competition or practice. However, this exclusion does not apply to
sailboats.


EXHIBIT 10(o)


5. Personal Injury or Property damage resulting from any act or failure to act
by any Insured as a director or officer of any organization. This does not
apply to:


(a) positions in a non-profit organization for which the Insured does not
receive pay.
(b) coverage up to $1,000,000 aggregate limit of liability to the
Sponsoring Organization, and it's Insureds against loss arising from
any claim which is made against the Insureds and reported to the
Insurer during the policy term by reason of an ...