📄 Extracted Text (1,273 words)
Wells IntgolnsuninceServIcesUSA
330 Madinon Avenue:
7,11 I !nor
Now York. NY 100176001
Fax:
May 20, 2013
Mr. Leon D. Black
Apollo Management LP
9 West 57?' Street, 43'd Floor
New York, NY 10019
RE: The Black Collection
Fine Arts Insurance
Dear Leon:
Enclosed please find primary and excess insurance company documents in connection with the
May 8. 2013 renewal of your collection/fine arts program. Also attached are invoices representing
the annual premiums which total $724,250 plus S5,235 for the taxes and fees on Lloyds business.
Due to market conditions and recent catastrophic losses, there was an increase in premium of
approximately $24,000 over last year. Fortunately, we have kept the increase to a minimum. The past
several years, the rates remained unchanged with no premium increases.
Insurance is provided against the usual "all risks' terms and conditions with the territorial limits anywhere
in the world'. The basis of valuation in the event of a claim is your inventory/appraisal amounts or current
market value at the time of loss whichever the higher. The total amount of insurance is 51,600,000,000
which covers the exposure at 760 Park Avenue, New York. If you recall, we increased the limit last year
by $250,000,000 (previously $1,350,000,000). I attach herewith a synopsis of the placement.
Kindly review the Named Insureds and advise if they are correct. Also, Bank of America, N.A. is listed as
a loss payee. Copies of the primary and several excess renewal endorsements/policies have been
previously forwarded to the Bank per the attached.
I trust all will be found in order and look forward to discussing this matter with you.
JAH:vnm
End.
'There is a maximum of $300,000,000 worldwide coverage which includes transits and that part of
the collection located at your homes in Bedford and Southampton, New York and elsewhere.
Together we'll go far
Z121.1..txma
EFTA00607435
ENDORSEMENT
Date: May 1, 2013
Endorsement: Effective as of Anniversary Date: May 8, 2013
Attached to and Forming Part of Policy No:
Issued by: XL Specialty Insurance Company
For the Account of: Leon D. Black and Debra R. Black. etal
It is understood and agreed that the NAMED INSUREDS are hereby amended to read as follows:
Leon D. Black and Debra R. Black and/or Pent Holdings, Inc. and/or Narrows Holdings, LLC and/or
Narrows Holdings II, LLC
Black Family 1997 Trust (Debra R. Black, John J. Hannan, Richard Ressler, and Barry J. Cohen,
Trustees)
Black 2006 Family Trust (Leon D. Black, John J. Hannan and Richard Ressler, Trustees)
LDB 2011 LLC (Members: BEB 2011 Trust, JMB 2011 Trust, ASB 2011 Trust and VRB 2011 Trust.
Debra R. Black, John J. Hannan, Barry J. Cohen, as Trustees, and U.S. Trust Company of Delaware
as Administrative Trustee).
All other terms and conditions remain unchanged.
In Witness Whereof, the Company has caused this endorsement to be signed by a duly authorized
representative of the Company.
Auth presentaltv•
V. LS
FAIIGJ
Wells Fargo Insurance Services USA. Inc.
7
EFTA00607436
Premium Tax/Fee
$120,000 $2,194.50
$55,000 $2,280
$45,000 $760
$50,000 $5,235
$40,000
$36,000
$35,000
$42,500
$57,750
$18,000
$37,500
$37,500
$17,500
$35,000
$17,500
$60,000
$20,000
$724,250
EFTA00607437
FINE ARTS INSURANCE
Leon Black and Debra Black, etal.
May 8, 2013 to May 8, 2014
I
INSURANCE CO.'
LAYER POLICY # LEVITT
XL Specialty Insurance Co. S100,000,000
(Primary)
Chubb Group
$100,000,000
(1* Excess)
AXA Art Insurance Corp. $100,000,000
1
(tad Excess)
Travelers Property Casualty Co. of America
$100,000,000
(3ns Excess)
Chards Property Casualty Co. (AIG)
$100,000,000
(4* Excess)
Fireman's Fund Insurance Co. $I 00,000,000
(5* Excess)
AXA Art Insurance Corp.
$100,000,000
(6* Excess)
Bankers Standard Insurance Co.
$100,000,000
ACE Private Risk Services
(76 Excess)
Lloyds Underwriters, London (Lloyd & Partners)
$150,000,000
(8* Excess)
StarNet Insurance Company
$50,000,000
(9tb Excess)
Charts Property Casualty Co. (AIG)
$100,000,000
(I0th Excess)
XL Specialty Insurance Co. (program)
$100,000,000
(11* Excess)
Fireman's Fund Insurance Company $50,000,000
(12* Excess)
Atlantic Specialty (One Beacon) 5100,000,000
(13* Excess)
Page I of2
5/8/13
EFTA00607438
INSURANCE COJ
LAYER POLICY N LIMIT
Aspen American Insurance Co.
$50,000,000
(Amen Specialty — Marine Division)
(14 Excess)
Lloyds Underwriters, London (Lloyd & Partners)
$150,000,000
(15ib Excess)
Lloyds Underwriters, London (Lloyd & Partners) $50,000,000
(164 Excess)
$1,600,000,000
Paget of 2
5/8/13
EFTA00607439
FINE ARTS INSURANCE
Leon Black and Debra Black, etal.
May 8, 2013 to Mav 8, 2014
INSURANCE CO./ ANNUAL
LAYER LIMIT RATE PREMIUM
XL Specialty Insurance Co. $100,000,000 .12 $120,000
(Primary)
Chubb Group $100,000,000 .055 $55,000
(14 Excess)
AXA Art Insurance Corp. $100;000,000 .045 $45,000
(2e° Excess)
Travelers Property Casualty Co. of America $100,000,000 .05 $50,000
(3rd Excess)
Chartis Property Casualty Co. (AIG) $100,000,000 .04 $40,000
(4ie Excess)
Fireman's Fund Insurance Co. $100,000,000 .036 $36,000
(56 Excess)
AXA Art Insurance Corp.
$100,000,000 .035 $35,000
(6th Excess)
Bankers Standard Insurance Co.
$100,000,000 .0425 $42,500
ACE Private Risk Services
(711 Excess)
Lloyds Underwriters (Lloyd & Partners)
$150,000,000 - .0385 $57,500
(8'h Excess)
+2,194.50 Tax/Fee
StarNet Insurance Company
$50,000,000 .036 $18,000
(96 Excess)
Page I of 2
EFTA00607440
FINE ARTS INSURANCE
Leon Black and Debra Black, dal.
May 8, 2013 to May 8.2014
Chards Property Casualty Company $100,000,000 .0375 $37,500
(10th Excess)
XL Specialty Insurance Co. (program) $100,000,000 .0375 $37,500
(114 Excess)
Fireman's Fund Insurance Company $50,000,000 .035 $17,500
(12111Excess)
Atlantic Specialty (One Beacon) $100,000,000 .035
(13th Excess) $35,000
Aspen American Insurance Co. $50,000,000 .035 517,500
(Aspen Specialty — Marine Division)
(14' Excess)
Lloyds Underwriters (Lloyd & Partners)
(15' Excess)
$150,000,000 .04 $60,000
+2,280 Tax/Fee
Lloyds Underwriters (Lloyd & Partners)
$50,000,000 .04 $20,000
(16 Excess)
+760 Tax/Fee)
$1,600,000,000 $729,485
Page 2 of 2
EFTA00607441
FINE ARTS INSURANCE
Leon Black and Debra Black, etal.
May 8, 2013 to May 8, 2014
INSURANCE COJ
LAYER POLL y # LIMIT
XL Specialty Insurance Co. $100,000,000
(Primary)
Chubb Group $100,000,000
(1* Excess)
AXA Art Insurance Corp. $100,000,000
(2*3 Excess)
Travelers Property Casualty Co. of America $100,000,000
(3rd Excess)
Chartis Property Casualty Co. (MG) $100,000,000
(4* Excess)
ik
Fireman's Fund Insurance Co. $100,000,000
(5* Excess)
AXA Art Insurance Corp. $100,000,000
(6* Excess)
Bankers Standard Insurance Co. $100,000,000
ACE Private Risk Services
(7* Excess)
Lloyds Underwriters, London (Lloyd & Partners) $150,000,000
(8 Excess)
StarNet Insurance Company $50,000,000
(9i° Excess)
Chartis Property Casualty Co. (MG) $100,000,000
(10ib Excess)
XL Specialty Insurance Co. (program) $100,000,000
(II* Excess)
Fireman's Fund Insurance Company $50,000,000
(12* Excess)
Atlantic Specialty (One Beacon) $100,000,000
(13th Excess)
Page 1 of 2
518/13
EFTA00607442
••••••.(.64.
FINE ARTS INSURANCE
Leon Black and Debra Black, eta'.
May 8, 2013 to May 8, 2014
INSURANCE COJ ANNUAL
LAYER "LI Y # LIMIT RATE PREMIUM
XL Specialty Insurance Co. $100,000,000 .12 $120,000
(Primary)
Chubb Group $100,000,000 .055 $55,000
(1th Excess)
AXA Art Insurance Corp. $100,000,000 .045 $45,000
(2thl Excess)
Travelers Property Casualty Co. of America $100,000,000 .05 $50,000
(3s Excess) -
Chartis Property Casualty Co. (MG) $100,000,000 .04 $40,000
(46 Excess)
Fireman's Fund Insurance Co. $100,000,000 .036 $36,000
(5th Excess)
AXA Art Insurance Corp. $100,000,000 .035 $35,000
(6th Excess)
Bankers Standard Insurance Co. $100,000,000 .0425 $42,500
ACE Private Risk Services
(7th Excess)
Lloyds Underwriters (Lloyd & Partners) $150,000,000 .0385 $57,500
(8th Excess) +2,194.50 Tax/Fee
StarNet Insurance Company $50,000,000 .036 $18,000
(9th Excess)
Page I oft
EFTA00607443
FINE ARTS INSURANCE
Leon Black and Debra Black, etal.
May 8, 20 3 to May 8, 2014
Chartis Property Casualty Company $100,000,000 .0375 $37,500
(l0"' Excess)
XL Specialty Insurance Co. (program) $100,000,000 .0375 $37,500
(116 Excess)
Fireman's Fund Insurance Company $50,000,000 .035 $17,500
(It Excess)
Atlantic Specialty (One Beacon) $100,000,000 .035 $35,000
(131h Excess)
Aspen American Insurance Co. $50,000,000 .035 $17,500
(Aspen Specialty — Marine Division)
(14 Excess)
Lloyds Underwriters (Lloyd & Partners) $150,000,000 .04 $60,000
(I5"' Excess) +2,280 Tax/Fee
Lloyds Underwriters (Lloyd & Partners) $50,000,000 .04 $20,000
(16 Excess) +760 Tax/Fee)
S1,600,000,000 $729,485
Page 2 of 2
EFTA00607444
ℹ️ Document Details
SHA-256
05a78d6aa499df767a0c21fd3888393367daf278591f5854d7626040a67099ca
Bates Number
EFTA00607435
Dataset
DataSet-9
Document Type
document
Pages
10
Comments 0