📄 Extracted Text (105 words)
ART INSURANCE PREMIUMS
Per Jeffrey Haber, insurance purchased every year is not bought on the based of most
recent appraisal or historical call but on Leon's estimate of the current value which he
interpolates from the most recent appraisal and his market knowledge. Every May Leon
indicates to Jeffrey how much insurance he wants to purchase. I prorate the bill between
Leon & Debra and the various Trusts by applying the cost per million of the annual
insurance to the estimated value of the works held by the trusts. Annually, the trusts
reimburse Leon for their share of the insurance based on that calculation.
EFTA01084362
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EFTA01084362
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