EFTA01899858.pdf

330 Madison Avenue Seventh Floor WELLS New York, NY 10017 FARGO 211682.7500 Main 212.682.1043 Fax 800.982.2125 Toll free wolfs Fargo Insurance Services of New York.Inc. May 26, 2010 Mr. Leon Black Apollo Management LP 9 West 57th Street, 43fd Floor New York. NY 10009 RE: The Slack Collection Fine Arts Insurance Dear Leon: Enclosed please find primary and excess insurance company documents in connection with the May 8, 2010 renewal of your collecfiontfine arts program. Also attached are invoices representing the annual premiums totaling 5478.500 pTusSI.V5 taxes and fees on Lloyds business. 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 insitrarceisS1.43430.00,9,1300 , and I attach herewith a synopsis of the placement. Please 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 first excess renewal endorsements have been forwarded to the Bank per the attached. I trust all will be found in order and look forward to discussing this matter with you. Jeffrey JAH:vnm End. EFTA_R1_00328185 EFTA01899858  FINE ARTS INSURANCE Leon Black and Debra Black, etal. May 8, 2010 to May 8, 2011 INSURANCE CO./ ANNUAL LAYER LIMIT RATE PREMIUM XL Specialty Insurance Co. $100,000,000 .11 $1 10,000 (Primary) Chubb Group $100,000,000 .055 $55,000 (1" Excess) AXA Art Insurance Corp. $100,000,000 .045 S45,000 (2n° Excess) Travelers Insurance Co. $100,000,000 .045 $45,000 (31d Excess) Chartis Property Casualty Co. (MG) $100,000,000 .04 $40,000 (4th Excess) Fireman's Fund Insurance Co. $100,000,000 .036 $36,000 (5th Excess) Lloyds Underwriters $50,000,000 .035 $17,500 (6°' Excess) AXA Art Insurance Corp. $100,000,000 .035 $35,000 (7th Excess) Bankers Standard Insurance Co. 5100,000,000 .04 $40,000 ACE Private Risk Services (8thExcess) XL Specialty (Non-program) $50,000,000 .04 $20,000 9°i Excess) ELloyds Underwriters $100,000,000 .035 $35,000 (10th Excess_ Total: Annual: 51,000,000,000 5478,500 May 8, 2010 EFTA_R1_00328186 EFTA01899859  Wells Forgo Insurance Services WELLS cf New York,!no. 330 Madison Avenue FARGO yth neer New York, NY 10017-soel Business: 212 682 vsoo Fax:21:6821043 wellsfarno.com/wris M411,3011 Mr. Leon D. Black Aoollo Management LP 9 West 5t Street, 43re Floor New York, NY 10009 RE: The Black Collect/on Fine Arts Insurance Dear Leon: Enclosed please find primary and excess insurance company May 8, 2011 renewal of your collection/fine arts progra documents in connection with the m. Also attached are invoices representing the annual premiums totaling S6064100 plus S1,99.5 taxes and fees on Lloyds business. 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 daim is your inventory/appraisal amounts or market value at the time of loss whichever the higher current . The total amount of insurance is 61.350,000,000 and I attach herewith a synopsis of the placement. Please review the Named Insureds and advise if they are correct. Also, Bank of America, N.A. is fisted a loss payee. Copies of the primary and some as excess renewal endorsements have been forwar the Bank per the attached. ded to I trust all will be found in order and look forwar d to discussing this matter with you. N \ Sincerely, , JEtffreyflt.aber JAH:vnm Encl. Together we'll go far EFTA_R1_00328187 EFTA01899860  WellsFargoInsure:bee Services USA,Inc. 330 Madison Avenue WELLS Floor INSURANCE New York. NY 10017-5001 FARGO Tat 212 6627500 Far 212 662 1/043 wfis.welisfargoeorn May 7, 2012 Mr. Leon D. Black Apollo Management LP 9 West 571" Street. 4361 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, 2012 renewal of your collection/fine arts program. Also attached are invoices representing the annual premiums totaling$606,000 0401,995 taxesend fees on Lloyds business. 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 Willateeenatab cover the exposure at 760 Park Avenue, New York. I attach herewith a synopsis of the placement. Please 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 some excess renewal endorsements have been 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 would include transits and that part of the collection located at your homes in Bedford and Southampton, New York. Together we'll go far II NlietAllOMIKI. Line 2 lietelfied An.. EFTA_R1_00328188 EFTA01899861  WellsFargo IneuranceSeivicee USA, lac. 330 Madison Avenue 7th Floor WELLS INSURANCE. New York. NY 10017.5001 FARCiO Tel: 212 682 7500 Fax: 212 682 1043 wfis.wellsfargocom June 19, 2012 Mr. Leon D. Black Apollo Management LP 9 West 571" Street, 43m Floor New York, NY 10019 RE: The Black Collection Fine Arts Insurance Dear Leon: In accordance with our discussions, I plaeedillilaklitienal seeomoo,000 41, insurance for 760 Park Avenue, New York, NY where the majority of the collection is located. The overall amount is now+4/606,090;00818atover in the event of a catastrophe. This was accomplished with the placement of several new layers involving Aspen, Lloyds and AXIS insurers. Enclosed please find the three new policies together with invoices representing the annual premiums for coverage through May 8, 2013. I trust all will be found in order and remain with kindest regards bar JAH:vnm Encl. p SAO 10)143 Together we'll go far (i l4 NiAlr lent Sc Ilibra4icaAdWativiry I b•atililir EFTA_R1_00328189 EFTA01899862  3 • tAte (LI.-- .71.14.1.....-44. 0 4. 406. bj Wells Forgo Insurance Services USA, Inc. ,187531.7NAA/C.N., 330 Madison Avenue FARGO 7,11 Floor New York. NY 10017 Buskins: 212 682 7500 Fax: 212 682 1043 www.wellsfargo.cors/wfia December 21, 20112 Mr. Leon D. Black Apollo Management LP 9 West sr Street, 43n1Floor New York, NY 10019 RE: The Leon and Debra Slack Collection Including Various Trusts, eta! Fine Arts Insurance Dear Leon: This letter will confirm that the amount of insurance covering the Collection is .1,800,000,000 written on a primary and excess basis for the period May 8, 2012 to May 8, 2013. I trust the above will be found in order and remain with kindest regards. Sincerely, Jeffrey A. Haber JAH:vnm Together we'll go far Collet Atii4Nlfre4 tem MWOcaly EFTA_R1_00328190 EFTA01899863  Wells Fargo Insurance Services USA, Inns 330 Madison Avenue WELLS lit, Floor FARGO INSURANCE New York. NY 10017-5001 Tel: 212682 7500 Fan 212 6821043 vefts.wellefargo.eom ApeZI. Mr. Leon D. Black Apollo Management LP 9 West 57° Street, 43rs Floor New York, NY 10019 RE: The Black Collection Including Various Trusts, etal Fine Arts Insurance Dear Leon: The primary and excess fine arts policies covering the Leon and Debra Black Collection are expiring on May 8, 2013 and we are in the process of renewing the coverage. Last year, the total amount of insurance was Increased to $1,600,000,000. 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 $1,600,000,000 to cover the exposure at 760 Park Avenue, New York. Your homes in Bedford, NY and Southampton, NY are included*. Please retsiew the Named Insureds and advise if they are correct. Also, Bank of America, N.A. is listed as a toss payee. I look forward to discussing this matter with you and remain JAH:vnm End. 'There is a maximum of $300,000,000 worldwide coverage which would include transits and that part of the collection located at your homes in Bedford and Southampton, New York. Together we'll go far "..Wkitilck Lc si• EFTA_R1_00328191 EFTA01899864  ENDORSEMENT Date: May 1, 2012 Endorsement: Effective as of Anniversary Date: May 8. 2012 Attached to and Forming Part of Policy No: UM00013309SP12A Issued by: XL Specialty Insurance Company For the Account of: Leon Black and Debra Black, eta! It is understood and agreed that the NAMED INSUREDS are hereby amended to read as follows: Leon Black and Debra Black and/or Pent Holdings, Inc. and/or Narrows Holdings, LLC and/or Black Family 1997 Trust (Debra Black, John Hannan, Anthony Ressler, Barry Cohen, Trustees) and/or Leon D. Black Investment Trust A (Leon Black and John Hannan, Trustees) and/or Benjamin Eli Black Trust, Joshua Max Black Trust, Alexander Samuel Black Trust and Victoria Rachel Black Trust between U/A/D November 30. 1992 between Leon Black, as settlor and Debra Black, Barry Cohen and John Hannan, as trustees and/or Benjamin Eli Black Trust, Joshua Max Black Trust, Alexander Samuel Black Trust and Victoria Rachel Black Trust between U/A/D August 1, 1988 between Leon Black, as senior and Barry Cohen, as trustees, A.I.MA 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. WELLS PARC O Wells Fargo Insurance Services USA, Inc. 7 EFTA_R1_00328192 EFTA01899865 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. EFTA_R1_00328193 EFTA01899866  2009 Art Insurance Premiums due from 1992 and 1988 Trusts to Leon Black as Reimbursement for Premiums paid: Artist Work Appraised fraction annual Interest* Total Due Due from Value 4/24/09 owned premium 4/09-4/10 each Trost 1988 Trusts Georges Seurat Le Chien Noir $ 2,000,000 0.5 5 480 $ 4 $ 484 120.91 Antoine Watteau Study of a Seated Woman $ 1,600,000 1 S 768 $ 6 $ 774 193.46 $ 1,248 $ 9 $ 1,257 1992 Trusts George Seurat Le Chien Noir $ 2,000,000 0.5 $ 480 $ 4 $ 484 120.91 Wiliam Blake Parable of the Wise $ 3,200,000 1 $ 1,536 $ 12 $ 1,548 386.92 Paul Gauguin Femme Tahitienne $ 2,750,000 1 $ 1,320 $ 10 1,330.03 332.51 Alexander Calder Portrait of Ferdinand Leger S 2,500,000 1 $ 1,200 $ 9 1,209.12 302.28 Pablo Picasso Jeune Homme et cheval $ 3,000,000 1 $ 1,440 $ 11 $ 1,451 362.74 2.74 Egon Schiele River Landscape w/two trees $ 25,000,000 1 $ 12,000 $ 91 $ 12,091 3,022 80 Georges Seurat Audivan Japonais $ 6,500,000 1 $ 3,120 $ 24 3,143.71 785.93 Piet Mondrian Church at Domberg $ 1,500,000 $ 720 $ 5 725.47 181.37 $ 48,050,000 $ 21,816 $ 166 44981» smes 'interest calculated at .76% total premium paid by LDB = $478,500 + 1,995 taxes and fees = $480,495 pterrtturn = S480 per $1mil appraised value 46 L9Z£00-LWVIAS EFTA01899867  2010 Art Insurance Premiums due from 1992 and 1988 Trusts to Leon Black as Reimbursement for Premiums paid: Artist Work Appraised fraction annual Dim from Value 4/24/09 owned premium each Trust 1988 Trusts Georges Seurat Le Chien Noir $ 2,000,000 0.5 $ 480 120.00 Antoine Watteau Study of a Seated Woman $ 1,600,000 1 $ 768 192.00 1,248 312.00 1992 Trusts George Seurat Le Chien Noir $ 2,000,000 0.5 $ 480 120.00 William Blake Parable of the Wise $ 3,200,000 1 $ 1,536 384.00 Paul Gauguin Femme Tahitienne $ 2,750.000 1 $ 1,320 330.00 Alexander Calder Portrait of Ferdinand Leger $ 2,500,000 1 $ 1,200 300.00 Pablo Picasso Jeune Homme et cheval $ 3,000,000 1 $ 1,440 360.00 Egon Schiele River Landscape w/two trees $ 25,000,000 1 $ 12,000 3,000.00 Georges Seurat Audivan Japonais $ 6,500,000 1 $ 3,120 780.00 Piet Mondrian Church at Domberg $ 1,500,000 $ 720 180.00 $ 48,050,000 $ Alleffil 8,454.00 ' total premium paid by LDB = $478,500 + 1,995 taxes and fees = $480,495 aim* 6484 Kgb1mil appraised value S6 L9Z£00-LWVIAS EFTA01899868  2011 Art Insurance Premiums due from LDB 2011 LLC to Leon Black as Reimbursement for Premiums paid: Artist Work Appraised fraction annual Value 11/30/11 owned 'premium Antoine Watteau Study of a Seated Woman S 1,000,000 1 450 George Seurat Le Chien Noir S 1,750.000 1 $ 788 William Blake Parable of the Wise $ 2,500,000 1 S 1.125 Paul Gauguin Femme Tahitienne $ 2,500,000 1 $ 1.125 Alexander Calder Portrait of Ferdinand Leger S 2,500.000 1 $ 1,125 Pablo Picasso Jeune Homme et cheval $ 2,500,000 1 S 1,125 Egon Schiele River Landscape w/two trees S 25,000,000 1 S 11,250 Georges Seurat Audivan Japonais $ 6,500.000 1 $ 2,925 Piet Mondrian Church at Domberg 2,500,000 1 $ 1.125 $ 46,750.000 S 21,03}3 total premium paid by LDB = $606,000 + 1,995 taxes and fees = $607,995 for $1.35bil coverage premium= 6460 per tint ePPfaiSed 96L9Z£00— L8—Vid3 EFTA01899869  2012 Art Insurance Premiums due from LDB 2011 LLC to Leon Black as Reimbursement for Premiums Paid: Artist Work Appraised fraction annual Value 11/30/11 owned premium Antoine Watteau Study of a Seated Woman $ 1,000,000 1 S 450 George Seurat Le Chien Noir $ 1,750,000 1 S 788 William Blake Parable of the Wse $ 2,500,000 1 $ 1,125 Paul Gauguin Femme Tahitienne $ 2,500,000 1 S 1,125 Alexander Calder Portrait of Ferdinand Leger $ 2,500.000 1 S 1,125 Pablo Picasso Jeune Homme et cheval $ 2,500,000 1 $ 1,125 Egon Schiele River Landscape w/two trees $ 25,000.000 1 S 11,250 Georges Seurat Audivan Japonais $ 6,500,000 1 S 2,925 Piet Mondrian Church at Domberg $ 2,500,000 1 $ 1,125 $ 46,750,000 $ 21,010 total premium paid by LDB = $606,000 + 1,995 taxes and fees = 5607.995 for $1.35bil coverage premlwm = $450 per $1mil appraised value Coverage subsequently increased to $1.6bi1 due to addl acquisitions made in 2012. L6MCOO— L8—Vid3 EFTA01899870