EFTA00607435.pdf

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 INSURANCE CO.' LAYER POLICY # LEVITT XL Specialty Insurance Co. (Primary) S100,000,000 Chubb Group (1* Excess) $100,000,000 AXA Art Insurance Corp. (tad Excess) $100,000,000 Travelers Property Casualty Co. of America (3ns Excess) $100,000,000 Chards Property Casualty Co. (AIG) (4* Excess) $100,000,000 Fireman's Fund Insurance Co. (5* Excess) $ I 00,000,000 AXA Art Insurance Corp. (6* Excess) $100,000,000 Bankers Standard Insurance Co. ACE Private Risk Services (76 Excess) $100,000,000 Lloyds Underwriters, London (Lloyd & Partners) (8* Excess) $150,000,000 StarNet Insurance Company (9tb Excess) $50,000,000 $100,000,000 Charts Property Casualty Co. (AIG) (I 0th Excess) XL Specialty Insurance Co. (program) (11* Excess) $100,000,000 Fireman's Fund Insurance Company (12* Excess) $50,000,000 Atlantic Specialty (One Beacon) (13* Excess) 5100,000,000 Page I of 2 5/8/13 I 1 EFTA00607438 INSURANCE COJ LAYER POLICY N LIMIT Aspen American Insurance Co. (Amen Specialty — Marine Division) (14 Excess) $50,000,000 Lloyds Underwriters, London (Lloyd & Partners) (15ib Excess) $150,000,000 Lloyds Underwriters, London (Lloyd & Partners) (164 Excess) $50,000,000 $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./ LAYER LIMIT RATE ANNUAL PREMIUM XL Specialty Insurance Co. (Primary) $100,000,000 .12 $120,000 Chubb Group (14 Excess) $100,000,000 .055 $55,000 AXA Art Insurance Corp. (2e° Excess) $100;000,000 .045 $45,000 Travelers Property Casualty Co. of America (3rd Excess) $100,000,000 .05 $50,000 Chartis Property Casualty Co. (AIG) (4ie Excess) $100,000,000 .04 $40,000 Fireman's Fund Insurance Co. (56 Excess) $100,000,000 .036 $36,000 AXA Art Insurance Corp. (6th Excess) $100,000,000 .035 $35,000 Bankers Standard Insurance Co. ACE Private Risk Services (711 Excess) $100,000,000 .0425 $42,500 $150,000,000 - .0385 $57,500 +2,194.50 Tax/Fee Lloyds Underwriters (Lloyd & Partners) (8'h Excess) StarNet Insurance Company (96 Excess) $50,000,000 .036 $18,000 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 (10th Excess) $100,000,000 .0375 $37,500 XL Specialty Insurance Co. (program) (114 Excess) $100,000,000 .0375 $37,500 Fireman's Fund Insurance Company (12111 Excess) $50,000,000 .035 $17,500 Atlantic Specialty (One Beacon) (13th Excess) $100,000,000 .035 $35,000 Aspen American Insurance Co. (Aspen Specialty — Marine Division) (14' Excess) $50,000,000 .035 517,500 Lloyds Underwriters (Lloyd & Partners) (15' Excess) $150,000,000 .04 $60,000 +2,280 Tax/Fee Lloyds Underwriters (Lloyd & Partners) (16 Excess) $50,000,000 .04 $20,000 +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. (Primary) $100,000,000 Chubb Group (1* Excess) $100,000,000 AXA Art Insurance Corp. (2*3 Excess) $100,000,000 Travelers Property Casualty Co. of America (3rd Excess) $100,000,000 Chartis Property Casualty Co. (MG) (4* Excess) $100,000,000 Fireman's Fund Insurance Co. (5* Excess) $100,000,000 AXA Art Insurance Corp. (6* Excess) $100,000,000 Bankers Standard Insurance Co. ACE Private Risk Services (7* Excess) $100,000,000 Lloyds Underwriters, London (Lloyd & Partners) (8 Excess) $150,000,000 StarNet Insurance Company (9i° Excess) $50,000,000 Chartis Property Casualty Co. (MG) (10ib Excess) $100,000,000 XL Specialty Insurance Co. (program) (II* Excess) $100,000,000 Fireman's Fund Insurance Company (12* Excess) $50,000,000 Atlantic Specialty (One Beacon) (13th Excess) $100,000,000 Page 1 of 2 518/13 ik EFTA00607442 ••••••.(.64. FINE ARTS INSURANCE Leon Black and Debra Black, eta'. May 8, 2013 to May 8, 2014 INSURANCE COJ LAYER "LI Y # LIMIT RATE ANNUAL PREMIUM XL Specialty Insurance Co. (Primary) $100,000,000 .12 $120,000 Chubb Group (1th Excess) $100,000,000 .055 $55,000 AXA Art Insurance Corp. (2thl Excess) $100,000,000 .045 $45,000 Travelers Property Casualty Co. of America (3s Excess) - $100,000,000 .05 $50,000 Chartis Property Casualty Co. (MG) (46 Excess) $100,000,000 .04 $40,000 Fireman's Fund Insurance Co. (5th Excess) $100,000,000 .036 $36,000 AXA Art Insurance Corp. (6th Excess) $100,000,000 .035 $35,000 Bankers Standard Insurance Co. ACE Private Risk Services (7th Excess) $100,000,000 .0425 $42,500 Lloyds Underwriters (Lloyd & Partners) (8th Excess) $150,000,000 .0385 $57,500 +2,194.50 Tax/Fee StarNet Insurance Company (9th Excess) $50,000,000 .036 $18,000 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 (l0"' Excess) $100,000,000 .0375 $37,500 XL Specialty Insurance Co. (program) (116 Excess) $100,000,000 .0375 $37,500 Fireman's Fund Insurance Company (It Excess) $50,000,000 .035 $17,500 Atlantic Specialty (One Beacon) (131h Excess) $100,000,000 .035 $35,000 $50,000,000 .035 $17,500 Aspen American Insurance Co. (Aspen Specialty — Marine Division) (14 Excess) Lloyds Underwriters (Lloyd & Partners) (I5"' Excess) $150,000,000 .04 $60,000 +2,280 Tax/Fee Lloyds Underwriters (Lloyd & Partners) (16 Excess) $50,000,000 .04 $20,000 +760 Tax/Fee) S1,600,000,000 $729,485 Page 2 of 2 EFTA00607444