EFTA00684792.pdf

From: Ada Clapp •MIIIIM > To: Richard Joslin CC: Jeffre E stein <*eevacation gmail.com>, Eileen Alexanderson Subject: Jewelry/Insurance and Inventory Date: Thu, 30 Jan 2014 15:55:23 +0000 Attachments: Jewelty_Insurance_Policy_2013.pdf; Proposed_itemsfor Insut_Policy_Schedule.pdf Rich, Attached is the 2013 Jewelry insurance policy. As you can see from Jeffrey Haber's note, Debra has not revised the attached Rider since 2008. He suspected that her jewelry is underinsured but he does not have a clear picture of what she owns. I met with Debra on August 7th to discuss how she wanted to handle her jewelry insurance coverage. She agreed that the coverage should be increased if it can be done in a cost efficient manner. We went over the jewelry inventory that Elizabeth prepared (eliminated those items Debra indicated were purchased as gifts for others and thus not in her collection) and discussed which pieces should be included on the Scheduled Valuable Possessions rider. We agreed that items valued at close to or less than $50,000 would be removed from the current Rider. In addition, only those pieces that she wears a lot (and so have a bigger risk of loss) and feels strongly about recovering value for would be added to the updated Rider. Debra was considering adding the items on the Proposed list attached. I emailed this list to her on August 25th asking if she would like me to obtain a quote from Jeffrey Haber to include the listed items. I did not receive a response. I will leave you to follow up with her. Debra also agreed that it was a good idea to have her jewelry appraised (so we would know its current value for insurance purposes) and for the two of us to do a physical inventory of her jewelry to make sure the list we prepared is accurate. This was to be arranged once construction on the apartment was completed. You should check to whether now would a good to move forward with this and let if Debra know that you, rather than me will do the physical inventory with her. Once the physical inventory is complete, she was inclined to retain Christies (where she purchased many JAR pieces) to do the appraisal (since they are very familiar with JAR). Regarding her JAR pieces, she would like us to contact JAR and ask him to provide photographs and invoices for all the pieces she has purchased from him. I will leave you to follow up. For informational purposes, Debra keeps all jewelry that she is not presently wearing in a safe at the JP Morgan Chase Bank (35 East 72nd Street) or in a safe in one of the residences. There is a safe in each of the Bedford, Manhattan and Southampton residences. Debra does not loan her jewelry to friends or her daughter and does not travel with much jewelry. She also does not wear a lot ofjewelry on a daily basis. Ada Clapp Elysium Management LLC 445 Park Avenue Suite 1401 New York New York 10022 Email: IRS Circular 230 Disclosure: Pursuant to IRS regulations, I inform you that any tax advice contained in this communication (including attachments) is not intended or written to be used, and cannot be used, by any person or entity for the purposes of (i) avoiding tax related penalties imposed by any governmental tax authority, or (ii) EFTA00684792 proposing, marketing or recommending to another party any transaction or matter discussed herein. I advise you to consult with an independent tax advisor on your particular tax circumstances. This communication and any attachment is for the intended recipient(s) only and may contain information that is privileged, confidential and/or proprietary. If you are not the intended recipient, you are hereby notified that further dissemination of this communication and its attachments is prohibited. Please delete all copies of this communication and its attachments and notify me immediately that you have received them in error. Thank you. EFTA00684793