From: Ada Clapp To: jeffrey E. <[email protected]> CC: Brad Wechsler >, Heather Gray Spinella Subject: RE: Art Partnership Date: Wed, 17 Feb 2016 15:06:20 +0000 >, Melanie Apologies—The She in the first paragraph is Heather! From: Ada Clapp Sent: Wednesday, February 17, 2016 10:05 AM To: Jeffrey E. Cc: Brad Wechsler < Heather Gray c >; Melanie Spinella Subject: RE: Art Partnership Jeffrey, My understanding is that Heather spoke with Jeffrey Haber (last May) about arranging for a new fine arts insurance policy for AP Narrows LP. He told her that it would be extremely difficult to obtain a new policy for AP Narrows because of capacity issues. Apparently, there are a number of insurance companies already providing insurance on the Black collection at 760 Park Avenue and in Jeffrey Haber's opinion, none of them would be willing to take on primary liability for AP Narrows' art. My understanding is that Jeffrey had a very difficult time finding insurance companies willing to provide coverage to APO1 and APO2 summer before last, but that he finally managed to convinced Travelers to take on the $150 million of primary coverage and he was able to bring in five other insurance companies to provide the remaining $450 million in excess coverage. Jeffrey does not think that Travelers or any of the other companies in the trusts ' insurance "stack" would be willing to be the primary insurer for AP Narrows. There is also a "stack" of insurance companies providing primary and excess coverage to Leon (some of which also provide part of the trusts' insurance), but, again, Jeffrey does not believe any of these companies would be willing to provide primary coverage for AP Narrows. Brad, Alan, Heather and I discussed this last May and agreed that the best approach to solving this problem would be to have the partners of AP Narrows agree contractually to each continue to maintain insurance on the works that they are contributing to AP Narrows. AP Narrows w