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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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