This really is a challenge. For me, personally, I think points are worth more than the travel websites value them at for one reason: refundability. I can book a flight with points and cancel it any time before departure and get 100% of the points back IN MY OWN ACCOUNT that does not expire (not a travel bank tied to an individual that expires in one year). The taxes and fees portion are another matter, sometimes they go back to the credit card, sometimes they go to a travel bank... one never knows. So far all the travel bank refunds for points purchases have gone to my own travel bank regardless of the name on the ticket, which is better than the alternative.

The travel websites don't take into account the 10% rebate if you carry a JetBlue credit card either.

I have no idea what the entity that is going to reimburse you will use to value your points, but I think cdubz has a great idea to propose the cost of replacement of those points.