Appraising Jewelry to Insure Protection of Its Value

The average price of gold jewelry has more than tripled in the past 10 years, which means anyone who hasn't reappraised their rings, watch, or other high-quality items (like an 18K gold necklace) since it was first purchased or shortly after, may realize that there's a good chance it's underinsured. The rise in their value, not only with gold, but also with platinum and silver, will probably not be reflected by current insurance policies that insure these items. That is why it's not only advisable to appraise jewelry once every year but to also look at the type of insurance coverage that is protecting these precious items in the event of loss. One may be surprised that the right coverage is not in place.

Homeowners insurance offers limited protection

Most individuals automatically assume their basic homeowners insurance provides coverage for their jewelry. What they may not realize is that a homeowners policy, or a renters policy, does provide some coverage but only for a limited amount. Jewelry, like fine art, stamp collections, and other valuable items have a limited pre-set amount of coverage. Further, in most policies not all perils are covered. For example, a homeowners policy does not usually cover damage or loss of all or part of an item. What's more, these policies have severe limitations on coverage for theft, sometimes as low as $500. And then there's the policy's deductible.

Options available for high valued items

For higher-priced jewelry or the family heirlooms passed from one generation to the next, it is recommended that individual items are appraised and insured. This is done through a Personal Articles Floater, which can be written as a stand-alone policy or attached to a homeowner's policy. With this type of insurance, the coverage is generally very broad, covering all risks worldwide, with only a few exclusions.

There are several top-rated insurance companies that cater to this market within their private client services division that provide high-end homeowners insurance and other products. Premiums vary from state to state, and they can also vary among companies serving the same area. Often the best rates are secured by insuring jewelry with the same company that is issuing other policies including homeowners or auto. An independent insurance agency will be able to advise where to best secure coverage.

Most individuals automatically assume their basic homeowners insurance provides coverage for their jewelry. What they may not realize is that a homeowners policy, or a renters policy, does provide some coverage but only for a limited amount. Jewelry, like fine art, stamp collections, and other valuable items have a limited pre-set amount of coverage. Further, in most policies not all perils are covered. For example, a homeowners policy does not usually cover damage or loss of all or part of an item. What's more, these policies have severe limitations on coverage for theft, sometimes as low as $500. And then there's the policy's deductible.

How Copyright Protection Works in the IPR and Entertainment Industry

Copyright is a term describing laws to reserve the rights of creative works to their original creators, or subsequent legal owners, for a specific period of time. A copyright is not the same thing as an industrial patent, which protects inventions and designs of tangible physical objects. Copyrights are instead related to intellectual property-music, books, art works, movies and films, and technology like computer software and databases. IPR insurance provides the copyright owner with the resources needed to take action against unauthorized use of intellectual property and receive compensation.

What's Covered Copyright laws typically grant the author or creator-or another party who legally holds the rights to the creation-the legal right to either permit or prohibit particular acts involving his or her unique work. These include: Reproduction in any media that might be applicable such as print or sound recordings, distribution of copies for sale or free, and performance, broadcasting or any other dissemination in a public media. Translation into additional languages and conversion or adaptation into some other genre -adapting a book into a Broadway play, for instance-is also limited by the copyright holder.

Limitations Copyright laws in the entertainment industry incorporate limitations that allow for use of creative expression without fulfilling the usual procedures to gain rights or compensate the creator. Often, if a creative work is not written down or formally recorded in some manner-certain dance choreography, for example-its use may not be restricted by copyright. Another example of copyright limitation would be governmental decisions, transcripts of legal texts and other official documents. These are generally open to free use by anyone.

Free and Not-So-Free Use Free use is another copyright limitation, which allows use of creative work in the entertainment industry without authorization by the copyright owner or compensation to the copyright owner. Free use typically applies to scenarios where reasonably small portions of a larger work are excerpted or quoted and the name of the original creator of the work is properly included in mention. Free use also extends to using portions of a creative work for the purpose of education or for use in news reporting. If a copyrighted work falls under the category of a non-voluntary license, the portion of work may still be used without specific authorization; however, the holder of the copyright must be compensated. This is another scenario in which the resources of IPR insurance could be critical to receiving payment for copyright violation-particularly for the smaller, individual player in the entertainment industry who may not possess the assets or clout to pursue violations without insurance backing.

Copyright Duration No copyright lasts forever. A copyright is valid for a specific span of time during which the rights of the copyright owner are fully enforceable under the law. Generally, the beginning of the copyright is considered to be the moment the work has been created or placed in some permanent form such as written down, recorded or photographed or filmed. Copyright laws are designed so the copyright will outlive its original owner by some period of time so that his or her heirs may benefit from the original creator's work. In the United States and the European Union, for example, the laws state that the copyright of works of creative and entertainment arts remain viable for 70 years following the death of the original creator.

IPR insurance is a valuable complement to the array of copyright laws that protect creators in the entertainment industry. It provides the assets and security to allow parties of all sizes to compete on a level playing field in the enforcement of copyright laws and obtain just, proper compensation when they are violated.