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Privilege provides insurance for downloaded music

UK insurer Privilege has revealed plans to provide a new form of cover for downloaded music, which will be incorporated into its home insurance policies at no extra charge.

The insurer will offer new and existing home insurance customers a maximum of GBP1,000 worth of cover for their downloaded music collections in the event of theft, or if the computer is damaged by an insured cause.

The new service follows research conducted by the firm highlighting the fact that music fans are at risk of paying a total of GBP862 million, equating to GBP257 each, to replace collections after loss or damage.

The research also indicated that the average value of collections among 18 to 24-year-olds amounted to GBP310 and 24% of the people polled have previously had their music collections destroyed.