Privilege Insurance to cover downloaded music

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Privilege Insurance to cover downloaded music

Privilege Insurance has announced that it plans to incorporate people's downloaded music collections within their home insurance at no extra charge.

The declaration to provide up to £1,000 worth of cover comes after new research undertaken by Privilege Home Insurance showed that the cumulative cost of replacing downloaded music is £862 million which equates to £257 worth of tunes each.

It was discovered that it would take approximately three weeks to replace a collection and the problem of completely losing their downloaded music has affected 24 per cent of people in the past.

Kate Syred, commercial director at Privilege Insurance, stated: "In order to ensure our music loving customers - existing and new - can have peace of mind, we've announced that downloaded music will now be protected on their home insurance policies at no extra cost.

"But customers are advised to keep hard copies of receipts in case they need to claim, as electronic proof of purchase may be lost along with the music itself."

Purchasing music online is proving to be big business indeed and this year, media analyst Screen Digest predicts Europeans will spend £189 million, a figure that will rise to £743 million annually by 2010 with the rise of portable music players stoking the market.

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