Lady Gaga, winner of the award for best song “Shallow,” arrives at the Vanity Fair Oscar Party on Sunday, Feb. 24, 2019, in Beverly Hills, Calif. Her fashions for the evening included a 141-year-old Tiffany diamond valued at roughly $30 million. (Photo by Evan Agostini/Invision/AP)
Some people may struggle to understand the fashion hullabaloo that surrounds red carpet season, which culminates with the annual Academy Awards.
But there's more to it than clothing, jewelry and “glam squad” eye candy.
Consider that these glitzy presentations are promptly followed by prom season, in which American families spend an average of $900 on clothing and accouterments, according to Money magazine, and wedding season, where bridesmaids now spend an average of $1,300 and brides often spend between $1,500 and $3,000 on fashions for their special day.
The styles for all of these milestones are informed by what stars don each year on the red carpet.
Among the most memorable looks this year: The relatively understated black ball gown by Alexander McQueen that Lady Gaga's chose to frame a 128-carat Tiffany diamond purchased by Charles Lewis Tiffany himself in 1878, according to a press release from Tiffany & Co. “It was an honor to wear it and made my unforgettable night even more special,” Gaga posted on Instagram about the necklace, which was last worn by Audrey Hepburn while promoting “Breakfast at Tiffany's,” and is valued at around $30 million.
Indeed, special occasions are an ideal time to trot out the proverbial family jewels. Removing such high-dollar baubles from safe keeping, however, may present a significant risk.
Laura Doyle, vice president and Art, Jewelry & Valuable Collections manager for Chubb Personal Risk Services, provides insight below on protecting valuables.
PC360: What are the major risks associated with a piece of jewelry as significant as the Tiffany diamond loaned to Lady Gaga for the Oscars?
Doyle: Theft and “mysterious disappearance,” which is a term we use for a stone falling out of a setting or a clasp coming undone and the item disappears. The piece worn by Lady Gaga is a historic piece and is typically on display at Tiffany's on Fifth Avenue. There is a greater likelihood of loss while the piece is outside its case.
Because high profile jewelry items can be the target of theft, the necklace would likely have been delivered to her in an armored truck, and there was likely a security guard in close proximity throughout the evening.
PC360: How should a risk specialist advise individuals who own such pieces to abate these risks, particularly in light of high-profile incidents like the Kim Kardashian 2017 Paris hotel heist? (That case spurred AIG to sue the star's bodyguard for negligence as a result of the multi-million dollar loss.)
Doyle: Keep a low profile and do not publicize your location on social media when wearing high value jewelry. Also…
- When wearing vintage jewelry, it's important to always check the clasps and settings to ensure nothing is loose.
- If you are wearing jewelry to an event and staying in a hotel afterwards, store the items in the hotel vault and not in your in-room safe.
- Consider leaving your most valuable pieces at home when traveling.
PC360: Please outline the specific insurance coverage needed to protect this type of jewelry.
Doyle: Jewelry owners and borrowers need worldwide, all-risk coverage.
…Many of the stars borrow items for awards shows. In some cases, the jeweler will insure the items. But in many cases, the person borrowing the item is responsible for coverage. In that case, borrowers need a policy that provides a limit of coverage for items on loan to them.
Additional information about protecting valuables is available on the Chubb website.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Elana Ashanti Jefferson
Elana Ashanti Jefferson serves as ALM's PropertyCasualty360 Group Chief Editor. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
