The big print (in every airlines' brochures) says not to put valuables in checked baggage.

So if any airline or airport official says otherwise, you should take what alternate steps you would have taken had the aforementioned big print not said so (for example go have FedEx ship the item insured) and the airline must still use its best efforts to transport you honoring your existing ticket, or refund that ticket.

I'll change my tune when i hear about court decisions to the contrary.

Travel tips:
http://members.aol.com/ajaynejr/travel.htm