PDR,
Don't forget the airlines refuse all liability for valuables in checked luggage! This despite neither Warsaw nor MC99 allowing them to do so (for international and intra-EU flights).
The US DOT has directed that such refusals to be null and void, but the lawyers have refused to allow the airline tariffs to be amended. It is their first line of defence when their customers' valuables are damaged or stolen. Only a savvy traveller or a PPRuNe member know the truth.
Agree with your post completely.