This is a pet subject. Long read warning…
First, I’m UK based. Second, as this was ultimately settled via out of court offer, I can’t name the company.
The company stipulated that bikes worth >£3000 were subject to additional security requirements, so as well as being inside a locked garage, the 2 bikes were chained to wall brackets within the garage. I believed that satisfied their requirements.
In summer 2020 the garage was broken into and the 2 bikes (a Giant TCR and a Condor Italia) were stolen. The loss adjuster visited, seemed happy enough, and indicated that the claim would be settled shortly.
After 3 weeks I received a letter stating that they would not be paying out. Their reason: the arrangements inside the garage constituted storage not security. **
I argued, vociferously, and got an offer of a 20% payout ‘as a gesture of goodwill’. I took legal advice, wrote again, and got the offer up to 40%. My lawyer then wrote to them to initiate court action, which was ignored, and a date was set. 2 weeks before the court date, I was offered 70% plus legal fees, which (at my lawyer’s recommendation) I reluctantly accepted.
One condition was confidentiality (including review sites!) and another was the agreement not to seek insurance from them again (not a problem!)
So, my advice: really, really check the small print, and - should the worst happen - be prepared to argue, a lot.
**they also suggested that the attack was targeted, which (apparently) indicated evidence of behaviour likely to induce theft, ‘including potentially conspicuous display of high-value assets in a limited security environment’!! Talk about victim blaming…