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@Dammit
I called them to ask about just this- the chap I spoke to stated, unequivocally, that if the bike was worth over 4K and they'd not been told that, then the bike was not covered- my updated policy documents just arrived- my bike is listed as a specified item and my premium is now £61/month.
However, the bike is not correctly valued still I suspect- waiting for a valuation from a bike shop, but I think a true replacement value is going to make the premium untenable.
I said "I assumed you'd just pay out 4k as it's worth more than that", the chap said no, they'd not pay out at all, on the previous policy.