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@Dammit
Two separate things - one is the limit for the item.
My Hiscox policy limits me to £2,500 per bike when out of the home.
When I initially phoned up I told them that I had an SRM that I moved between the two bikes- my road bike and my cross bike.
Therefore the cross bike might one day be worth £2,500 and the next £5,000 depending if I'd put the SRM on it or not.
The agent I spoke to (and purchased the policy from) said that as the SRM was movable then it would count as "sports equipment" that could be claimed for in addition to the bike.
Hiscox have now confirmed to me that this was not within his remit to offer, as per the above camera/lense analogy that they came out with.
It doesn't matter what the stuff is worth, ultimately- Hiscox will limit what they pay.
So if my bike is worth £2,500 or £12,500 I still get £2,500 back.
I'll speak to M&S tomorrow, but they don't appear to be very cyclist friendly any longer.
Bikes- why are you so hard to insure?!