Our new bike bought some months after taking out PO contents insurance exceeded the maximum repayment value for single items, hence the Post Office will pay nothing for its theft. This may be standard industry practice, but why is it considered reasonable? Why is the maximum repayment value, less the excess, not paid? Moreover the very first question that the post office handler asked was intended to establish the above, i.e. whether they could avoid any payment. I know this protects the interests of x,y,z, but it doesn't feel great to the customer who took out insurance in good faith.