You can read the "Insurance Policy Summary" here: www.raylo.com/legal.
Excess
As with most insurance policies, there's an excess due on successful claims:
Device type | Accidental damage or liquid damage claims | Accidental loss or theft claims |
iPhone 13 Pro & 13 Pro Max | £99.00 | £175.00 |
Other devices | £89.00 | £125.00 |