From [1] it looks like
* You pay $400 for 3 years of coverage. * Must have the bike locked and file a police report. * They can choose whether or not to attempt recovery. * If they choose not to, or fail to recover the bike, they'll replace it. * Up to 3 replacements are covered in the 3 years.
So it's really just theft insurance but they can attempt to recover low-hanging fruit. In wonder what their attempted recovery rate is.