Insurance companies have made a behemoth of an industry based on risk mitigation and fraud detection. "Up to" a $1000. Tile determines what "up to" means monetarily. Besides, not many scammers are going to shell out $100 for the chance at scamming Tile for up to $1000. The initial $100 investment would curtail most of the lazy scammers. Any scammer more industrious isn't wasting their time for the chance at $1000.
Ha I doubt that... If a Scammer could 10x their money by using a Tile on a $1000 Canadian Goose Jacket. Then that jacket magically disappears and Tile gives $1000 per the contract. Of course that will get abused and scammed.
I picked Canadian Goose because it's not a phone, its popular, many of the jackets are generic looking to reside suspicion of reused items..
I'm also reading this is not an insurance product but a warranty guarantee on the Tile itself. So no insurance rules here- it's entirely up to the contract users sign for this product. And if its clearly a guarantee, scammer will 10x their money.