And are your bikes "standard" bikes with an easily defined market value, of have you just specified a value? Even so, when it comes to a claim, the underwriter's claims handlers will demand chapter and verse to justify the payout, even if they've happily taken the premium up to tha point. I even had that with a "couresy car plus" stipulation of a car policy. I'd been hit from behind on the M25, but the claims handlers only offered a Corsa (I was driving an A4) on the basis that if I were found liable, it reduced their payout fo the hire car, even though I'd paid additional premiums for a larger courtesy vehicle (I was traveling a lot for work). Took an ill tempered phone call before thay agreed to supply a more appropriate car.
As to the "immoveable object - yes, I agreed with your interpretation, but many didn't and were put off Pedalcover (when all they are is a broker of course).