Comments about Mack Camera Repair Mack 3 Year Diamond Service Contract for Digital Cameras, Video Cameras and Lenses with a Retail Value of up to $1,500.00:
Cameras and lenses are fragile. This is insurance. They'll fix/replace anything broken in the US or Canada (international versions are available). This three years policy is priced at about 10% of equipment cost.
I've never filed a claim but its reputation is good from friend and web reviews. Signing up was an easy web-based process requiring only contact info and serial number(s). The policy is transferable on sale.
Apparently a single policy can cover both a camera and a lens, but separate policies would be required for multiple high-value lenses.