** EDIT 26/02/15 - Contacted JB, they offered me a refund on the lens and we're great about it in every way. **
Last Feb I bought a Sony NEX6 (incl a 16-50mm lens) + 2 extra lenses as a package from JB for $990. I thought I'd take out the extended warranty to give me 5 years piece of mind for $89.
Yesterday, just 2 weeks out of the 1 year manufacturer's warranty, my 55-210mm zoom failed. No probs I thought - use the extended warranty. It turns out that the extra lenses are not covered, only the camera body. The receipt had the 3 items listed separately and on closer inspection the warranty covered that item only. The body's price was set to $398, my 50F18 prime to $398 and the extra zoom to $216. That is to say they discounted the body to reach the $990 target, and so the warranty is commensurately worth less. $89 seems very steep now.
It's obviously no-ones fault except mine but I'd be pretty confident that the dude at JB knew exactly what he was doing and made extra margin on such an expensive warranty to compensate for the margin he lost on discounting the goods in the first place. That may be legal but it's very deceptive. Not really happy about it and a black mark against JB for such shifty ways.
Check your warranty wording carefully!