The $700 + $700 for emergency expenses after lost luggage are the same. The main difference is the annual limit on lost/stolen luggage/possessions is $50k instead of $30k. I've calculated the cost of replacing luggage before and adds up quickly when two of us travel (2x iPad $2k, laptop $1500, Bose headphones x2 $1k, 2x mobile phone each $3k, SLR camera and 3 lens $4k, point & shoot camera $300, ... There's nearly $12k already and that's before I've included any cash, clothes, suitcases, purchases, gifts etc). I do trips almost weekly to Sydney (although I don't take all that stuff every week) plus 3-4 international trips a year, I appreciate having the higher limit. Considering an annual travel insurance policy that is the equivalent of the Amex one would cost you around $1500-2000 I think the card is good value, just for the insurance alone - especially considering it covers two of us at the Centurion level and another 4 cardholders at Platinum level.
They've paid out on four occasions for me as well - with no fuss, a speedy claims process, and on two occasions actually paid more than I expected because there were some things that they covered that I didn't think would be!
