Protection Plan? Yes or No

Ditto here. My household insurance covers up to $5k for any one item, and 20% of my 'contents' insurance for any 'valuables' that are away from the home at the time. (Effectively giving me a total over $20k worth of coverage whilst away from home).

This is default with my insurance, so doesn't just cover my camera gear, but jewelry, laptops / computer gear, etc...

Check your insurance to see if you're covered, or if it's available. You'll probably find it's far cheaper in the long run, and covers a wider range of equipment.

The only thing it doesn't cover is failure whilst in use. So if the problem is a failure of the camera itself (think warranty) then you're not covered. Likewise if you're using an underwater housing and the seal fails, that's not covered either. (But if you drop it in the water afterwards you are covered)...

A bit strange I admit - however if this doesn't affect you - then I recommend taking a look.

HTH