How does Travel Insurance work with Lost/stolen luggage?must you have receipts for everything in bag?

Ok Im considering buying travel insurance,but Im just wondering how does it work with Lost/stolen baggage...for example..Youre in a taxi and the taxi takes off with your baggage..In order to get reimbursed for what you lost must you have receipts of everything in that bag?can you get up to a certain amount without receipts?

and once you make a claim how long does it take for you to get reimbursed?does it happen while youre still on vacation?

Thanks

Usually these types of policies reimburse on non specific items based on a capped rate. You have to read the policy carefully to determine coverage. (you ask a good question though)

I usually use TravelEx. They have been great to me in the past when I have needed to file a claim. Here is a link for a free quote.

http://www.travelex-insurance.com/index.asp?location=07-0018