For flyaway coverage, there’s a one-time limit — if your replacement also goes AWOL, you’ll be on the hook to replace it, though there is a two-year version of the warranty that costs more and covers three accidents and two flyaways.
At half the price of a new drone, the replacement costs are rather high compared to something like AppleCare Plus with Theft and Loss, which only charges $149 to replace a lost or stolen iPhone.