Yes: https://www.vsl.co.at/en/Product_Overview/Vienna_Protection_Plan#!Frequently_askedI think it also expires if you have to use it. In other words, it only covers one occurrence of a lost or damaged key.
The protection license need to be on the protected key. I'm guessing, but I think this is the only way for VSL to get a list of what you do have on a key, via the eLicenser software (DB mantenaince?)It could be better (free for instance) but it's a great leap forward. But the thing I don't understand is this : you pay 70€ to insure the licences on one vienna key but you store this insurance on another vienna key? What if this second vienna key breaks?
Or I am mistaken?