I just looked up what the current AppleCare One / AppleCare+ terms say, and here’s how the band coverage works (with loss/theft) for Apple Watch. Prices / policies could vary by country, so check your specific region, but this is what the U.S. documentation shows as of now.
From the AppleCare One Summary & Disclosure in the U.S.
- If your Apple Watch is lost or stolen with the band that came in the box, then the watch and that included band are eligible under the Theft/Loss claim.
- If the band is a Nike or Hermès band supplied in the box, same thing applies.
- The replacement band doesn’t have to match exactly — Apple says the replacement band will be an Apple-branded band, but in a style, material, and/or color they choose (“subject to Apple’s discretion”).
- If you lost just the band (and still had the watch), that alone is not covered under Theft/Loss. The policy covers only the watch + included band as part of a full watch loss or theft event.
