Has anyone ever purchased one of these? I recently bought a $370 camera on eBay and they are offering me a 3 year warranty (parts & labor, zero deductible) for $40. Should I take it?

Details:

We take care of you within 5 days OR your Care Plan and service are free.

HOW THE COVERAGE WORKS:
Reimbursements: Often times, reimbursing you the full cost of the item is faster and more cost-effective. If your item's shippable, we will provide you with a pre-paid shipping label. We generally pay claims (minus the minimum postage fee for the label) within 3-5 business days of item receipt.
For items still covered by a manufacturer warranty at the time of claim: First, we will help you file a claim with your manufacturer.

If the manufacturer replaces or repairs your item , your SquareTrade Care Plan will cover your manufacturer repaired or replaced item.
If the manufacturer refuses to honor their warranty because they consider your item grey market or not purchased from an authorized retailer, we will still cover you.
If we decide to repair, here's how the coverage works:

For Shippable Items: We will give you a pre-paid shipping label (for laptops and TVs, we will mail you a shipping kit to ensure item safety). Once you've shipped your item to our service depot, we will repair it within 3-5 days and then ship it back to you at no cost to you. Laptops get express shipment both to and from our depot.
For Desktop Computers, Televisions over 37 inches and Large Appliances: We will help you schedule an appointment with a local repair facility for in-home service and we will pay the repair facility directly.
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WHAT IS NOT COVERED: Refer to the details of the contract for the full list, but there are 5 notable exclusions to your coverage.

Product failures within the first 60 days: We don't cover items that are dead on arrival or that fail within the first 60 days.
Accidental damage: Unless Accidental Damage from Handling Protection is purchased, we don't cover items that are accidentally damaged - such as water damage, dropped iPods, and cracked laptop screens.
Accessories and Consumer replaceable parts: We don't cover accessories and parts that are meant to be replaced by the consumer, such as batteries and ink cartridges.
Software: We don't cover software issues, including software for computers, cell phones and PDAs.
Certain Types of Items. Items used in a commercial setting (e.g., an office printer) or fraudulently