Be careful. Not even the regular warranty is worldwide for Apple's mobile devices. If I have Applecare on a phone I bought in the USA and I take it to Europe and it needs repair they won't do it. I have to return to the USA.
You originally asked about the "reliability". The Applecare part is covered by Apple, The "theft and loss" part in the USA at least, is coered by a third party insurer. I think one still has to be careful because if my USA phone is stolen in Europe, I don't want a European replacement, I want one that will work with the USA carriers. I suspect I would have to return to the USA and file a claim here with the insurer Apple works with to cover theft & loss.
The other aspect of "reliability" is the quality of the insurance company. Maybe I am better off using my own insurance company to cover loss of equipment?