I don't think that VSL does enough to make their policies obvious. I don't know if it is intentional or not. If it is, then that is a problem. However, there is enough information about this on the web that one should be performing a bit of research before spending thousands of dollars here.
With that said, I do not agree with the lost key policies, but I also do not believe that people should be given freedom from responsibility. If your key was stolen, and there was a police report, that is one thing. If you lost it, it isn't VSL's fault. *You* lost it.
I think a fair policy would be:
1. First time the key is lost, you pay for a new key, the cost of generating a new license (I'm assuming that Steinberg charges VSL per key generated), and reasonable "idiot" fee for having lost it. This fee should never exceed 25% of the original cost, at most.
2. After that, you get one more shot. You pay for everything again, in full. Anything beyond a second time, no more VSL for you.