Just to update anyone interested, my insurance company will not let me file a claim without Qantas providing a statement saying the bag is lost. I spoke with Qantas, and they will not admit the bag is lost until the claim process with them is complete and they have paid out whatever monies they are required to. So that is quite frustrating.

It does appear my insurance policy is extended until the bag is actually returned or a claim is made. I do need to verify this with someone verbally to make sure I am understanding it correctly though.