Just rang up Navigator Travel Insurance and spoke to a fantastic chap called Richard (who spent ages with me on the phone talking about the FCO exclusions as opposed to the guy I spoke to at Carole Nash who got very irritated by my questions).
He told me that he's asked the underwriter about FCO exclusions before and they've told him that you're covered medically anywhere so long as you're not injured in relation to the FCOs warning (ie; you didn't get shot by bandits or something).
He asked them for this in writing and they refused, which I found a little worrying however he told me that he'd tried it out before and in that particular incident it was some poor chap with appendicitis and the underwriter never even asked where he was!
He was also very helpful in explaining how we could get the policy to cover a multi-year trip.
And to boot, he can setup paperwork for departure dates up until June 2009, so I gave him my credit card then and there!
Top company so far, hopefully I'll never have to find out if their underwriters (lloyds) are as nice!