If the hardware wallet is stolen, it will be difficult or not possible to get access to the private key and seed phrase by the pilferer . So, only what the owner will lose is the wallet. He can order for another new wallet from a trusted and reputed seller but ordering from the the company itself it advisable. So, after, he can retrieve back the cryptocurrencies.
If the owner loses the hardware wallet, my advice would be to not wait until another one is ordered and received, which may take days.
From what I know (please let me know if I'm wrong) there were movies showing that it's not that difficult to "hack into" a hardware wallet if one has it physically.
And because of that I'd advise to use (asap!) another (temporary) setup and move out the funds to a new wallet the owner controls.
You can buy one with 50 bucks or even less.
If you miss the promotions it's some 60$. Still cheap for what it does, clearly.