So the Wiki and the in-game tooltip and item description for the Wolver Cap and the Wolver Coat state that the coat and cap offer +1 health, and the wiki says +2 health at heat level 5 or greater.
The in-game tooltip and item description only display the health bonus when in town or a safe area within the clockworks, such as depth 4/8/12/etc.
Yet in a zone with mobs, the tooltip changes. It no longer shows the health bonus. Nor is there any actual increase in player health. Is it actually a buff to shield health? or is it not supposed to actually buff health?
Equipment effectiveness, including armor health bonuses, is reduced on tiers beneath your equipment's "target."
Details are here.
http://wiki.spiralknights.com/Clockworks#Equipment_Reduction
This is done to reduce the effect of the "Roflstomp" phenomenon, so that the monsters will at least put up a little bit of a fight against maxed players.