Limitation of Liability. What luck. A provision in an Express Cargo Bill limiting liability to $500per package has saved The Burlington Northern and Santa Fe Railray Compnay from being socked with major damages when its change from Long Beach, California to Chicago, Illinois derailed. The actual loss for the destruction of two engines was $234,585.88. Because there were two engines involved, the defendants had to pay $1,000. The lawyer who wrote that contract deserves a bonus.
The decision in American Home Assurance Co. v. Hapag Lloyd Container Line GmbH can be found here.