Incorporated by reference in every bill of lading for the foreign transport of
goods to or from the United States, this Act contains a laundry list of 17
causes of loss for which the carrier or vessel is not liable as long as the
carrier exercised reasonable steps to make the ship seaworthy and to
handle/stow goods responsibly. COGSA also limits liability to $500 per package
or customary freight unit (CFU) unless another amount is specifically mentioned
in the bill of lading. That amount, however, can never be greater than the
actual loss incurred.