US COGSA
Carriage of Goods by Sea Act 1936 (United States), 46 U.S.C. § 30701 note
When it applies
Carriage of goods by sea in foreign trade to or from ports of the United States. Frequently extended by a clause in the bill of lading to the whole period the carrier holds the goods, including the inland leg.
Limit
Section 4(5)US$500 per package, or per customary freight unit where the goods are not shipped in packages. A fixed dollar figure set in 1936 and never index-linked.
Notice of loss
Section 3(6)Notice in writing before or at the time of removal where the loss is apparent, within three days otherwise.
Time bar
Section 3(6)One year from delivery or from the date of intended delivery.
When the limit is lost
A declared value on the bill of lading, where the shipper was given a fair opportunity to declare and pay an ad valorem rate. What counts as a "package" for a palletised or containerised shipment is heavily litigated and the answer changes the recovery by orders of magnitude.
What the cap pays on a sample consignment
Applying the published limit to a sample consignment of 1,000 kg gross, 10 packages, invoice value US$120,000. The consignment is an illustration chosen so the arithmetic is checkable — it is not an average, a typical shipment or a measurement.
No conversion between SDR and any currency is shown. The International Monetary Fund revalues the SDR every business day, so a converted figure printed on a page is wrong by the time it is read.
What this means for cover
The most quoted number in cargo claims, and the one that surprises people most: US$500 per package, in 1936 dollars, whatever is inside. If the container is one "package", the whole container recovers US$500.
Other sea regimes
Sources
This page summarises the instruments above. It is not the wording, and it is not legal advice. Where a summary conflicts with a convention text, a policy wording or a certificate, that document governs.
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