This past summer I flew to Kodiak from Anchorage, a 50 minute flight. Because I travel with a computer, several cameras and assorted optics (40# pack plus extra briefcase) I checked my tripod (very high end unit) and two 4-piece rods in a non-descript green Army-looking duffle. It never made it, though, several other bags on the same flight were found farther down the line at Red Dog Mine, where the plane went after returning to ANC.

Airline refused to replace the tripod or pay for it because they have a specific disclaimer against their loss. They did pay for the rods and some other minor stuff, but I did not fare well in the deal...

My insurance company sent me to the airline as they have gotten tired of paying for airline losses and made it clear they were going to start suing them more vigorously, upping the final cost.
art