From the Consumerist:
Harold says he paid $40 to check luggage with valuable camera equipment on a multi-leg United flight from Hawaii to Tucson, only to discover his camera had been lost. When he complained, United would have none of it, claiming it's airline policy not to assume liability for camera equipment.
Policy is a magic word. It means never having to say your sorry, or do anything you don’t want to. Like my “I’m awesome” policy – you can’t argue with that! (Actually, you can... but we’ll have to go into arbitration.)