If I understand it correctly, this is mostly about cargo losses resulting from voluntary actions, i. e. throwing containers overboard to lighten the ship to get

If I understand it correctly, this is mostly about cargo losses resulting from voluntary actions, i. e. throwing containers overboard to lighten the ship to get it unstuck. The idea is that the crew should not be put into a position where they argue which cargo to jettison, and the customers should not have to care about the position of their cargo on board. Averaging out partial losses makes everyone's interests align. If all cargo is lost, the result of following the process would be identical to everyone losing the value of their cargo. Costs from environmental damage are excluded. Some of the salvage operations are included. Not sure if it's limited to the value of your cargo somewhere, but it doesn't seem to be a risk of unlimited liability.