I'm not an expert but 3 and 4 seem to have been answered: the point of GA is everyone gets X% of their cargo value back, and we decide what X is. Either you get

I'm not an expert but 3 and 4 seem to have been answered: the point of GA is everyone gets X% of their cargo value back, and we decide what X is. Either you get X in cash, or you pay 100-X into the fund. So yes, your liability is limited to 100% of your cargo, and you wouldn't generally want to exercise any option to walk away from it. (Maybe you would in some edge cases around fraud, or financing difficulties, or where the market value of your cargo has suddenly declined).