The airline is responsible for checked bags
If the airline loses your luggage, disregard those signs (and even any language in your contract) limiting the company's liability. According to the U.S. Department of Transportation, the airline owes you the actual value of your bag and its contents -- up to $3,300 per passenger.
One caveat: On domestic flights, an airline can refuse to reimburse fliers for certain items (such as electronics or jewelry), that it deems especially costly or breakable, according to Bill Mosley, spokesman for the Department of Transportation. (But the airline must post the list of these items in advance on its website.)
Here's another one of those travel secrets that even experienced fliers don't know: It's not true that the airline has 24 hours to return that missing bag before it has to compensate you. According to the DOT, if you reach your destination and your bag doesn't, the airline has to reimburse you on the spot for items you need immediately. If someone challenges your source, cite the Code of Federal Regulations, Title 14, Part 254.
And if the bag is truly "lost" (permanently gone), rather than "delayed" (temporarily gone), the airline must also refund any baggage fees you were charged for that suitcase.
