General Electric Company v. Mv Nedlloyd, Her Engines, Boilers, Nedlloyd Lijnen B v. (Nedlloyd Lines)

CARDAMONE, Circuit Judge:

■ This appeal presents a unique challenge to an ocean carrier’s limitation of liability under its bill of lading. Guiding our analysis are centuries old maritime principles of carriage, derived from the customs of the law merchant, the resilient strands of which were woven into the cloth of the common law where these principles survive today. General Electric (GE) appeals from a judgment entered on May 1, 1986 in the United States District Court for the Southern District of New York (Duffy, J.). That judgment was a disappointing victory for GE because though the…