Agreed.

When I was earning money from my photography I always had a floater policy covering equipment (as I did as an amateur underwater videographer). The insurance company would be responsible, but they could seek to recover from an airline. It was my responsibility to assure my Pelican cases or other baggage met the dimensions for carry-on baggage of each airline.

Unfortunately, American offers excess valuation insurance; if it is not taken out:

"Liability for loss, delay or damage to baggage is limited to $3,500." (Domestic travel.) As well,

"Liability

American's liability for loss, damage or delayed delivery of checked baggage, including transfer baggage, is limited to the actual value of the baggage or $3,500, whichever is less, unless the passenger declares a higher value for loss of baggage, not to exceed $5,000.00 including the $3,500 standard liability per passenger and pays American a sum of $5.00 per $100.00 (or any portion thereof) of excess value. Excess valuation coverage is not available for and does not apply to items excluded in our liability below.

Do you need additional insurance?

American does not assume liability for any of the following items in or as checked baggage: antiques, artifacts, artwork, books and documents, china, computers and other electronic equipment, computer software, fragile items (including child/infant restraint devices such as strollers and car seats), eyeglasses, prescription sunglasses, non-prescription sunglasses and all other eyewear and eye/vision devices whether lenses are glass, plastic, or some other material, furs, heirlooms, keys, liquids, medicines, money, orthotics, surgical supports, perishable items, photographic, video and optical equipment, precious metals, stones or jewelry, securities and negotiable papers, silverware, samples, unique or irreplaceable items or any other similar valuable items."

Link to relevant portion of Conditions of Carriage.

Cracking open a Pelican case? Very difficult!