I have received a damaged returned shipment from one of our customers through UPS worth €5 k. After almost two months of back and forward with the customer service (which replied fairly in time) I receive a " there is nothing we can do for you" answer.
They claim that the "shipper" bares the responsibility and should answer me, the "shipper claims that UPS bares the responsibility and should answer.
So I guess, that the standard "table tennis" policy is also part of UPS policy until the customer gives up.
If you send expensive equipment, better have a private insurance and use a trustworthy shipper.