I am guessing these liability limits are for the cargo, not any damage caused by the ship. If shippers had to ensure everything they shipped for “storms and pirates” in the 1800’s, then they probably wouldn’t be able to do business. So there is a limit to what shippers would owe their clients if a ship got captured or wrecked. Those clients would need their own insurance if they wanted to be made whole in the event of a catastrophe.
What happens next is likely to be the result if the investigation. If this was a freak mechanical failure, and the boat’s maintenance was otherwise up to date, then maybe the State won’t be able to go after the boat’s owners. But if there’s any inkling that there was negligence in the maintenance of the boat, or in the piloting of it, the the State is going to go after the company for all it can. Depending on what they find, there might even be criminal charges.