Yes, Vamaship is liable for the products damaged or lost in transit.

The maximum liability from Vamaship per shipment / AWB is lower of the invoice value or Rs.1000.
  Any amount over and above Rs.1000 approved by the Logisitics Service Partner would be passed on to the shipper in the form of Credit Note. A thorough investigation is to be done for each case and the refund may be approved or rejected by Logistics Service Partner after investigation.