Does asset ownership determine who is liable when freight is lost or damaged?

Yes. The carrier that physically moves a consignment on its own vehicles is the contracting carrier under CMR convention and holds direct liability for loss or damage on that leg. When the carrier uses a subcontractor on part of the route, the carrier booked by the shipper remains the liable party — the shipper's contract does not change based on which vehicle moved the load. A broker arranging freight through an asset-based carrier is not the contracting carrier; liability sits with the carrier whose vehicle handled the consignment.