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Wow. I can only imagine your face right when the box opens, and the iMac comes falling out :O

No pics of the whole incident? (kidding)

Although it should not have happened, I think Apple is doing the right thing here..
 
Many companies would have said their liability ended when you accepted the delivery from FedEx.

This.

And if there wasn't an outer box, you can get into a liability battle between the shipper and carrier as to who was responsible. The shipper can claim the tape was fine when it left the warehouse, but the carrier may have caused it to fail.

I got in the middle of a similar battle between Dell and UPS when we ordered a computer for the office. The packaging failed, and the computer was damaged during shipment. Dell blamed UPS for improper handling, UPS blamed Dell for improper packaging. In the end we had the damaged computer replaced, but I can't recall who ended up paying in the end. Maybe Amex since it was purchased on their card and had their purchase protection. It was a long time back, just recall it was a major hassle.
 
Weird that this happened... My iMac was actually pretty difficult to get out of the box due to the stirofoam in it. I find it hard to believe it just tumbled out. :p
 
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