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Maxabout.com > Tips
It has happened to every frequent traveller at one time or another - the daunting lost luggage syndrome. When this happens contact the airline but DO NOT pass through customs before you do so, as this can completely void any claims with the airline. Contact the airline counter which will be located somewhere around the luggage carousels and inform them of the loss. Many airlines will compensate you on the spot especially if you need clothes etc, but the level of compensation is normally not that great and depends on the class of travel, and even your flight history with the airline. If you are unfortunate in that the luggage has not just gone on a round the world trip without you and the airline cannot locate it then your insurance company should provide you with a reasonably good sum for compensation.
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