Engagement Letter and Limitations of Liability

DaisyB

Has anyone when preparing an engagement letter included the "limitations of liability clause" ? from the standard template. Or do you just leave it that you point them to paragraph 18 & 19 of the standard terms ? (Help I am confused)
I have googled the hell out of this asked various colleagues and looked at engagement letters my firm issues and I cannot find the definitive answer.
I am confused that if I include the clause what is the value I am covered for, is this the value I have insured myself too? Or do people simply include the top paragraph and not the extra ? One of my colleagues has suggested the value you are liable for is only the fee you charge them ?