Are you thinking about your Ridley mike?
In some places, the law would be on your side, but it would be a hard case to argue, and you'd have to really love lawyers or be dealing with a decent company for this to happen. Though I dont think many companies would have insurance policies covering damage to other objects if their workmans fails in a situation its meant to be used in (many smaller framebuilders have policies for damage and injury as a result of the frame falling apart etc., and I'm assuming other component manufacturers also have these policies - but I dont think it will cover other materials damaged)
While you're mostly correct, the one thing you have to consider is that most small bike companies don't have the kind of "corporate lawyer" power and mentality that larger companies do, and the last thing they want is a litigious customer on their hands. Most of them will be more than happy to shell out the $1000 it will cost them to get a replacement frame for the customer to keep them happy, rather than being sued for many times that amount if the customer finds some means to sue.