This seems to be coming up more and more often. Instead of answering this time and time again, let's put it all in one place and get it out of the way.Is there some sort of policy, informal or not, concerning looting?
General bottom line: You may loot whatever you want from any corpse in the game.
Any exception to this "rule" is subjective and likely to occur in rare circumstances. I can't really think of a time in which this has occurred in the past, but an example I can think of off the top of my head is that of an immortal run event in which an item is loaded that is not intended to be put into circulation. Looting the item will not get you in trouble unless you were warned ahead of time. However, you may be asked(or forced) to return it.
Looting from PvP is legal. It always has been. It always will be. If you lose your gear, then that sucks. But it happens. Complaining about equipment loss over the boards is going to result in the thread being locked and/or deleted. If you have quarrels with someone, take it up with them over personal messages and spare everyone from having to listen to the bickering.
Word.