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Legal Terms - Actual Total Loss
Actual total loss, in the context of maritime insurance, refers to a situation where a vessel or cargo is completely destroyed or irretrievably lost, resulting in a complete loss of value. A total loss refers to the situation where a ship or cargo is destroyed or damaged to the point where it becomes unusable for its intended function. It also occurs when the insured party is permanently deprived of the subject matter.
Regarding it. If the ship or cargo is the focus of a *valued insurance, the amount of compensation is determined by the policy itself. However, if the policy is unvalued, the amount of compensation is based on the insurable value of the insured subject.
Actual total loss, in the context of maritime insurance, refers to a situation where a vessel or cargo is completely destroyed or irretrievably lost, resulting in a complete loss of value. A total loss refers to the situation where a ship or cargo is destroyed or damaged to the point where it becomes unusable for its intended function. It also occurs when the insured party is permanently deprived of the subject matter.
Regarding it. If the ship or cargo is the focus of a *valued insurance, the amount of compensation is determined by the policy itself. However, if the policy is unvalued, the amount of compensation is based on the insurable value of the insured subject.
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