Constructive Total Loss - Law Dictionary Search Results
Home Dictionary Name: constructive total lossConstructive total loss
Constructive total loss, a term used in the law of marine insurance to denote a loss which entitles the assured to claim the whole amount of his insurance, on giving to the assurers notice of abandonment. Generally there is a constructive total loss when the subject-matter assured has not actually perished or lost its form or species, but has, by one of the perils insured against, been reduced to such a state or placed in such a position as to make its total destruction, though not inevitable, yet highly imminent, or its ultimate arrival under the terms of the policy, though not utterly hopeless, yet exceedingly doubtful. In such a case the assured, by giving notice within a reasonable time to the assurers of abandonment, i.e., the relinquishment of all his right to whatever may be saved, is entitled to recover against them as for a total loss.If notice is not given, the loss is treated as a partial loss unless the ship in fact has become a total loss or if there would be no possibilit...
constructive total loss
constructive total loss see loss ...
loss
loss 1 : physical, emotional, or esp. economic harm or damage sustained: as a : decrease in value, capital, or amount compare gain b : an amount by which the cost of something (as goods or services) exceeds the selling price compare profit c : something unintentionally destroyed or placed beyond recovery d : the amount of an insured's financial detriment due to the occurrence of a stipulated event (as death, injury, destruction, or damage) in such a manner as to create liability in the insurer under the terms of the policy NOTE: As a general rule, economic losses are deductible from adjusted gross income under section 165 of the Internal Revenue Code. There are, however, numerous exceptions and limitations. actual loss : the identifiable and calculable monetary detriment that is suffered or will be suffered as a result of an act or event actual total loss : a loss in marine insurance in which the property (as a vessel or cargo) cannot be repaired or recovered compare constru...
actual total loss
actual total loss see loss ...
total loss
total loss see loss ...
Abandonment
Abandonment [fr. Abandonner, Fr.], the relinquish-ment of an interest or claim.Means the relinquishing of a right or interest with the intention of never again claiming it. In the context of contracts of the sale of land, courts sometimes use the term abandonment as if it were synonymous with rescission, but the two should be distinguished. An abandonment is merely the acceptance by one party of the situation that a non-performing party has caused. But rescission due to a material breach by the other party is termination or discharge of the contract for all purposes., Black Law Dictionary, 7th Edn., p. 1.The relinquishment by an assured person to the assurers of his right to what saved out of a wreck, when the thing insured has, by some of the usual perils of the sea, become practically valueless. Upon abandonment, the assured is entitled to call upon the assurers to pay the full amount of the insurance, as in the case of a total loss. The loss is in such case called a 'constructive to...
Average
Average, a medium, a mean proportion used in various senses:-(1) A service which a tenant owes to his lord by doing work with his avers.(2) A shipping or insurance term. (a) Average, or more fully general average, is where any damage or loss has been properly and voluntarily incurred in respect of a ship or cargo for its safety, e.g., goods thrown overboard in a storm to lighten the ship. Such loss by maritime law is shared proportionately between the shipowners and the owners of the cargo, according to value. This risk is almost always covered by insurance. An Average Bond is a bond entered into by the consignees of a cargo with the shipowners, when a general average loss has been sustained by the ship, binding the former to pay their proportion as soon as ascertained. (b) Particular average is damage, or loss to a ship, or cargo, other than a general average loss. Such a loss rests where it falls, that is to say, is borne by the owner of the thing lost or damaged, or by his insurer, ...
Seminaufragium
Seminaufragium, half shipwreck, as where goods ae cast overboard in a storm; also, where a ship has been so much damaged that her repair costs more than her worth. See CONSTRUCTIVE TOTAL LOSS....
Insurance
Insurance, see, Income-tax Act, 1961 (43 of 1961), s. 80C, Expl. 1.Insurance, the act of providing against a possible loss, by entering into a contract with one who is willing to give assurance, that is, to bind himself to make good such loss should it occur. In this contract, the chances of benefit are equal to the insured and the insurer. The first actually pays a certain sum, and the latter undertakes to pay a larger, if an accident should happen. The one renders his property secure; the other receives money with the probability that it is clear gain. The instrument by which the contract is made is called a policy; the stipulated consideration, a premium. As to what is known as a coupon policy, i.e., a coupon cut out of a diary, etc., see General Accident, etc., Assce. Corpn. v. Robertson, 1909 AC 404.Insurable Interest must be possessed by the person taking out a policy; he must be so circumstanced as to have benefit from the existence of the person or thing insured, and some preju...
Wrongful gain, wrongful loss
Wrongful gain, wrongful loss, a person can be said to have dishonest intention if in taking the property it is his intention to cause gain, by unlawful means, of the property to which the person so gaining is not legally entitled or to cause loss, by wrongful means, of property to which the person so losing is legally entitled. It is further clear from the definition that the gain or loss contemplated need not be a total acquisition or a total deprivation but it is enough if it is a temporary retention of property by the person wrongfully gaining or a temporary 'keeping out' of property from the person legally entitled, K.N. Mehra v. State of Rajasthan, AIR 1957 SC 369 (372). (Indian Penal Code, s. 378 and 23)...
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