TOTAL OR CONSTRUCTIVE TOTAL LOSS Clause Samples
The 'Total or Constructive Total Loss' clause defines the circumstances under which an insured item, typically a vessel or cargo, is considered a total loss or a constructive total loss for insurance purposes. In practice, a total loss occurs when the insured property is completely destroyed or irretrievably lost, while a constructive total loss arises when the cost of recovering or repairing the property would exceed its value. This clause ensures that both parties understand when a claim for the full insured value can be made, thereby providing clarity and certainty in situations involving severe damage or loss.
TOTAL OR CONSTRUCTIVE TOTAL LOSS. We agree to pay you up to the limit for the Insured Houseboat Floatation System Vessel as shown on the Declarations Page and we have the right to the remaining Insured Property. There shall be no recovery unless all said property Houseboat Floatation System is lost absolutely or unless the expense of recovering and repairing the Insured Property Houseboat Floatation System shall exceed the amount stated on the Declarations Page. We reserve the right to repair or replace the Insured Property. In the event of a total loss or constructive total loss, this policy will automatically terminate immediately thereafter. The premium will be fully earned and no refund will be available.
TOTAL OR CONSTRUCTIVE TOTAL LOSS. We agree to pay you the agreed value as shown on the Declarations Page and we have the right to the remaining Insured Property. There shall be no recovery unless all said property is lost absolutely or unless the expense of recovering and repairing the Insured Property shall exceed the amount stated on the Declarations Page. Our liability will be the lesser of the amount shown on the Declarations Page; or the amount necessary to repair or replace the vessel.
TOTAL OR CONSTRUCTIVE TOTAL LOSS. It is hereby understood and agreed that in the event of a total or constructive total loss of any item of property insured during the Period of Insurance specified in the Schedule and the loss is paid by Underwriters then the total premium for that property shall be considered to be fully earned. This endorsement shall not apply where State Law or any Premium Finance Agreement would be violated or infringed. Constructive total loss shall be defined as "loss where the cost of recovery and repair would exceed the Limit of Liability shown in the Schedule of the actual cash value (whichever is the lesser amount)". LSW546 Sub-limit USD 5,000 any one loss. In the event of total loss, the sub-limit is payable in addition to the sum insured of any one vehicle / combination. Notwithstanding any provision to the contrary within the Policy of which this Endorsement forms part (or within any other Endorsement which forms part of this Policy), this Policy does not insure:
TOTAL OR CONSTRUCTIVE TOTAL LOSS. It is agreed that in the event of a total or constructive total loss we will pay the stated amount on file of the model having square foot area closest to that of the damaged property. If the damaged property is outside the United States, a cost per square foot will be calculated for the model having the square foot area closest to that of the damaged property. The cost per square foot will be adjusted by the Hanscomb/Means International Construction Cost Index for the country where loss occurs and the adjusted per square foot cost will be multiplied by the actual square foot area of the damaged property. “
TOTAL OR CONSTRUCTIVE TOTAL LOSS. In the event of a total or construction total loss, we agree to pay you the limit for the Insured Vessel as shown on the Declarations Page and we have the right to the remaining Insured Property. There shall be no recovery unless all said property is lost absolutely or unless the expense of recovering and repairing the Insured Property shall exceed the amount stated on the Declarations Page. We reserve the right to repair or replace the Insured Property. In the event of a total loss or constructive total loss, this policy will automatically terminate immediately thereafter. The premium will be fully earned and no refund will be available.
TOTAL OR CONSTRUCTIVE TOTAL LOSS. It is hereby understood and agreed that in the event of a Total or Constructive Total Loss of any item of property insured during the Period of I0nsurance specified in the Schedule and the loss is paid by Underwriters then the total premium for that property shall be considered to be fully earned. This Endorsement shall not apply where State Law or any Premium Finance Agreement would be violated or infringed. Constructive Total Loss shall be defined as "loss where the cost of recovery and repair would exceed the Limit of Liability shown in the Schedule or the actual cash value (whichever is the lesser amount)". 01/93 LSW546 DRAFT
TOTAL OR CONSTRUCTIVE TOTAL LOSS. If the drilling rig utilized by Contractor for operations hereunder is for whatever cause declared a total or constructive total loss, then the "Contract" between the parties which had been completed by acceptance of the Drilling Order shall be terminated without notice as of the moment of such loss and no further payments shall be due under the "Contract". TOFF shall remain liable for all costs incurred and outstanding under the "Contract" before the moment of such loss. Contractor shall be liable for salvage or debris removal as set out in either this Agreement or the Drilling Order.
TOTAL OR CONSTRUCTIVE TOTAL LOSS. It is hereby understood and agreed that in the event of a total or constructive total loss of any item or property insured during the Period of Insurance specified in the Schedule and the loss is paid by the Underwriters, then the total premium for that property shall be considered fully earned. This Endorsement shall not apply where State Law or any Premium Finance Agreement would be violated or infringed. Constructive Total Loss shall be defined as “Loss where the cost of recovery and repair would exceed the Limit of Liability shown in the Schedule or the actual cash value (whichever is the lesser amount)”. LSW546 It is hereby understood and agreed that Section E is extended to include loss or damage caused by vandalism and/or malicious mischief. LSW530