Constructive Total Loss definition

Constructive Total Loss shall have the meaning ascribed to it in the Contract.

Constructive Total Loss means that condition of the described motor vehicle that exists when it might be feasible to repair the described motor vehicle but the cost of repairs to the described motor vehicle exceeds the net actual cash value of the described motor vehicle as the condition of that vehicle was immediately prior to the occurrence of the loss or damage for which indemnity is afforded by this endorsement;

Constructive Total Loss means any event which is determined by the underwriters under the FSRU Owner’s hull and machinery insurance policy (excluding any “total loss only” coverage) to be constructive, compromised or arranged total loss of the FSRU for the purposes of such policy.

Examples of Constructive Total Loss in a sentence

• Settlement Statement substantiating: the date of and cause of the Constructive Total Loss of Your Vehicle, vehicle valuation, estimate of damage, gross settlement amount, deductible and net settlement amount.

• If You do not have collectible physical damage insurance on the Date of Loss, it is Your responsibility to advise the GAP Administrator immediately when the Constructive Total Loss is discovered, and GAP Administrator will arrange for an independent inspection or appraisal in order to calculate the Actual Cash Value of the Vehicle immediately prior to the Constructive Total Loss.

• The Vehicle must be available for the GAP Administrator’s inspection or appraisal to determine if the Vehicle is a Constructive Total Loss.

• If the Vehicle is not available for inspection or appraisal, the GAP Amount will not be Waived except when the Constructive Total Loss is due to unrecovered theft and a police report has been filed.

• Report Your Constructive Total Loss to the GAP Administrator: Vehicle Protection, Inc., 250 NE Mulberry, Lee’s Summit, MO 64086.

More Definitions of Constructive Total Loss

Constructive Total Loss means that more than (***) percent ((***)%) of the Transponders are no longer Successfully Operating Transponders. This definition shall be modified, with effect as of the date notified by Customer to Boeing, to reflect the definition of “constructive total loss” in the Launch and In-Orbit Insurance Policy covering loss of or damage to the Satellite.

Constructive Total Loss means a loss where the cost to repair damage to covered property will exceed the applicable limit for the property when fully repaired.

Constructive Total Loss means the accidental direct physical loss of, or damage to the Covered Vehiclewhich meets the following criteria:a. The total cost to repair the Covered Vehicle is greater than the ACV of the Covered Vehicleimmediately prior to the Date of Loss; orb. The Covered Vehicle is stolen and is not recovered within thirty (30) days from the date a police report is filed; andc. The Contract Holder’s Primary Carrier declares the vehicle a total loss.

Constructive Total Loss means We have determined that the cost to recover and repair the Insured Vessel as the result of an Occurrence would exceed the lesser of the amount of insurance set forth on the Declarations Page, or the Actual Cash Value, and that We in our sole discretion have declared that the Insured Vessel is a Constructive Total Loss.

Constructive Total Loss means that the cost to recover and/or repair the Insured Floatation System exceeds the amount of insurance set forth on the Declarations Page or the Actual Cash Value, whichever is the lesser.

Constructive Total Loss means a direct and accidental loss of or damage to the Collateral, which meets one of these criteria: 1.) the total cost to repair the Collateral is greater than or equal to the Actual Cash Value of the Collateral immediately prior to the loss; or 2.) the Customer/Borrower’s Primary Carrier declares the Collateral a total loss. In the case there is no primary insurance coverage, the Collateral must be available for the Administrator’s inspection to determine if the Collateral is a total loss, except in the case of unrecovered theft. Customer/Borrower is the natural person(s) or business named in the Financing Contract purchasing this Addendum from the Dealer/Creditor.

Constructive Total Loss means for NSS-7 and NSS-6 Satellites separately, the Satellite suffers or will suffer Transponder Failure resulting in a loss of seventy-five percent (75%) or more of its Transponder Unit Years, relative to the maximum number of Transponder Years as set forth in Definition 2 (Transponder Unit-Year).