Total Loss or Constructive Total Loss definition

Total Loss or Constructive Total Loss means a loss where the cost to repair or replace the collateral would exceed the Actual Cash Value.
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Total Loss or Constructive Total Loss means a loss where the cost to repair or replace the Eligible Collateral would exceed the Actual Cash Value, as determined by the Primary Insurance carrier, or designated appraiser.
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Total Loss or Constructive Total Loss means a loss where the cost to repair or replace the Eligible Collateral would exceed the ACV, as determined by the Primary Insurance carrier, or designated appraiser. A Total Loss or Constructive Total Loss must be caused by collision, acts of nature, or unrecovered theft.
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Examples of Total Loss or Constructive Total Loss in a sentence

  • This Policy covers All Risks of physical and accidental Actual Total Loss or Constructive Total Loss of or damage to the insured Vessel or Craft described in the Schedule.

  • Such an assessment, as a supplement to regular audits carried out by the MS concerned, must be conducted prior to the opening of any PoE and at regular intervals thereafter.

  • In the event of a Total Loss or Constructive Total Loss, we will pay the Market Value of the Boat but not more than the Total Sum Insured noted in the Schedule or provide a replacement Boat of a similar age, size and type.

  • The coverage will not apply if the Insured Vessel is a Total Loss or Constructive Total Loss.

  • This determines the way in which a claim for Total Loss or Constructive Total Loss is managed and settled.

  • If Your Boat is insured for Market Value, the amount We pay may be less than the Sum Insured shown on the schedule, being determined with reference to the actual value of Your Boat to which the Total Loss or Constructive Total Loss relates immediately prior to the loss.

  • The Borrower fails to enter into the Assignment of Insurance Proceeds (if applicable) within 60 days of the Satellite suffering a Total Loss or Constructive Total Loss except in circumstances where the Contract is cancelled, repudiated or terminated prior to the expiry of those 60 days.

  • Coverage does not apply if the Insured Vessel is a Total Loss or Constructive Total Loss.

  • All coverage provided under Safeguarding Damaged Property and Salvage will terminate immediately after payment by us of a Total Loss or Constructive Total Loss.

  • However, no deductible shall apply in respect of claims for a Total Loss or Constructive Total Loss of the Insured Equipment.


More Definitions of Total Loss or Constructive Total Loss

Total Loss or Constructive Total Loss means a loss where the cost to repair or replace the vehicle would exceed the Actual Cash Value as determined by the primary insurance carrier or designated appraiser. Unrecovered Theft: means the covered vehicle has been reported stolen by you to both the police and primary insurance carrier, who have made every effort yet have failed, to find and return the covered vehicle.
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Related to Total Loss or Constructive Total Loss

  • Total Loss means, in relation to a Ship:

  • Consequential Loss means indirect or consequential loss or damage such as, but not limited to, loss of contract, bargain, expectation, opportunity, profit, production, revenue, anticipated cost reduction or interest payable howsoever caused, arising out of or in connection with this Contract.

  • Partial Loss means any Physical Damage loss which is not a Total Loss.

  • Loss or Losses means all losses, damages, liabilities, deficiencies, claims, actions, judgments, settlements, interest, awards, penalties, fines, costs or expenses of whatever kind, including reasonable attorneys' fees and the costs of enforcing any right to indemnification hereunder and the cost of pursuing any insurance providers.

  • Loss or Damage means any loss or damage to the Vehicle, including that caused by theft of the Vehicle or by adverse weather events, that requires repair or replacement including the loss of use of the Vehicle (demurrage), legal expenses, assessment fees, towing and recovery costs, storage, service charges and any appraisal fees of the Vehicle;

  • Physical Damage means tangible damage to a Property that materially adversely affects the use, marketability, or value of the Property, whether caused by accident or otherwise, including, but not limited to damage caused by reason of fire, destruction of tangible property, defects in construction, land subsidence, earth movement or slippage, flood, earthquake, war, civil insurrection, or riot; and further, Physical Damage includes Environmental Impairment and the destruction or removal of chattel items that are considered part of the Property (see Section I., KK., [Property]) For purposes of this definition "material" shall mean an amount equal to or greater than $1,500.00 such that the estimated cost to repair a Property is $1,500.00 or more before the exclusion set forth in Section III., G., (Physical Damage Exclusion) would apply to exclude coverage for a Loan. The presence of radon gas, lead paint or asbestos in the dwelling on the Property shall not be deemed to be Physical Damage.

  • Environmental Damage means any injury or damage to persons, living organisms or property (including offence to man’s senses) or any pollution or impairment of the environment resulting from the discharge, emission, escape or migration of any substance, energy, noise or vibration;

  • Direct Damage has the meaning given in clause 24.2; "Dispute" has the meaning given in clause 23.1;

  • Substantial damage means damage of any origin sustained by a structure whereby the cost of restoring the structure to its before damaged condition would equal or exceed 50 percent of the market value of the structure before the damage occurred.

  • Total Loss Date means, in relation to a Ship:

  • Catastrophic Damage as used hereunder is major change or damage to In- cluded Timber on Sale Area, to Sale Area, to access to Sale Area, or a combination thereof:

  • Total Loss Proceeds means the proceeds of any insurance or any compensation or similar payment arising in respect of a Total Loss.

  • Work loss means loss of income from work the injured victim would have performed if the injured victim had not been injured and expenses reasonably incurred by the injured victim in obtaining services in lieu of those the injured victim would have performed for income, reduced by any income from substitute work the injured victim was capable of performing but unreasonably failed to undertake.

  • Constructive Sale means, with respect to any security, a short sale with respect to such security, entering into or acquiring a derivative contract with respect to such security, entering into or acquiring a futures or forward contract to deliver such security or entering into any other hedging or other derivative transaction that has the effect of either directly or indirectly materially changing the economic benefits or risks of ownership of such security.

  • Actual Damages has the meaning set forth in Section 12.4(C).

  • Guarantee/Warranty/ Defect Liability Period (DLP) means the period and other conditions governing the warranty/guarantee/defect liability period of the services as provided in the Contract.

  • Serious physical injury means physical injury which creates a substantial risk of death or which causes serious and prolonged disfigurement, prolonged impairment of health, or prolonged loss or impairment of the function of any bodily member or organ;

  • Environmental Damages means all claims, demands, liabilities (including strict liability), losses, damages (including consequential damages), causes of action, judgments, penalties, fines, costs and expenses (including reasonable fees, costs and expenses of attorneys, consultants, contractors, experts and laboratories), of any and every kind or character, contingent or otherwise, matured or unmatured, known or unknown, direct or indirect, foreseeable or unforeseeable, made, incurred, suffered or brought at any time and from time to time and arising in whole or in part from:

  • Environmental Loss means any loss, cost, damage, liability, deficiency, fine, penalty or expense (including, without limitation, reasonable attorneys' fees, engineering and other professional or expert fees), investigation, removal, cleanup and remedial costs (voluntarily or involuntarily incurred) and damages to, loss of the use of or decrease in value of the Equipment arising out of or related to any Adverse Environmental Condition.

  • Material Damage and “materially damaged” means, with respect to the Facility, damage (x) which, in Buyer’s reasonable estimation, exceeds $150,000 to repair, or (y) which, in Buyer’s reasonable estimation, will take longer than ninety (90) days to repair or restore.

  • Data Loss Event means any event that results, or may result, in unauthorised access to Personal Data held by the Contractor under this Agreement, and/or actual or potential loss and/or destruction of Personal Data in breach of this Agreement, including any Personal Data Breach.

  • threat of serious injury means serious injury that is clearly imminent;

  • Destructive device means (i) any explosive, incendiary, or poison gas, bomb, grenade, rocket having a propellant charge of more than four ounces, missile having an explosive or incendiary charge of more than one-quarter ounce, mine, or other similar device; (ii) any weapon, except a shotgun or a shotgun shell generally recognized as particularly suitable for sporting purposes, by whatever name known that will, or may be readily converted to, expel a projectile by the action of an explosive or other propellant, and that has any barrel with a bore of more than one-half inch in diameter that is homemade or was not made by a duly licensed weapon manufacturer, any fully automatic firearm, any sawed-off shotgun or sawed-off rifle as defined in § 18.2-299 or any firearm prohibited from civilian ownership by federal law; and (iii) any combination of parts either designed or intended for use in converting any device into any destructive device described in this subsection and from which a destructive device may be readily assembled. "Destructive device" does not include any device that is not designed or redesigned for use as a weapon, or any device originally designed for use as a weapon and that is redesigned for use as a signaling, pyrotechnic, line-throwing, safety, or other similar device, nor shall it include any antique firearm as defined in subsection G of § 18.2-308.2:2.

  • Indirect cost means those costs incurred for a common or joint purpose benefitting more than one cost objective, and not readily assignable to the cost objectives specifically benefitted, without effort disproportionate to the results achieved. Indirect Costs represent the expenses of doing business that are not readily identified with the Grant Project responsive to this RFA but are necessary for the general operation of the organization and the conduct of activities it performs.

  • Imminent danger means an existing dangerous situation that could reasonably be expected to immediately cause death or serious physical harm.

  • Warranty Event As to any Asset, the discovery that as of the related Cut-Off Date or Funding Date there had existed a breach of any representation or warranty relating to such Asset and the continuance of such breach through any applicable determination date or beyond any applicable cure period.

Most Referenced Clauses

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