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

  • Vehicle not in use anymore because of Total Loss or Constructive Total Loss – No refund of motor third party premium in case of policy is cancelled due to Total Loss or Constructive Total Loss of Vehicle for the Policy Year in which claim is occurred.

  • Vehicle not in use anymore because of Total Loss or Constructive Total Loss (c).

  • Vehicle not in use anymore because of Total Loss or Constructive Total Loss.

  • For a covered loss, We will pay as follows: Total Loss or Constructive Total Loss of Your Boat We will pay Your Boat’s Sum Insured if: a.

  • In no case will we pay for unrepaired damage in the eventuality of a subsequent Total Loss or Constructive Total Loss.

  • 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.

  • IndemnityThe payable amount in the event of Actual Total Loss or Constructive Total Loss will not exceed the actual cash value of the insured Vessel, except in respect of paragraphs 1.5 and 1.6 above.

  • In case of cancellation of policy for Total Loss or Constructive Total Loss, premium for the full unexpired years will be refunded to the Insured.The policy may be cancelled at any time by the insured on seven days’ notice by recorded delivery only on the following grounds:a.

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

  • If the Insured Vessel suffers an Occurrence resulting in a covered Total Loss or Constructive Total Loss and the Named Insured had purchased the Insured Vessel within the prior eighteen (18) months of the Occurrence and is its first and majority owner when lost, We will pay an additional ten percent (10%) of Our payment for the Total Loss when the Named Insured becomes the first and majority owner of a new, similar, replacement vessel if within twelve (12) months of the Insured Vessel loss Occurrence.


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 loss of profits, anticipated loss of profit or revenue, loss of production, loss of business opportunity, loss of or damage to goodwill or reputation, loss of use or any other similar loss, but excludes:

  • 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 any tangible injury to a Property, whether caused by accident, natural occurrence, or any other reason, including damage caused by defects in construction, land subsidence, earth movement or slippage, fire, flood, earthquake, riot, vandalism or any Environmental Condition.

  • 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;

  • Catastrophic illness or injury means one of the following:

  • Direct Damage has the meaning given to it in clause 26.2;

  • 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,

  • Constructive Sale means, with respect to any security, a short sale or entering into or acquiring an offsetting 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 materially changing the economic benefits and risks of ownership of such security.

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

  • 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, judgments, damages, losses, penalties, fines, liabilities, encumbrances, liens, costs and expenses of investigation and defense of any claim, including, without limitation, attorney’s fees, that are incurred at any time as a result of the existence of Environmental Conditions upon, about or beneath the Project Site or migrating or threatening to migrate to or from the Site, and including, without limitation:

  • 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 damage (w) resulting in the Property not complying with all legal requirements applicable to the Property, (x) reasonably exceeding $300,000 or (y) that entitles any tenant of the Property to terminate its Lease, or (z) which, in Buyer’s or Seller’s reasonable estimation, will take longer than 120 days to repair.

  • 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 any article described in 26 U.S.C. § 5845(f) (including an explosive, incendiary, or poison gas - (i) bomb, (ii) grenade, (iii) rocket having a propellant charge of more than four ounces, (iv) missile having an explosive or incendiary charge of more than one-quarter ounce, (v) mine, or (vi) device similar to any of the devices described in the preceding clauses).

  • Indirect cost means any cost not directly identified with a single final cost objective, but identified with two or more final cost objectives or with at least one intermediate cost objective.

  • Imminent danger means a condition or practice in a place of employment that could reasonably be expected to cause death or serious physical harm immediately or before the danger can be eliminated through the procedures set forth in rule 875—8.6(88).

  • 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.