International Logistics, Risk and Insurance
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International Logistics, Risk and Insurance:
How does actual total loss differ from constructive total loss? What is general average loss? You receive compensation from a maritime insurance company because your goods were jettisoned from a ship as a general average act. Does the insurance company have a claim for general average against the ship owner and the other cargo owners?
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This solution discusses loss in 483 words with four references.
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How does actual total loss differ from constructive total loss?
Actual total loss is the loss in marine insurance where there is physical and material loss of property either cargo or vessel in such a way that it cannot be recovered or repaired. Constructive total loss on the other hand is the loss in marine insurance where the cost of recovering or repairing the property either cargo or vessel would be more than the worth of the cargo or ship. Constructive total loss is often considered as a commercial loss since the cost of restoring the damaged property would exceed the value of the property after restoration. The two terms differ in their degree of proof where a cargo or ship has been lost. A constructive total loss is a situation where the actual total loss either appears unavoidable the partial loss is so much so that the cost of ...
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