Financial
Constructive Total Loss
Situation where goods have not been physically lost but the cost of recovery, repair, or transport to destination exceeds their value. The insured may abandon the goods to the insurer and claim total loss.
Situation where goods have not been physically lost but the cost of recovery, repair, or transport to destination exceeds their value. The insured may abandon the goods to the insurer and claim total loss.
Situation where goods have not been physically lost but the cost of recovery, repair, or transport to destination exceeds their value. The insured may abandon the goods to the insurer and claim total loss.
Actual Total Loss
Complete destruction of the insured goods, or irreversible deprivation of the insured's possession of them. Nothing remains to recover and the indemnification corresponds to the total insured value.
FinancialAbandonment
Act by which the insured cedes all rights over the damaged goods to the insurer to receive indemnification for constructive total loss. Requires formal notification to the insurer.
FinancialMarine Cargo Insurance
Policy protecting the insured against losses or damage to goods during maritime transport. Can cover from basic risks to all risks depending on the contracted ICC clause.
FinancialLoss Adjuster
Specialized professional who investigates and evaluates cargo insurance claims to determine the cause, extent of damage, and indemnification amount. Acts as a technical intermediary between insurer and insured.