Financial
Abandonment
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.
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.
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.
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.
FinancialActual 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.
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.
FinancialSubrogation
Right of the insurer who has paid a claim to recover from the party responsible for the damage the amount paid to the insured. Allows the insurance company to recover funds from the party causing the loss.