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abandonment
1 The surrender of title, rights, or claim to financial assets or any other type of property.2 Not exercising an option at expiry.
abandonment
The act of giving up the ownership of something covered by an insurance policy and treating it as if it has been completely lost or destroyed. If the insurers agree to abandonment, they will pay a ...
actual total loss
The complete destruction or loss of an insured item or one that has suffered an amount of damage that makes it cease to be the thing it originally was. For example, a motor car would be an actual ...
constructive total loss Quick reference
The Oxford Companion to Ships and the Sea (2 ed.)
a marine insurance term indicating that the cost of repairing damage to a ship will exceed its total value. In such a case the insurance payment is the total sum for which it has been ...
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marine insurance
A form of insurance in which the insurer undertakes to indemnify the insured against loss of the ship (hull insurance), the cargo, any sums paid in freight ( freight insurance), or any liability to a ...
partial loss
(in marine insurance) Any loss of the subject matter of an insurance policy other than an actual total loss or a constructive total loss. In the case of a partial loss there is a lesser measure of ...
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