What is an Actual Total Loss in Marine Insurance?

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Asked on May 30, 2021
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Actual Total Loss is said have happened -

1. When the insured object is destroyed.
2. When the insured object is so damaged that it ceases to be a thing of the kind insured. No notice of abandonment needs to be given in this case.
3. When a ship goes missing and after a lapse of reasonable time there is now news of it, then also actual total loss is presumed.

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Posted by marinetales
Answered on May 30, 2021