Marine Loses

A loss may either be partial or total.

Total loss however is classified
into two:
An actual total loss which is
caused by
-total destruction of the thing
insured

-the loss of the thing by sinking or

by
being broken.
-Any damage to the thing which
renders it valueless to the owner
for the purpose held for it or any
event which deprives the owner if
the possession of the thing
insured.
Constructive loss is one which
gives the owner or the person
insured a right to abandon