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MARINE INSURANCE ACT 1906 - SECT 60

Constructive total loss defined.

60.(1) Subject to any express provision in the policy, there is a constructive
total loss where the subject-matter insured is reasonably abandoned on account
of its actual total loss appearing to be unavoidable, or because it could not
be preserved from actual total loss without an expenditure which would exceed
its value when the expenditure had been incurred.

(2) In particular, there is a constructive total loss

(i)Where the assured is deprived of the possession of his ship or goods by a
peril insured against, and (a) it is unlikely that he can recover the ship or
goods, as the case may be, or (b) the cost of recovering the ship or goods, as
the case may be, would exceed their value when recovered; or

(ii)In the case of damage to a ship, where she is so damaged by a peril
insured against that the cost of repairing the damage would exceed the value
of the ship when repaired.(iii)In the case of damage to goods, where the cost
of repairing the damage and forwarding the goods to their destination would
exceed their value on arrival.

© 1906 Crown Copyright

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