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A constructive total loss is a situation where the cost of repairs plus the cost of salvage equal or exceed the value of the vessel. It also covers cases where the vessel has been abandoned in the reasonable belief that a total loss is inevitable. [ 12 ]
The accident resulted in extensive damage to the vessel's hold as well its cargo of vehicles and household goods. As a result of the damage, estimated at $100 million total, the vessel's owners scrapped the vessel. [14] 1 October 2015: SS El Faro: 33 fatalities, sunk in deep water by Hurricane Joaquin [15] 26 January 2016: MV Modern Express
The vessel, possibly a cargo ship or dredge, ... Russia in a storm. Still aground as of 6 November, possible total loss. [156] Australia
In October 2019, due to the fire, saltwater corrosion, and salvage costs, the Golden Ray was declared a total loss, and it was announced that the ship would be cut up in place and scrapped. [ 27 ] [ 28 ] Insurance losses on the ship were estimated at $70-80 million, and $80 million in her contents.
Typically, marine insurance is split between the vessels and the cargo. Insurance of the vessels is generally known as "Hull and Machinery" (H&M). A more restricted form of cover is "Total Loss Only" (TLO), generally used as a reinsurance, which only covers the total loss of the vessel and not any partial loss.
Sunk, total loss, not salvaged Moored Battleship row, berth F-7 forward of Nevada aft of Tennessee: Nevada: BB-36 Seriously damaged, beached, salvaged, repaired at Puget Sound: Moored aft of Arizona at berth F-8 Oklahoma: BB-37 Sunk, total loss, raised, and later sank in 1947 while under tow to San Francisco.
For example, in the British case of Lusitania [1986] QB 384 it was accepted that the remains of the vessel itself were owned by the insurance underwriters who had paid out on the vessel as a total loss by virtue of the law of subrogation (who subsequently sold their rights), but that the property aboard the wreck still belonged to its original ...
The ferry sank off the Molucca Islands with the loss of almost all on board, estimated at up to 500 people. There were ten survivors. [14] [15] Jeanne Marie United States: The 30-foot (9.1 m) gillnet salmon-fishing vessel sank in Nushagak Bay 10 to 15 nautical miles (19 to 28 km; 12 to 17 mi) south of Ekuk, Alaska.