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In insurance claims, a total loss or write-off is a situation where the lost value, repair cost or salvage cost of a damaged property exceeds its insured value, and simply replacing the old property with a new equivalent is more cost-effective. [1] [2] Such a loss may be an "actual total loss" or a "constructive total loss".
An 18th-century fire insurance contract. Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses.The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his new plan ...
An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and ...
Bath & Body Works has struggled with consumers and investors as the pandemic beauty boom faded. Its shares are down nearly 14% year to date, compared to the S&P 500's 27% gain.
Experimental investigations show that the damage on concrete chute and tunnel spillways can start at clear water flow velocities of between 12 and 15 m/s (27 and 34 mph), and, up to flow velocities of 20 m/s (45 mph), it may be possible to protect the surface by streamlining the boundaries, improving the surface finishes or using resistant ...
Irving Rubin, also 58 years old, died in July 1963, when he fell off of the bridge approach. [108] [71]: 91 The third worker who died was 19-year-old Gerard McKee, who fell into the water in October 1963, after slipping off the catwalk. [71]: 91 [109] [110] After McKee's death, workers participated in a five-day strike in December 1963. The ...
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In January 1912, the hulls and equipment of Titanic and Olympic had been insured through Lloyd's of London and London Marine Insurance. The total coverage was £1,000,000 (£123,000,000 today) per ship. The policy was to be "free from all average" under £150,000, meaning that the insurers would only pay for damage in excess of that sum.