Loss
Dictionary of Terms and Phrases Used in American or English Jurisprudence · Benjamin Vaughan Abbott · 1879
Dictionary of Terms and Phrases Used in American or English Jurisprudence
Is used somewhat technically in the law of insurance, and more particularly in marine insurance, to mean the injury or destruction of the thing insured by one of the contemplated perils; the occurrence of the casualty insured against, and consequent damage. Losses, in this sense, are total or partial, according as the subject insured is considered to be wholly destroyed, or only injured. They are called actual or constructive, according as there is a real destruction, or only such injury as entitles the assured to abandon the remnant to the insurer, and claim the full value.