Actual Total Loss

In marine Insurance the complete destruction of the insured vessel, so that it cannot be recovered or repaired, as distinguished from constructive total, which authorizes an abandonment to the underwriters. 25 Ohio St. 64. See "Abandonment." ACTUARIUS (Lat.) One who drew the acts or statutes; one who wrote in brief the public acts. An officer who. had charge of the public baths; an officer who received the money for the soldiers, and distributed it among them; a sotary. An actor (q. v.) Du Cagne.

In marine insurance. The total loss of the vessel covered by a policy of insurance, by its real and substantive destruction, by injuries which leave it no longer existing in specie, by its being reduced to a wreck irretrievably beyond repair, or by its being placed beyond the control of the insured and beyond his power of recovery, Distinguished from a constructive total loss, which occurs where the vessel, though injured by the perils insured against, remains in specie and capable of repair or recovery, but at such an expense, or under such other conditions, that the insured may claim the whole amount of the policy upon abandoning the vessel to the underwriters. “An actual total loss is where the vessel ceases to exist in specie,—becomes a ‘mere congeries of planks,’ incapable of being repaired; or where, by the peril insured against, it is placed beyond the control of the insured and beyond his power of recovery. A constructive total loss is where the vessel remains in specie, and is susceptible of repairs or recovery, but at an expense, according to the rule of the English common law, exceeding its value when restored, or, according to the terms of this policy, where ‘the injury is equivalent to fifty per cent. of the agreed value in the policy,’ and where the insured abandons the vessel to the underwriter. In such cases the insured is entitled to indemnity as fora total loss. An exception to the rule requiring abandonment is found in cases where the loss occurs in foreign ports or seas, where it is impracticable to repair. In such cases the master may sell the vessel for the benefit of all concerned, and the insured may claim as for a total loss by accounting to the insurer for the amount realized on the sale. There are other exceptions to the rule, but it is sufficient now to say that we have found uo case in which the doctrine of constructive total loss without abandonment has been admitted, where the injured vessel rean actual and a constractive total loss is therefore found in this: that in the former no abandonment is necessary, while in the latter it is essential, unless the case be brought within some exception to the rule requiring it. A partial loss is where an injury results to the vessel from a perilinsured against, but where the loss is neither actually nor constructively totaL” 25 Ohio St. 64, Ses, also, 96 U. 8. 645; 9 Hun, 383.