Constructive total loss

In marine insurance. This occurs where the loss or injury to the vessel insured does not amount to its total disappearance or destruction, but where, although the vessel still remains, the cost of repairing or recovering it would amount to more than its value when so repaired, and consequently the insured abandons it to the. underwriters.

See Insurance Co. v. Sugar Refining Co., 87 Fed. 491 , 31 C. C. A, 65.