technical total loss
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 25 U.S. 383 - The Columbian Insurance Company v. Catlett · 1827Most cited · 40 citing opinions
It was a perishable cargo, and much injured by the accident, though it does not appear to be to the amount of one half its value; and it was liable to still farther deterioration. There was a necessity, then, for an immediate sale at Cape Haytien, and the farther prosecution of the voyage with that ship, or that cargo, became impracticable. It was completely frustrated. Under such circumstances... it was a clear case of a technical total loss, on account of the breaking up of the voyage.