A loss of sufficient size so that it can be said there is nothing left of value. The complete destruction of the property. The term is also used to mean a loss requiring the maximum amount a policy will pay.
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A term used to refer to a claim for a loss equal to the maximum benefit the policy will pay. More often, this term is used to refer to a loss in which the property is completely destroyed, to the point where nothing of value can be salvaged.
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UK: Subject-matter of insurance is lost, destroyed or damaged beyond economic repair. See actual total loss and constructive total loss.
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UK: the complete loss or destruction of all the property insured under a particular policy.
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Total loss may be either actual or constructive. There is an actual total loss when the subject-matter insured is destroyed or so damaged as to cease to be a thing of the kind insured, or when the insured is irretrievably deprived of it. total loss is complete destroying or running of the property insured. In contrast constructive total loss is substantial, but less than physically complete, damage to property such that, if the property were to be repaired, the cost of repair would exceed the value of the property after repair.
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Where the subject matter of an insurance is lost, destroyed or damaged beyond repair.