A vessel has been damaged by fire. The survey shows the cost of repairs will exceed the value of the repaired vessel. How would this Marine Loss be classified?
A
Salvage loss
B
Constructive total loss
C
Actual loss
D
Preferred total loss
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Question 1 / 2066636ee728f7522a1c518f08
Question 1 of 2066636ee728f7522a1c518f08
A vessel has been damaged by fire. The survey shows the cost of repairs will exceed the value of the repaired vessel. How would this Marine Loss be classified?
A vessel has been damaged by fire. The survey shows the cost of repairs will exceed the value of the repaired vessel. How would this Marine Loss be classified?