Loss of ship
The collective term ship loss (English: loss) means the partial loss and the total loss of a ship .
details
If a ship is badly damaged or even lost completely, this gives rise to a number of insurance law questions.
In terms of insurance, the loss of the ship is divided into:
- Partial Loss - A ship is damaged by fire, water ingress, collision, sea hammer, or other causes, but is still physically present.
- Total loss - This is divided into two subtypes
- Real total loss - the ship is either completely lost (e.g. due to sinking) or destroyed in such a way that it is no longer an insurance object.
- Assumed total loss - This occurs when the expenses to prevent an actual total loss or the repair expenses of an already damaged ship exceed the ship's value after a repair. In the event of an assumed total loss, the ship owner can decide whether to treat the loss as a partial loss or abandon the ship and thus deal with the insurance as a real total loss.
literature
- J. Bes: Chartering and Shipping Terms: Manual for trampoline and liner shipping . 2nd Edition. Uitgeverij C. De Boer Jr., Hilversum 1968.
