Assertion: total loss | /r/HasProperty | situation
Facets:
value: in insurance claims
type: OTHER
Source sentences:
text: In insurance claims, a total loss or write-off is a situation where the lost value, repair cost or salvage cost of a damaged property exceeds its insured value, and simply replacing the old property with a new equivalent is more cost-effective.
text: A constructive total loss is a situation where the cost of repairs plus the cost of salvage equal or exceed the value of the vessel.