Common use of Constructive Total Loss Clause in Contracts

Constructive Total Loss. In ascertaining whether the vessel is a constructive total loss the replacement value will be taken as the repaired value and the damage or break-up value of the vessel or wreck will not be taken into account. No claim for constructive total loss based on the costs of recovery and/or repair of the vessels will be recoverable unless such cost would exceed the replacement value.

Constructive Total Loss. In ascertaining whether the vessel is a constructive total loss the replacement insured value will shall be taken as the repaired value and nothing in respect of the damage damaged or break-up value of the vessel or wreck will not shall be taken into account. No claim for constructive total loss based on upon the costs cost of recovery and/or repair of the vessels will vessel shall be recoverable hereunder unless such cost would exceed the replacement insured value.