TOTAL OR CONSTRUCTIVE TOTAL LOSS Clause Samples

The 'Total or Constructive Total Loss' clause defines the circumstances under which an insured item, typically a vessel or cargo, is considered a total loss or a constructive total loss for insurance purposes. In practice, a total loss occurs when the insured property is completely destroyed or irretrievably lost, while a constructive total loss arises when the cost of recovering or repairing the property would exceed its value. This clause ensures that both parties understand when a claim for the full insured value can be made, thereby providing clarity and certainty in situations involving severe damage or loss.
TOTAL OR CONSTRUCTIVE TOTAL LOSS. We agree to pay you up to the limit for the Insured Houseboat Floatation System Vessel as shown on the Declarations Page and we have the right to the remaining Insured Property. There shall be no recovery unless all said property Houseboat Floatation System is lost absolutely or unless the expense of recovering and repairing the Insured Property Houseboat Floatation System shall exceed the amount stated on the Declarations Page. We reserve the right to repair or replace the Insured Property. In the event of a total loss or constructive total loss, this policy will automatically terminate immediately thereafter. The premium will be fully earned and no refund will be available.
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TOTAL OR CONSTRUCTIVE TOTAL LOSS. We agree to pay you the agreed value as shown on the Declarations Page and we have the right to the remaining Insured Property. There shall be no recovery unless all said property is lost absolutely or unless the expense of recovering and repairing the Insured Property shall exceed the amount stated on the Declarations Page. Our liability will be the lesser of the amount shown on the Declarations Page; or the amount necessary to repair or replace the vessel.
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TOTAL OR CONSTRUCTIVE TOTAL LOSS. It is hereby understood and agreed that in the event of a total or constructive total loss of any item of property insured during the Period of Insurance specified in the Schedule and the loss is paid by Underwriters then the total premium for that property shall be considered to be fully earned. This endorsement shall not apply where State Law or any Premium Finance Agreement would be violated or infringed. Constructive total loss shall be defined as "loss where the cost of recovery and repair would exceed the Limit of Liability shown in the Schedule of the actual cash value (whichever is the lesser amount)". LSW546 Sub-limit USD 5,000 any one loss. In the event of total loss, the sub-limit is payable in addition to the sum insured of any one vehicle / combination. Notwithstanding any provision to the contrary within the Policy of which this Endorsement forms part (or within any other Endorsement which forms part of this Policy), this Policy does not insure:
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TOTAL OR CONSTRUCTIVE TOTAL LOSS. It is agreed that in the event of a total or constructive total loss we will pay the stated amount on file of the model having square foot area closest to that of the damaged property. If the damaged property is outside the United States, a cost per square foot will be calculated for the model having the square foot area closest to that of the damaged property. The cost per square foot will be adjusted by the Hanscomb/Means International Construction Cost Index for the country where loss occurs and the adjusted per square foot cost will be multiplied by the actual square foot area of the damaged property. “
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TOTAL OR CONSTRUCTIVE TOTAL LOSS. In the event of a total or construction total loss, we agree to pay you the limit for the Insured Vessel as shown on the Declarations Page and we have the right to the remaining Insured Property. There shall be no recovery unless all said property is lost absolutely or unless the expense of recovering and repairing the Insured Property shall exceed the amount stated on the Declarations Page. We reserve the right to repair or replace the Insured Property. In the event of a total loss or constructive total loss, this policy will automatically terminate immediately thereafter. The premium will be fully earned and no refund will be available.
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TOTAL OR CONSTRUCTIVE TOTAL LOSS. It is hereby understood and agreed that in the event of a Total or Constructive Total Loss of any item of property insured during the Period of I0nsurance specified in the Schedule and the loss is paid by Underwriters then the total premium for that property shall be considered to be fully earned. This Endorsement shall not apply where State Law or any Premium Finance Agreement would be violated or infringed. Constructive Total Loss shall be defined as "loss where the cost of recovery and repair would exceed the Limit of Liability shown in the Schedule or the actual cash value (whichever is the lesser amount)". 01/93 LSW546 DRAFT
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TOTAL OR CONSTRUCTIVE TOTAL LOSS. If the drilling rig utilized by Contractor for operations hereunder is for whatever cause declared a total or constructive total loss, then the "Contract" between the parties which had been completed by acceptance of the Drilling Order shall be terminated without notice as of the moment of such loss and no further payments shall be due under the "Contract". TOFF shall remain liable for all costs incurred and outstanding under the "Contract" before the moment of such loss. Contractor shall be liable for salvage or debris removal as set out in either this Agreement or the Drilling Order.
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TOTAL OR CONSTRUCTIVE TOTAL LOSS. It is hereby understood and agreed that in the event of a total or constructive total loss of any item or property insured during the Period of Insurance specified in the Schedule and the loss is paid by the Underwriters, then the total premium for that property shall be considered fully earned. This Endorsement shall not apply where State Law or any Premium Finance Agreement would be violated or infringed. Constructive Total Loss shall be defined as “Loss where the cost of recovery and repair would exceed the Limit of Liability shown in the Schedule or the actual cash value (whichever is the lesser amount)”. LSW546 It is hereby understood and agreed that Section E is extended to include loss or damage caused by vandalism and/or malicious mischief. LSW530
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Related to TOTAL OR CONSTRUCTIVE TOTAL LOSS

  • TOTAL OR PARTIAL TAKING If all or a material portion of the Premises is taken by any lawful authority by exercise of the right of eminent domain, or sold to prevent a taking, either Tenant or Landlord may terminate this Lease effective as of the date possession is required to be surrendered to the authority. In the event title to a portion of the Building or Project, other than the Premises, is taken or sold in lieu of taking, and if Landlord elects to restore the Building in such a way as to alter the Premises materially, either party may terminate this Lease, by written notice to the other party, effective on the date of vesting of title. In the event neither party has elected to terminate this Lease as provided above, then Landlord shall promptly, after receipt of a sufficient condemnation award, proceed to restore the Premises to substantially their condition prior to the taking, and a proportionate allowance shall be made to Tenant for the rent corresponding to the time during which, and to the part of the Premises of which, Tenant is deprived on account of the taking and restoration. In the event of a taking, Landlord shall be entitled to the entire amount of the condemnation award without deduction for any estate or interest of Tenant; provided that nothing in this Section shall be deemed to give Landlord any interest in, or prevent Tenant from seeking any award against the taking authority for, the taking of personal property and fixtures belonging to Tenant or for relocation or business interruption expenses recoverable from the taking authority.

  • Exclusion of Consequential Loss Despite any other provision of this Licence, both Parties exclude, and agree that they will have no rights against the other for liability for consequential or indirect loss arising out of this Licence including (without limitation) in respect of loss of profits or loss of business. This clause does not apply in respect of wilful acts by either Party.

  • TOTAL OR PARTIAL FAILURE TO PERFORM 20.1 In the case of Goods to be specially manufactured for it, if Transnet at any time ascertains that: a) no manufacturing of the Goods specified in a Purchase Order has commenced and there is little or no prospect, in Transnet’s opinion, that manufacturing will commence within a reasonable time; or b) delivery of any of the Goods is being or is likely to be delayed beyond the promised delivery date(s), and there is little or no prospect of the Purchase Order(s) being carried out within reasonable adherence to the promised delivery rate(s) or time(s), then Transnet may, irrespective of the cause of the delay, by notice to the Supplier, cancel as from a future date specified in such notice the whole or any part of this Agreement or Purchase Order in respect of which the Goods to be supplied have not been completed by that date, without incurring any liability by reason of such cancellation except as provided in this clause. 20.2 The Supplier/Service Provider shall thereupon, as soon as possible after such date, deliver to Transnet the Goods/Services [if any] already completed, and payment for the part performance shall be made on a pro rata basis, provided the uncompleted part is not an integral or essential part of the completed Goods/Services. Where an integral or essential part of the work has not been completed, the amount to be paid to the Supplier/Service Provider will be calculated on the basis of Transnet’s enrichment. The Supplier/Service Provider shall, wherever practicable, supply Transnet with the necessary drawings and/or specifications to enable it to complete the work. 20.3 Whenever, in any case not covered by clause 20.1 above, the Supplier fails or neglects to execute the work or to deliver any portion of the Goods/Services as required by the terms of this Agreement or Purchase Order, or if any Goods/Services are rejected on any of the grounds mentioned in clause Error! Reference source not found. [Defective Goods], Transnet may cancel this Agreement or Purchase Order in so far as it relates to the unexecuted work or the undelivered or rejected portion of the Goods/Services, and in such event, the supply of the remaining portion shall remain subject in all respects to these conditions.

  • No Consequential or Punitive Damages Neither Party hereto (or any of their respective Affiliates) shall, under any circumstance, be liable to the other Party (or its Affiliates) for any consequential, exemplary, special, indirect, incidental or punitive damages claimed by such other Party under the terms of or due to any breach of this Agreement, including, but not limited to, loss of revenue or income, cost of capital, or loss of business reputation or opportunity.

  • No Dilution or Impairment (a) If any event shall occur as to which the provisions of Section 6.1 are not strictly applicable but the failure to make any adjustment would adversely affect the purchase rights represented by the Warrants contrary to the essential intent and principles of such Section, then, in each such case, appropriate adjustments shall be made so as to preserve those rights without dilution but also without enlargement. (b) The Company will not, by amendment of its certificate of incorporation or through any consolidation, merger, reorganization, transfer of assets, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of the Warrants, but will at all times in reasonable good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Warrantholders against dilution or other impairment. Without limiting the generality of the foregoing, the Company (1) will take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock on the exercise of the Warrants from time to time outstanding and (2) will not take any action that would result in an adjustment of the number of Warrant Shares issuable upon exercise of this Warrant in full or of the per share Exercise Price if the total number of Warrant Shares issuable after the action upon the exercise of all of the Warrants in full would exceed the total number of shares of Common Stock then authorized by the Company's certificate of incorporation and available for the purposes of issue upon such exercise. (c) The parties agree that the provisions of Section 6.1 shall be interpreted and applied so that there shall not be multiple adjustments, under different subsections of Section 6.1, of the per share Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant in full with respect to a single dilutive event, in a fashion that would "double-count" such dilutive event.