Constructive Total Loss
An insurance claim which is settled for a full amount, on the basis that the cost to repair or recover the damaged property, would exceed the indemnity replacement cost or market value of the item. Also known as Abandonment.
An insurance claim which is settled for a full amount, on the basis that the cost to repair or recover the damaged property, would exceed the indemnity replacement cost or market value of the item. Also known as Abandonment.