Constructive Total Loss – such serious damage to the insured property that the cost of repairs would exceed the value of the thing repaired, or half the value when dealing in marine underwriting

constructive total loss:
(1805)

1. Such serious damage to the insured property that the cost of repairs would exceed the value of the thing repaired. — aka constructive loss.

2. Marine underwriting. According to the traditional American rule, such serious damage to the insured property that the cost of repairs would exceed half the value of the thing repaired. — Abbr. CTL. [1]

1. A loss of such a character as to authorize the insured to abandon the property and recover as for a total loss, although there is not an absolute extinction of the subject of the insurance.  29A Am J Rev ed Ins § 1571. [2]

References:

Disclaimer: All material throughout this website is pertinent to people everywhere, and is being utilized in accordance with Fair Use.

[1]: Black’s Law Dictionary Deluxe Tenth Edition by Henry Campbell Black, Editor in Chief Bryan A. Garner. ISBN: 978-0-314-61300-4

[2]: Ballantine’s Law Dictionary with Pronunciations
Third Edition by James A. Ballantine (James Arthur 1871-1949).  Edited by William S. Anderson.  © 1969 by THE LAWYER’S CO-OPERATIVE PUBLISHING COMPANY.  Library of Congress Catalog Card No. 68-30931

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