Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The losses caused by the seas fall into two categories; total loss and partial loss. Total loss is further divided into actual total loss and
The losses caused by the seas fall into two categories; total loss and partial loss. Total loss is further divided into actual total loss and constructive total loss. Please tell the following case belong to actual total loss or constructive total loss, and why? A sophisticated testing equipment with the value of USD 10500 is destroyed in transit by a serious shock of vessel in the heavy weather. The cost incurred in recovering or reconditioning it would cost USD 9800, the forwarding cost to the destination named in the policy would be USD 820, otherwise the scarp can be sold for USD 2500
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started