total loss
The term "total loss" is frequently used in insurance, accounting, and maritime contexts to describe situations where an item or asset is completely destroyed or its repair costs exceed its value.
🇺🇸 US Voice:
🇬🇧 UK Voice:
Definition
B2Insurance
(technical)A situation where the cost to repair a damaged item exceeds its value, or the item is deemed beyond repair.
Example
- After the accident, the car was declared a total loss by the insurance company.
C1Accounting
(technical)An insured asset that is written off because its entire value is lost.
Example
- The fire resulted in a total loss of the warehouse inventory.
C1Maritime
(technical)When a ship or its cargo is completely destroyed or lost, often due to damage or sinking.
Example
- The shipwreck was considered a total loss, with no hope of recovery.
Similar
Terms that have similar or relatively close meanings to "total loss":