Meaning of “actual total loss” in the English Dictionary


"actual total loss" in Business English

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actual total lossnoun [ C or U ]

uk us abbreviation ATL INSURANCE

a situation in which insured property is totally destroyed, lost, or made useless, and the insurance company pays the maximum amount:

They claimed that the capture and removal of the ship to Somali waters constituted an actual total loss under the Marine Insurance Act.

(Definition of “actual total loss” from the Cambridge Business English Dictionary © Cambridge University Press)