Constructive Total Loss Marine Hull Insurance Policy

Marine insurance is a type of policy that covers the loss or damage of a vessel's hull, machinery, and equipment. CTL (Constructive Total Loss) in hull insurance is a term used in marine policy to describe a situation where the cost of repairing a damaged vessel exceeds its insured value or its market value. In such cases, the insurer may declare the vessel a total loss, and pay the policyholder the insured value of the vessel, less any deductible.