ACTUAL TOTAL LOSS :-
Where the cargo insured in destroyed or so damaged as to cease to be a thing of the kind insured or where the adssured is irretrievably deprived thereof.
CONSTRUCTIVE TOTAL LOSS :-
Where the cargo is reasonably abandoned because either the actual total loss appears to be unavoidable or to prevent actual total loss required expenditure which would exceed the value of the goods so saved or the cost of repairing the damage and forwarding the goods to their destination would exceed the value of cargo on arrival.
A.T.L. is an absolute physical loss whereas
C.T.L. is a commercial total loss.
G.A. LOSS :-
It is a loss caused by or directly consequential on a general average act. This act is one where extra-ordinary sacrifice or expenditure is voluntarily and reasonably made or incurred in time of peril for the purpose of preserving the properly imperilled in the common adventure.
SALVAGE CHARGES :-
These are the renumeration payable to Third Party or other vessel who independently of any contract, render services to a vessel carrying cargo in distress at sea to continue its voyage for intermediate or destination port.
SALVAGE LOSS :-
This refers to the amount payable to the insured which is the difference of insured. Value and the net proceeds of the sale of insured goods damaged by the perils covered. Goods are sold for the best available price at an intermediate port because it is found that by the time, it reaches at final port of discharge, if will be a total loss.
SENTIMENTAL LOSS :-
Refers to the depreciation suffered by part consignment of sound for the reason that the other part of the same consignment was in fact involved in an accident and the sound portion suffers in value due to apprehended damage. THIS TYPE OF LOSS IS NOT PAYABLE.
TAINT LOSS :-
Cargo which is damaged by an insured period, may in turn damaged other cargo even without coming in physical contract with it. Loss to other cargo will be termed as taint or sympathetical loss.