Total Loss Only Tlo Insurance

Definition of "Total loss only (tlo) insurance"

Gail Jones
Gail Jones RE/MAX Realty Advantage

Ocean marine policy that pays an insured only if a ship or cargo is a total loss. Because total loss is rare, these policies are much less expensive than regular hull insurance. Therefore, it is used by shipowners who cannot afford more complete coverage or who cannot get it for some other reason.

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