Total Loss Only (tlo) Insurance


Definition of "Total loss only (tlo) insurance"

Kathi Flaherty real estate agent
Kathi Flaherty, Real Estate Agent Invictus Real Estate

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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