LOSS IN INSURANCE

contracts. A loss is the injury or damage sustained by the insured in consequence of the happening of one or more of the accidents or misfortunes against which the insurer, in consideration of the premium, has undertaken to indemnify the insured. 1 Bouv. Inst. n. 1215. 2. These accidents or misfortunes, or perils, as they are usually denominated, are all distinctly enumerated in the policy. And no loss, however great or unforeseen, can be a loss with the policy, unless it be the direct and immediate consequence of one or more of these perils, Marsh. Ins. B, 1, c. 12. As to the risks which are within the common policy, see Marsh. Ins. c. 7, s. 2. 3. Every loss is either total or partial. 4. The term total loss is understood in two different senses; natural and legal. In its natural sense it signifies the complete and absolute destruction of the thing inured. In its legal sense, it means, not merely the entire destruction or deprivation of the thing insured, but also such damage to it, though it specifically remain, as renders it of little or no value to the owner. A loss is also deemed total, if, by the happening of any of the perils or misfortunes insured against, the voyage be lost, or be not worth pursuing, and the projected adventure be frustrated; or if the value of what he saved, be less than the freight. 5. A partial loss, is any loss or damage short of, or not amounting to a total loss, for if it be not the latter it must be the former.