12. What is NOT actual total loss?
- 1 Where the subject-matter insured is totallydestroyed.
- 2 Where the ship is damaged by a peril insuredagainst, and the cost of repairing the ship wouldexceed their value when recovered.
- 3 Where the subject-matter insured is so damagedas to cease to be a thing of the kind insured.
- 4 Where the ship concerned in the adventure ismissing, and after the lapse of a reasonable timeno news of her has been received.