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