Colombian Trade Code - Decree 410 of 1971 - Book Five - Navigation - Part One - From the Navigation Aquatics - Title XIII - Marine Insurance - Chapter VI - Loss - From: Section 1730 to: 1736 Art

CHAPTER VI

Loss

Section 1730 .- The insurer will be liable for losses that are caused by a peril covered by the safe, although it originates from the fraudulent or negligent conduct of the captain or crew. It will not, under any circumstances for which can be attributed to malice or gross negligence of the policyholder, the insured or the beneficiary.
Section 1731 .- The insurer is not liable for any loss that is consequent upon a delay, although this, in turn, was caused by a peril covered by insurance.
Section 1732 .- The insurer is not liable for leakage, breakage, or wear ordinary use, or by inherent vice or nature of the insured or loss that has its cause in the action of rodents, insects and worms, or damage of the machinery that does not have its cause in danger at sea.
Section 1733 .- The loss may be total or partial. The first may be real or actual total loss or constructive total loss or assimilated. Again and be regarded as being insurance against total loss.
Promoted action of total loss, may be enforced only partial loss if it achieves.
Section 1734 .- There will be real or actual total loss and, if so, you will not need to give notice of abandonment, when the subject-matter insured is destroyed or so damaged it loses the ability to order a course
that is designed or when the insured is irretrievably deprived him.
Section 1735 .- If after a reasonable period of time have not heard from the ship is presumed or actual total loss.
Section 1736 .- There will be a constructive total loss or assimilated when the subject-matter insured is reasonably abandoned either because their total loss appears inevitable or effective, or because it is not possible to preserve it without incurring costs that exceed its value after made. In particular there will be total loss in the following cases:

1. When the insured is deprived of the ship or goods as a result of a peril covered by insurance and are unlikely rescue, or the cost of it exceeds the value of the ship or goods once rescued;

2. When the damage to the ship by insured peril is of such magnitude that exceeds the cost of the ship when repaired.

When giving the estimated cost of repairs may not be any deduction for general average contributions by other interests. But take into account the costs of future bailouts, as well as any future contributions from general failure to meet the ship hath it should be repaired, and

3. When the repair of damages that are the subject goods insured and the cost of transmission to its destination exceeds its value at the date of arrival.