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What (who) is write off a loss - definition
SITUATION WHERE A DAMAGED PROPERTY'S SALVAGE OR REPAIR COST EXCEEDS ITS INSURED VALUE
Autos Katrina; Totaled; Total-loss; Statutory write-off
!["America"]] was completely written off after its forced ditching in the Atlantic in June 1927. Byrd and three others survived. The original destination [[Paris]] was socked in by fog making a landing impossible at LeBourget. Souvenir hunters stripped the aircraft of its fabric skin and other components.](https://commons.wikimedia.org/wiki/Special:FilePath/L'America Ver sur mer.jpg?width=200 "\"America\"]] was completely written off after its forced ditching in the Atlantic in June 1927. Byrd and three others survived. The original destination [[Paris]] was socked in by fog making a landing impossible at LeBourget. Souvenir hunters stripped the aircraft of its fabric skin and other components.")
write-down
REDUCTION IN RECOGNIZED VALUE OF AN ENTITY
Write down; Goodwill writedown; Written off; Write-down; Writeoff; Writedown; Writedowns; Totalled; Write off; Tax write-off; Tax writeoff
¦ noun Finance a reduction in the estimated or nominal value of an asset.
Totalled
REDUCTION IN RECOGNIZED VALUE OF AN ENTITY
Write down; Goodwill writedown; Written off; Write-down; Writeoff; Writedown; Writedowns; Totalled; Write off; Tax write-off; Tax writeoff
·add. ·- of <a href="">Totala>.
write-off
REDUCTION IN RECOGNIZED VALUE OF AN ENTITY
Write down; Goodwill writedown; Written off; Write-down; Writeoff; Writedown; Writedowns; Totalled; Write off; Tax write-off; Tax writeoff
¦ noun
1. Brit. a vehicle that is too badly damaged to be repaired.
2. informal something completely useless or unproductive.
3. Finance a cancellation from an account of a bad debt or worthless asset.
Wikipedia
Total loss
In insurance claims, a total loss or write-off is a situation where the lost value, repair cost or salvage cost of a damaged property exceeds its insured value, and simply replacing the old property with a new equivalent is more cost-effective.
Such a loss may be an "actual total loss" or a "constructive total loss". Constructive total loss considers further incidental expenses beyond repair, such as force majeure.
