Time of Loss

Time of Loss is a key term in international trade, transport insurance, and claims, referring to the specific point in time when goods actually suffer loss or damage during transportation, loading/unloading, storage, etc. It is commonly used to determine whether insurance liability is established, which party is liable, and the time limit for claims. Usage scenarios include: marine, air, and land transport insurance claims, carrier liability determination, and risk allocation between buyers and sellers (e.g., related to the point of risk transfer in Incoterms). Note: The time of loss must be accurately recorded, usually based on transport documents issued by the carrier, accident reports, inspection reports, etc.; if the specific time cannot be determined, it may affect insurance claims. Difference from other terms: It differs from 'time of discovery of loss,' which refers to the time when the consignee discovers the loss and may be later than the time of loss; it also differs from 'time of risk transfer,' which is the point agreed in the contract when risk passes from the seller to the buyer and is not necessarily consistent with the actual time of loss. Foreign trade practitioners should ensure that the contract clearly specifies the burden of proof and claims process for the time of loss.