The term "total loss" refers to an event in which there is no hope or possibility of recovering something that has been lost, destroyed or damaged beyond repair. In insurance terms, it means that the cost of repairing the item exceeds its value, making it more practical and financially viable to replace the item rather than attempt repairs. An "event of total loss" would refer to a specific incident or occurrence in which something is lost or destroyed completely, such as a fire, flood, accident or theft that results in the complete destruction of an asset.