"Substantial losses" refers to a significant amount of money or assets that have been lost or diminished. It implies that the losses are considerable, considerable enough to have a noticeable impact or consequence. Full definition
Investors are protected from some downside risk, however there is a risk of substantial loss of principal because you agree to absorb all losses in excess of the partial cap. (us.axa.com)
A small difference in the fees charged can result in substantial losses in total investment returns over the years. (freefrombroke.com)
This ensures that insurance pays only for substantial losses and not small ones. (compareinsurancesonline.ca)