What constitutes the complete loss of a vessel according to reporting requirements?

The complete loss of a vessel as defined by reporting requirements typically refers to the scenario involving theft. When a vessel is stolen, it is completely removed from the owner's possession and control. This constitutes a loss of the vessel not only physically but also in terms of legal ownership and liability.

In contrast, sinking, collision, or abandonment may not always entail total loss. For instance, a vessel that sinks could potentially be recovered, a vessel involved in a collision may still be salvageable and under the owner's control, and abandonment usually implies the owner still has some legal claim or ability to regain possession. Theft distinctly signifies that the vessel cannot be retrieved or controlled by the owner, thus meeting the criteria for a complete loss.