From SKYbrary Wiki
Hull Loss is the term most often used to describe the status of an aircraft which has been destroyed or has otherwise been determined to have been damaged beyond economic repair. Such a determination is based upon the applicable prevailing insurance contract, most of which are written in similar terms for similar classes of aircraft and type of operation. The term is frequently used in aviation statistics to measure economic loss as opposed to loss of life. On rare occasions an owner or operator of a hull loss aircraft may decide to have it repaired to flying condition. This has been done in the past to maintain the record or reputation of an operator. The term 'Total Loss' may sometimes be substituted for the more usual term Hull Loss.