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Default is basically any loss incured that isn't under the heading Insolvency.

Default can range from the disappearance of the company or debtor to the simple inability to be able to pay its debts - so if court action or legal action has been taken, but it is evident that any further action to try and recover outstanding money will not be worth while as it will not be cost effective (although there is one insurer who will insist that if the debt is over 10k then the company must be wound up before a claim can be paid - note that the other insurers do not stipulate this).
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