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What is Abandonment under Insurance?
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[QUOTE="Johnson2468, post: 295500, member: 93261"] Abandonment under insurance refers to a circumstance in which the insured party is unable to collect the entire amount of their loss because they have relinquished their ownership interest in the property or failed to take reasonable precautions to protect it. Natural catastrophes, fires, and other sorts of property damage are examples of scenarios when this can happen. In the event of abandonment, the insurance provider may restrict or refuse coverage since the insured party did not take reasonable precautions to lessen the loss or safeguard the property. This may entail doing nothing to stop more harm from occurring, doing nothing to secure the property, doing nothing to salvage or repair the property, or any combination of these. [/QUOTE]
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What is Abandonment under Insurance?
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