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What is Abandonment under Insurance?
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[QUOTE="Mataracy, post: 142838, member: 28733"] Any consideration of constructive total loss necessarily involves a discussion of abandonment because a condition precedent to such claims is that the insured abondons the subjectatter insured to the insurer. Should the insured decide to abandon the insured property as a constrictive total loss, he mist give insurer a so called notice of abandonment which may be given in writing, or by word of mouth but it must be given in terms which clearly indicate the intention of the insured to abandon his interest in the subject matter insured unconditionally to abandon his interest in the subject matter insured unconditionally tovthe insurer. It is only reasonable that the insured should give his notice of abandonment with reasonable dispatch following his receipt of reliable information concerning the loss. All known facts surrounding the loss also should be given to the underwriter. Unreasonable delay in giving the notice, or concealment of essential facta may deprive the underwriter of the opportunity of acting promptly and effectively in the interest of saving the endangered or damaged property from further loss. It should be noted that the underwriter is under no obligation to accept the notice of abandonment when it is tendered to him . Upon refusal of acceptance the insured should protect the property to the best of his ability as per the terms of the $sue and labour clause" until such a time as the risk becomes a matter beyond dispute. Until actually accepted, the insured is free to wuthraw the notice of abandonment. But when once accepted the abandonment become irrevocable by either party irrespective of subsequent changes in the property. However, if the insurer accepted notice of abandonment , he is then entitled, but not compelled yo take over the insured's interests in whatever may remain of the subject matter insured and assumes all property rights incidental thereto. Since ,they are not under compulsion, insurers oftenvdecline this option as they may then acquire the insured's liabilities for therovalvof the wreck or pollution. [/QUOTE]
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What is Abandonment under Insurance?
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