Abandonment And Salvage
Definition of "Abandonment and salvage"
Legal status giving an insurance company all rights to an insured's property. The abandonment clause is usually found in marine insurance and not in other property insurance policies such as the homeowners insurance policy and the special multiperil insurance (smp) policy. An insured may wish to abandon the hull of a ship if the cost of protecting it exceeds its value. The insured must notify the insurance company of its intent to abandon property but the company is under no obligation to accept the abandoned property.
Popular Insurance Terms
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Rating method for commercial fire insurance according to a predetermined schedule. Published by A. F. Dean in 1902, this method was the first comprehensive qualitative analysis procedure to ...
Same as term agent of record: individual who has a contractual agreement with a policyowner. The agent of record has a legal right to commissions from the insurance policy. ...
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