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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Medical check of an applicant for life or health insurance by a medical professional who is not a physician. ...
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Model state law of the NAIC that stipulates that the purchaser (debtor) of a credit life insurance (creditor life insurance) policy must be provided a descriptive policy; the policy must ...
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