Abandonment And Salvage


Definition of "Abandonment and salvage"

Heather Milling
Heather Milling Weichert, Realtors - Roxbury

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.

Have a question or comment? We're here to help.

 
 
 
*** Your email address will remain confidential.
 
 

Search Real Estate Terms

Popular Real Estate Terms

Popular Real Estate FAQ