notice of abandonment definition

notice of abandonment

Formal notice of relinquishment or unconditional surrender of all rights to a property, cargo, or ship by its insured owner to the insurer in the event of a constructive total loss. By this notice the insured party declares its intention to treat the loss as actual total loss. The notice must be given with reasonable diligence otherwise (or in the absence of a notice) the loss may be considered partial.

notice of abandonment is in the Banking, Commerce & Finance, General, Marine, & Life Insurance and Shipping, Transport, & Travel subjects.

notice of abandonment appears in the definitions of the following terms: constructive total loss (CTL), abandonment and actual total loss (ATL)

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