ABANDONMENT

A B C D E F G H I J L M N O P Q R S T U V W Y Z
ABANDONMENT — in insurance and maritime law, the act of an insured party relinquishing all rights to damaged or lost property (such as a ship or cargo) to the insurer in order to claim a total loss settlement. This typically occurs when the cost of recovering or repairing the property exceeds its insured value.