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Abandonment

The right of a insured to relinquish ownership of the insured property to the underwriter in exchange for a constructive total loss payment. The underwriter is not bound to accept abandonment but in doing so, he accepts responsibility for the property and liabilities attaching thereto, in addition to paying the full sum insured.

Marine: Mainly applies to marine insurance ( See Salvage ).

Property: It is expressly prohibited in most property polices.

Medical: To discontinue medical care by a provider without proper notice after accepting a patient.

Abandonment clause

A stipulation in fire insurance policies and other property insurance which prohibits the inured from abandoning partially damaged property to the insurer in order to claim a total loss. It should be noted that abandonment is allowed in Marine Insurance, just forbidden in Property

Abandonment of events

A type of contingency insurance that protects event promoters (e.g. cricket matches, fairs, and exhibitions) from financial loss due to cancellation, abandonment, interruption, rescheduling, or postponement caused by circumstances (fires, storms) beyond their control.

Sometimes the cover includes judicial intervention that results in abandonment.

There is also non-appearance cover available.

Only irrecoverable expenses/loss of revenue are covered by the insurance policy if an event/exhibition/match is cancelled/abandoned due to perils covered in the RSMDT clause, such as:

fire, lightning, explosion, earthquake, storm, cyclone, typhoon, tempest, hurricane, tornado, flood, inundation, rain, riot, strike, civil commotion, malicious damage, and terrorist act.

Coverage under a fire policy may be provided for properties such as furniture, tents, and stalls for which the insured is responsible or owns.

Separate public liability coverage may be provided for event visitors/spectators against death/injury. However, no liability will attach under this policy in the following circumstances:

  • Once a ball is bowled in the event/once the exhibition is inaugurated.
  • If one or more of the teams refuses or is unable to participate in the event.
  • If the insured cancels or abandons the event on their own initiative.
  • The event’s postponement to a later date or a different venue shall not be considered a cancellation and/or abandonment of the event, and thus no claim shall be made under the policy.
  • As a result of a government directive, the insured event is unable to take place.

Abatement

Duty refunds on damaged imported goods. The goods may be damaged during importation or while being stored in a bonded warehouse.

Alternative meaning: The reduction or elimination of something, such as tax abatement.