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.
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
A summary of all conveyances, such as deeds or wills, and legal proceedings, including the names of the parties, a description of the land, and the agreement arranged to demonstrate ownership continuity.
Typically found in a homeowners policy. This coverage provides reimbursement of expenses incurred while the insured is forced to live outside his or her home temporarily; for example, the cost of temporary lodging or eating in restaurants.
Insurance that covers a business against 18 different types of loss. These are separated into different forms, each briefly described as follows:• Form A covers employee dishonesty concerning money or properties.• Form B covers forgery or falsification of monetary instruments.• Form C covers against theft.• Form D protects against robbery or safe burglary.
• Form E is for burglary of a business location.
• Form F covers fraud by computer.
• Form G covers extortion.
• Form H is for theft of items other than money and securities at the business location.
• Form I covers the loss of items in a safe deposit box due to theft.
• Form J covers securities deposited with a guardian.
• Form K is for liability for a guest’s property left in a safe deposit box.
• Form L covers other liability to the guest’s property.
• Form M covers liability for a safe depository.
• Form N further covers safe depository loss.
• Form O covers dishonesty of public employees. This can include dishonesty and misrepresentation.
• Form P further covers dishonesty of public employees.
• Form Q covers robbery of money and security.
• Form R covers acts conducted by using false monetary instruments.
A classification of property, referring to property not occupied by people, but may have furniture inside. This is a different classification than vacant, which means nothing inside the property.
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Description of property in which no one is living although it may be furnished or have furnishings. The standard Fire Policy suspends coverage after continuous un-occupancy beyond a specified period of time.
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Where the premises contain contents but no human beings, such persons being temporarily away from the premises, on vacation for example, the premises are said to be unoccupied. This is distinguishable from vacant in that in vacancy, the contents have been moved out leaving nothing but the building.
A clause stipulating that coverage will be suspended while certain things are happening at the property.
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Clauses which suspend coverage “while” certain conditions exist, such as vacancy.
With a need for introducing international uniformity in the practice of general average adjustment, conference in which ship-owners, merchants, lawyers, average adjusters and Insurers participated were held in Glasgow, London, York, Antwerp, Liverpool and Geneva. Eventually a code of rules which found international acceptance was evolved. This Code is known as the “York-Antwerp Rules, 1890” after the two important conferences held at York and Antwerp. These rules have since been revised in 1924, 1950 and 1974. The rules were extensively revised at the Stockholm’s Conference in 1924 and issued as the York-Antwerp Rules. 1924, as a comprehensive code. The 1924 Rules comprise seven lettered rules laying down the principles of general average and 23 numbered rules of practice indicating the application of these principles. The York-Antwerp Rules 1924 were revised in 1950 and are known as the York-Antwerp Rules, 1950. The revisions were intended to effect uniformity of practice and interpretation, which was necessary because different nations used to interpret the rules according to their own laws. A rule of interpretation now precedes the rules. This states that the York-Antwerp Rules, 1950, are to be considered as a complete code in themselves. It also gives effect to the “Makis” agreement by providing that the numbered rules take precedence over the lettered rules. It reads: “In the adjustment of General Average the following lettered and numbered rules shall apply to the exclusion of any law and practice inconsistent therewith. Except as provided by the numbered rules. General Average shall be adjusted according to the lettered rules.”*****
Guidelines for adjusting general losses by a marine carrier.