abandonment

abandonment
The act of giving up the ownership of something covered by an insurance policy and treating it as if it has been completely lost or destroyed. If the insurers agree to abandonment, they will pay a total-loss claim (see actual total loss; constructive total loss). This often occurs in marine insurance if a vessel has run aground in hazardous waters and the cost of recovering it would be higher than its total value and the value of its cargo. It also occurs during wartime when a vessel is captured by the enemy. If the owner wishes to declare a vessel and its cargo a total loss, notice of abandonment is given to the insurer; if, subsequently, the vessel or its cargo are recovered, they become the property of the insurer.

Big dictionary of business and management. 2014.

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  • abandonment — aban·don·ment n 1: the act of abandoning property or a right: as a: relinquishment by an inventor of the right to enforce a patent see also dedication b: an author s relinquishment to the public domain of his or her copyrighted work c …   Law dictionary

  • Abandonment — • A term used by writers of ascetical and mystical books to signify the first stage of the union of the soul with God by conforming to His Will Catholic Encyclopedia. Kevin Knight. 2006. Abandonment     Abandonment …   Catholic encyclopedia

  • Abandonment — A*ban don*ment ( ment), n. [Cf. F. abandonnement.] 1. The act of abandoning, or the state of being abandoned; total desertion; relinquishment. [1913 Webster] The abandonment of the independence of Europe. Burke. [1913 Webster] 2. (Mar. Law) The… …   The Collaborative International Dictionary of English

  • abandonment — The trustee s relinquishment of estate property that is burdensome or of inconsequential value to the bankruptcy estate (SA Bankruptcy.com) A process by which the court releases property from its control. This occurs when property of the estate… …   Glossary of Bankruptcy

  • abandonment — (n.) 1610s, from Fr. abandonnement, from abandonner (see ABANDON (Cf. abandon) (v.)) …   Etymology dictionary

  • Abandonment — For the existentialist concept, see Abandonment (existentialism). Abandon redirects here. For other uses, see Abandon (disambiguation). Abandoned houses in Seacroft, Leeds, UK The term abandonment has a multitude of uses, legal and extra legal.… …   Wikipedia

  • abandonment — The surrender, relinquishment, disclaimer, or cession of property or of rights. Voluntary relinquishment of all right, title, claim and possession, with the intention of not reclaiming it. State v. Bailey, 97 N. J.Super. 396, 235 A.2d 214, 216.… …   Black's law dictionary

  • abandonment — The surrender, relinquishment, disclaimer, or cession of property or of rights. Voluntary relinquishment of all right, title, claim and possession, with the intention of not reclaiming it. State v. Bailey, 97 N. J.Super. 396, 235 A.2d 214, 216.… …   Black's law dictionary

  • abandonment — [[t]əbæ̱ndənmənt[/t]] 1) N UNCOUNT: oft N of n The abandonment of a place, thing, or person is the act of leaving it permanently or for a long time, especially when you should not do so. ...memories of her father s complete abandonment of her. 2) …   English dictionary

  • abandonment — controlling party giving up rights to property voluntarily. Bloomberg Financial Dictionary Allowing an option to expire unexercised. Also, withdrawal from a cancellable forward contract to purchase securities. Exchange Handbook Glossary * * *… …   Financial and business terms

  • abandonment — See abandoner. * * * ▪ property law       in Anglo American property law, the relinquishment of possession of property with an intent to terminate all ownership interests in that property. Abandonment may occur by throwing away the property, by… …   Universalium

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