Abandon

In various maritime countries this term has several significations. 1st. The relinquishment of a ve el and/or cargo by the insured to the insurer, against payment of the amount insured, or such amount as may be agreed upon between themselves; although the party insured may be unable to advance proof of the lo (as in the case of a foundered ve el) where the combinations of the act of abandonment, and its acceptance substitute the proof of such lo . A ship-owner has usually the right to abandon his property to the underwriters, if reported to have been captured by an enemy or pirates, causing him to be deprived of its use beyond the limit of such time as the law or custom may have provided in such cases. 2nd. The term Abandon” is in some countries also used, when the owner of a ve el or cargo surrenders his right to it to the party, who has advanced money upon its security. 3rd. A ve el is likewise said to be abandoned, when left by the master and the whole of her crew in open sea, or on a foreign coast etc., but it does not follow that the right or claim to the property is abandoned, should it be subsequently found and brought into safety.