Principles of the Law of Insurance; Adopted in the Civil Code of the State of California. with Notes and References to Adjudged Cases - Softcover

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1882. Excerpt: ... ARTICLE VIII. ABANDONMENT. § 132. Abandonment, what. § 133. When Insured may abandon. § 134. Must be unqualified. § 135. When may be made. § 136. Abandonment may be defeated. § 137. How made. § 138. Requisites of notice. § 139. No other cause can be relied on. § 140. Effect. § 141. Waiver of formal abandonment. §142. Agents of the insured become agents of the insurer. § 143. Acceptance not necessary. § 144. Acceptance conclusive. § 145. Accepted abandonment irrevocable. § 146. Freightage, how affected by abandonment of ship. § 147. Refusal to accept. § 148. Omission to abandon. § 132. Abandonment is the act by which, after a constructive total loss, a parson insured by contract of marine insurance declares to the insurer that he relinquishes to him his interest in the thing insured. Civ. Code Cal. 2716. N. Y. Civ. Code, 1486. § 133. A person insured by a contract of marine insurance may abandon the thing insured, or any particular portion thereof separately valued by the policy, or otherwise separately insured, and recover for a total loss thereof, when the cause of the loss is aperil insured against--1. If more than half thereof in value is actually lost, or would have to be expended to recover it from the peril; 2. If it is injured to-such an extent as to reduce Us value more than one-half; 3. If the thing insured being a ship, the contemplated voyage cannot be lawfully performed without incurring an expense to the insured of more than half the value of the thing abandoned, or without incurring a risk which a prudent man would not take under the circumstances; or, 4. If the thing insured being cargo or freightage, the voyage cannot be performed, nor another s...

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