Abandonment, in marine insurance, is the act of the insured by which, after a constructive total loss, he declares the relinquishment to the insurer of the insured’s interest in the subject matter.
Cal. Ins. Code § 1970
Loss in Marine Insurance
Enacted by Stats. 1935, Ch. 145.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.