8. transitive. Commercial Law (chiefly in marine insurance). To relinquish to the underwriters all interest in or claim to (property insured) after a loss. Also intransitive.
1755 N. Magens Ess. Insurances I. 89 When a ship..shall not be heard of in three months beyond the usual time for such a voyage, she may be considered as lost, and the Insured is permitted to abandon Ship and Cargo to the Insurers, and to demand payment of the sums they have respectively underwrote.
1787 J. Millar Elements Law Insurances ii. iii. 289 Immediate notice was given by the assured to the underwriters, accompanied with an offer to abandon the ship to their care.
1809 T. E. Tomlins Jacob's Law-dict. at Insurance ii. 7 As soon as the Insured receive accounts of such a loss as entitles them to abandon, they must, in the first instance, make their election whether they will abandon or not.
1848 J. Arnould Law Marine Insurance II. iii. ix. 1161 If the assured, by mortgaging his ship, has parted with the power of conveying an absolute title, he cannot abandon to the underwriters on ship.
1914 Times 4 June 7/2 (title) Liner Abandoned To The Underwriters.
1932 Times 19 Oct. 4/2 In 1923, after the cargo had been abandoned to the underwriters, the Salvage association contracted with two English engineers..to search for the wreck.
1995 Globe & Mail (Toronto) (Nexis) 8 Aug. The shipowners were paid for the loss of the ship and abandoned it to the underwriters.
to abandon sth. | abandoned, abandoned | [LAW] -- etw. abandonnieren | abandonnierte, abandonniert |
to abandon sth. | abandoned, abandoned | [INSUR.] - etw.abtreten| trat ab, abgetreten
abtreten, verzichten, preisgeben, aufgeben (von Rechten bei Aktien und Seefracht)
1830 : Die Verantwortlichkeit der Rheder aus den Handlungen des Schiffers, die auch der code de commerce ausspricht, hört auf, wenn sie ihr Schiff abandonnieren, ...
2011 - Law... Droit comm. 7. 166). Abandonniert der Versicherte das Schiff seinen Gläubigern, so ist dies noch kein Grund, das Schilf dem Versicherer zu abandonnieren.