Commercial Maritime Law

Items insured partially or conditionally may not be abandoned, nor may they be retracted without the insurer's approval. Abandonment shall entail transfer of the ownership of the insured items to the insurer, who in turn, shall be obligated to pay the full amount of insurance. Transfer of ownership shall take effect from the day the insured notifies the insurer of his intent of abandonment. The insurer may, without prejudice to his obligation to pay the full amount of insurance, refuse the transfer of ownership of the insured items to him.