Commercial Maritime Law

1. The insured may abandon the insured goods to the insurer if: a) a three-month period lapses from the last time news about the vessel is received and it is presumed to have been lost as of the date of receipt of such news; b) the vessel becomes unseaworthy during a voyage, and it becomes impossible to transport the goods by any other means to the agreed-upon destination within three months from the date the insurer is notified thereof; Commercial Maritime Law c) the goods are lost, or sustain damage that amounts to the loss of 75% or more of their value, as specified in the insurance policy; or d) the goods are sold during the voyage due to sustaining material damage arising from an insured risk. 2. If the insurance covers war risks, the insured may invoke his right to abandon the goods in the event the vessel is captured, arrested, or suspended by order of the public authorities, unless the goods are placed under the control of the insured within four months from the date he notifies the insurer of the accident.