Abandonment of Ship or Cargo

The relinquishment by an assured person to the assur- ers of his right to what is saved out of a wreck, when the thing insured has, by some of the usual perils of the sea, become practi- cally valueless. Upon abandonment the as- sured is entitled to call upon the assurers to pay the full amount of the insurance, as in the case of a total loss. The loss is, in such I case, called a constructive total loss, — Wharton. See Total loss.