Colombian Trade Code - Decree 410 of 1971 - Book Five - Navigation - Part One - From the Navigation Aquatics - Title XIII - Marine Insurance - Chapter VII - Abandonment - From: Section 1737 to: 1747 Art
CHAPTER VII
Abandonment
Section 1737 .- In case of constructive total loss or assimilated, the insured may consider it as part or as real or actual total, leaving in this case the subject-matter insured for the insurer.
Paragraph .- The right of abandonment interrupts prescription of the action to enforce the compensation for partial loss.
Section 1738 .- If the insured elects to abandon the subject-matter insured must give notice of abandonment. Not giving it, the loss can only be considered as a partial loss.
The notice must be given by the insured within thirty days from the date it received credible information of the loss.
Paragraph .- If the information was suspect, the insured is entitled to a period of thirty days to investigate. In this case the term for giving notice begins to run from the time the information has become reliable.
Section 1739 .- The notice of abandonment must be written in terms that indicate, unequivocally, the insured's intention to make unconditional surrender of interest in the subject-matter insured in favor of the insurer.
Section 1740 .- Duly given notice of abandonment will not suffer any prejudice the rights of the insured because the insurer refused to accept the abandonment.
Section 1741 .- You will not need the notice of abandonment when the receipt by the insured for the respective reports, there is no possibility of benefit to the insurer.
Section 1742 .- The acceptance of abandonment may be express or implied. This may be inferred from the conduct of the insurer.
Within sixty days from the date of receipt of the notice of abandonment, the silence of the insurer will accept.
Section 1743 .- The acceptance of abandonment, in addition to this the irrevocable, it means that the insurer acknowledges liability for total loss.
Section 1744 .- The notice of abandonment may be waived by the insurer, who is not obliged to give to his reinsurer.
Section 1745 .- Valid in case of abandonment, the insurer is subrogated to the rights and obligations of the insured on the ruins and remnants of the insured object and its accessories, and may take possession of them.
Section 1746 .- The effects of abandonment shall be retroactive to the day of the incident.
Section 1747 .- The abandonment is not within the charter, except that portion to transport goods from the scene, until his destiny, and if no payment has been agreed the whole event.
Paragraph .- The right of abandonment interrupts prescription of the action to enforce the compensation for partial loss.
Section 1738 .- If the insured elects to abandon the subject-matter insured must give notice of abandonment. Not giving it, the loss can only be considered as a partial loss.
The notice must be given by the insured within thirty days from the date it received credible information of the loss.
Paragraph .- If the information was suspect, the insured is entitled to a period of thirty days to investigate. In this case the term for giving notice begins to run from the time the information has become reliable.
Section 1739 .- The notice of abandonment must be written in terms that indicate, unequivocally, the insured's intention to make unconditional surrender of interest in the subject-matter insured in favor of the insurer.
Section 1740 .- Duly given notice of abandonment will not suffer any prejudice the rights of the insured because the insurer refused to accept the abandonment.
Section 1741 .- You will not need the notice of abandonment when the receipt by the insured for the respective reports, there is no possibility of benefit to the insurer.
Section 1742 .- The acceptance of abandonment may be express or implied. This may be inferred from the conduct of the insurer.
Within sixty days from the date of receipt of the notice of abandonment, the silence of the insurer will accept.
Section 1743 .- The acceptance of abandonment, in addition to this the irrevocable, it means that the insurer acknowledges liability for total loss.
Section 1744 .- The notice of abandonment may be waived by the insurer, who is not obliged to give to his reinsurer.
Section 1745 .- Valid in case of abandonment, the insurer is subrogated to the rights and obligations of the insured on the ruins and remnants of the insured object and its accessories, and may take possession of them.
Section 1746 .- The effects of abandonment shall be retroactive to the day of the incident.
Section 1747 .- The abandonment is not within the charter, except that portion to transport goods from the scene, until his destiny, and if no payment has been agreed the whole event.
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