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...