Green's Encyclopædia of the Law of Scotland, Vol. 1: Abandoning to Banker's Lien (Classic Reprint)

Excerpt from Green's Encyclop dia of the Law of Scotland, Vol. 1: Abandoning to Banker's Lien

Notice of abandonment need not be in writing, although it usually is so; nor does it require to be in any particular form; but there must be an unequivocal offer by the assured, to abandon to his underwriters the whole interest in the property covered by the policy. To be effectual, the notice must be given within a reasonable time after the assured has obtained certain and accurate information as to the nature of the damage. If the information be such as to disclose that the subject-matter of the insurance is in imminent danger of becoming and continuing a total loss, he must at once give notice of abandonment, unless there be some cogent reason to the contrary. If he delays doing so, he will lose his right altogether, even although he is able to prove beyond question that a constructive total loss has occurred.

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