What Does Abandonment Mean?

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What does Abandonment mean? Read on to discover the definition & meaning of the term Abandonment - to help you better understand the language used in insurance policies.

Abandonment

Abandonment

A clause in property insurance policies prohibiting the insured from abandoning damaged property to the insurer for repair or disposal. Arranging for repair or disposal is the insured's responsibility, unless the insurer elects otherwise.

We hope the you have a better understanding of the meaning of Abandonment.

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