Abandonment clause

Abandonment clause – within the meaning, given by the Insurance law in many jurisdictions, this term is sometimes implemented in real estate insurance policies. It allows the real estate owner to abandon their real estate if it is completely damaged, and to claim from the insurance company full settlement amount instead. In other words – to avoid unnecessary repairs of damaged premises, but to claim full compensation. A surveyor has to check and evaluate the damaged property and upon his/her confirmation report of the above, the insurance company pays compensation to the insured landowner.

See also “abandonoment”

Posted in: A