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Abandonment and Salvage

Abandonment and Salvage clauses are added to insurance contracts so the insurance company can claim abandoned property. If someone willfully abandons their property, the insurance company could then claim ownership and salvage rights. These types of clauses are usually found in marine insurance contracts, because in the past it was usually too expensive for an owner of a boat to raise a sunken ship.

If you have any questions about your insurance or risk management program and are located in Southern California, call (800) 331-4700 to speak to an expert.