It cannot be partial or conditional it should be total and absolute Sec 142 IC

It cannot be partial or conditional it should be

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It cannot be partial or conditional, it should be total and absolute. (Sec 142, IC) It must be made within a reasonable time after receipt of reliable information of the loss. (Sec 143, IC) To enable the insurer to act promptly to save, if possible, some part of the property Abandonment is ineffective: (Sec 144, IC) where the information relied upon proves to be incorrect The thing insured was so far restored when the abandonment was made that there was in fact no total loss RULES ON ABANDONMENT
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Oral or written (Sec 145, IC) If oral, a written notice must be submitted w/in 7 days from such oral notice. Notice of abandonment must be explicit & must specify the particular cause or ground for abandonment. (Sec 146, IC) Abandonment transfers to the insurer the insured s interests in the thing with all the chances of recovery & indemnity. (Sec 148, IC) RULES ON ABANDONMENT
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If a marine insurer pays for a loss as if it were an actual total loss, he is entitled to whatever may remain of the thing insured, or its proceeds or salvage, as if there had been a formal abandonment. (Sec 149, IC) Acceptance of abandonment may be express or implied. (Sec 153, IC) Acceptance is conclusive upon the parties & loss is admitted Sufficiency of abandonment is likewise admitted An abandonment once made and accepted is irrevocable (Sec 154, IC) RULES ON ABANDONMENT
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A valuation in a policy of marine insurance is conclusive between the parties thereto in the adjustment of either a partial or total loss if the insured has some interest at risk, and there is no fraud on his part. Exception: When a thing has been hypothecated by bottomry or respondentia, before its insurance, and without the knowledge of the person actually procuring the insurance, he may show the real value. A valuation fraudulent in fact, entitles the insurer to rescind the contract. MEASURE OF INDEMNITY SEC 158, IC
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When profits are valued and insured by a contract of marine insurance , a loss of them is conclusively presumed from a loss of the property out of which they are expected to arise, and the valuation fixes their amount. (Sec 162, IC) Where profits are separately insured in a contract of marine insurance , the insured is entitled to recover a proportion of such profits equivalent to the proportion which the value of the property lost bears. (Sec 160, IC) When freightage or cargo are valued and insured by a contract of marine insurance , if a part only of the subject is exposed to risk, the valuation applies only in proportion to such part. (Sec 161, IC) VALUED POLICY
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The value of a ship is its value at the beginning of the risk, including all articles or charges The value of the cargo is its actual cost to the insured, when laden on board The value of freightage is the gross freightage Cost of insurance is in each case to be added to the value estimated.
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