2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
In the insurance industry, many terms are used, many of which are not clear to ordinary citizens. They are necessary to facilitate transactions. What is abandon in insurance? This concept is used in relation to property abroad. It is common in the field of automobile insurance. Now it is actively used in Russia.
Definition
Abandon is a concept that indicates the possibility of abandoning property in favor of the insurer. The beneficiary has the right to waive his rights to the object, if this is fixed in the contract. This is necessary to get the maximum benefit from the insurance company.
The traditional case of abandonment is the sale of property, after which the owner's rights are transferred to the insurer, who pays all the compensation. When the loss is found, the rights of its ownership pass to the insurance company. Abandon is not an absolute, peremptory norm, therefore, under certain circumstances, a refusal to exercise the right follows.
Transport sector
At first glance, it may seem that abandonment is a simple norm, but in fact it is not. Although the contract prescribes the terms of cooperation between the parties,there are often disputes over the legality of the application of the norm, the rule of payments and the amount of compensation.
Often conflicts are resolved in court. Most cases are won by the beneficiary or policyholder. Because of this, firms are interested in litigation in the field of abandonment.
Is it a right or a duty?
Many people wonder if abandonment is a right or a duty? This is the right that the beneficiary has. And for the insurer, abandonment is considered an obligation, since he must accept the insured property. This norm is implemented with the help of a letter sent by the policyholder to the place of residence of the insurer.
In this situation, there is no subject of the contract, which would regulate the agreement of the parties to the transaction. This agreement is signed in cases where you have to deal with technical issues related to the method of transfer of documents and property.
Statement
It must be issued by the beneficiary. This is done no later than the moment when the insurance indemnity is received. In marine insurance, the right is valid for 6 months from the definition of the insured event.
The application cannot be withdrawn because it is unconditional. According to the contract and the law, it is required that the beneficiary who finds the property must return the amount of compensation to the insurer. Only property damage is deducted.
Rules for writing Abandon
This concept includes not only car insurance. Abandon must be drawn up in the event that a constructive loss of transport was discovered. This is observed when the repair price is above 30% of its current market value. In these cases, very complex calculations are used that the owner of the car will not be able to apply for several reasons.
Abandon is unprofitable for Russian insurance companies, especially when there is a spread of the CASCO policy. It is more convenient to pay a small compensation, thanks to which the restoration of the car can be covered, which is not possible due to the legal ignorance of the owners of the transport. Therefore, if a constructive loss of the car is detected, it is necessary to use the services of a professional.
Rosgosstrakh services
This company offers car insurance. CASCO is popular among transport owners. To use the services of the company, you need to study the rules of insurance. Rosgosstrakh proposes to conclude three types of contract:
- Full: The payment will be equal to the insurance value of the car. And the damage is paid in full.
- Partial proportional: the amount is less than the insurance value. Compensation occurs in proportion to the amount to the cost.
- Partial Disproportionate: Benefit available for undercovered coverage.
Rosgosstrakh establishes the following insurance rules:
- Payment of the premium even in cases where the policyholder was guilty.
- If no more than 2 adjacent parts are damagedvehicle.
- In case of theft or damage, compensation is provided based on depreciation as a percentage of the contribution.
- Does not pay for spot damage caused by animals or birds.
Abandon registration rules
The customer is en titled to full compensation. For example, an insurer releases vehicles damaged in an accident. In practice, the amount of compensation may be small. But usually car owners agree to this because they don't want to make the sale themselves.
Abandon is required when the restoration of property is useless or it requires a lot of investment. The right to use the property passes to the insurance company. Abandon is issued in 2 ways:
- The contract specifies the terms of cooperation.
- An additional document is being drawn up, which will say about the transfer of property.
The last situation may contain one nuance. The company offers the client to draw up an agreement, which stipulates the transfer of transport to third parties, for example, a thrift store. Such transactions should not be formalized, because after the transfer of property, the client's right to abandonment disappears. Therefore, he will not be compensated. The insurance abandonment is an advantage of the client, if it is stated in the contract.
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