(1) Where there is a valid abandonment the insurer is entitled to take over the interest of the assured in whatever may remain of the subject-matter insured, and all proprietary rights incidental thereto.
(2) Upon the abandonment of a ship, the insurer thereof is entitled to any freight in course of being earned, and which is earned by her subsequent to the casualty causing the loss, less the expenses of earning it incurred after the casualty; and, where the ship is carrying the owner's goods, the insurer is entitled to a reasonable remuneration for the carriage of them subsequent to the casualty causing the loss.
(2) Upon the abandonment of a ship, the insurer thereof is entitled to any freight in course of being earned, and which is earned by her subsequent to the casualty causing the loss, less the expenses of earning it incurred after the casualty; and, where the ship is carrying the owner's goods, the insurer is entitled to a reasonable remuneration for the carriage of them subsequent to the casualty causing the loss.
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More sections of this act
Section 1 · Short title and commencement.Section 2 · Definitions.Section 3 · Marine insurance defined.Section 4 · Mixed sea and land risks.Section 5 · Lawful marine adventure.Section 6 · Avoidance of wagering contracts.Section 7 · Insurable interest defined.Section 8 · When interest must attach.India Code, Government of India. Text fetched 25 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.