After a serious fire the insured tells the insurer to keep the damaged building and pay the full limit. The policy provides that:

a.Property may not be abandoned to the insurer
b.Salvage proceeds belong to the insured alone
c.Abandoned property must be bought at its limit
d.The insurer must sell salvage within a year

Giải thích

Property policies contain an abandonment condition: the insured cannot hand damaged property to the insurer and demand the limit, because the insurer chooses whether to pay, repair, replace or take the property at an agreed value. Salvage the insurer does take belongs to the insurer, which has already paid for the loss. The condition sets no deadline for disposing of it.

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