What is a Waiver Clause?

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Asked on June 1, 2021
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In case of Constructive total loss, when the assured has given the notice of abandonment to underwriter and they accept it, any measures taken by the assured to save the property is not to be taken as a ‘Waiver’ or withdrawal of the Notice of Abandonment. Similarly, action can be taken by the underwriter to save the property, shall not be taken as acceptance of the Notice of Abandonment which they have previously declined.

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Posted by seawizard
Answered on June 1, 2021