Section 63:
Effect of abandonment.
(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.