Section 64: Effect of abandonment.

(1) Where there is a valid abandonment the insurer shall be entitled to take over the interest of the assured in whatever may remain of the subject matter insured, and all proprietary right incidental thereto.
(2) Upon the abandonment of a ship, the insurer thereof shall be 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 shall be entitled to a reasonable remuneration for the carriage of them subsequent to the casualty causing the loss.