In any of the following cases, the insured may abandon the subject matter insured to an insurer and claim the full insured amount: <Amended by Act No. 4470, Dec. 31, 1991>
1. Where, as the insured loses possession of his/her own ship or cargo due to a peril insured against, it is unrecoverable, or expenses to be incurred in relation to its recovery are expected to exceed its value at the time it is recovered;
2. Where, as the ship is substantially damaged due to a peril insured against, expenses to be incurred in relation to its repair are expected to exceed its value at the time it is repaired;
3. Where, as the cargo is substantially damaged due to a peril insured against, the total sum of expenses to be incurred in relation to its repair and its transportation to the destination are expected to exceed its value as at the time it arrives at the destination.