If there is a wreck inside the channel , owners have abandoned it by notice of abandonment. what does the underwriter do ? do

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Under a standard hull policy a shipowner is covered for the constructive or actual total loss of its ship. The collision liability clause of a standard hull policy specifically excludes liability for removal or disposal of obstructions, wrecks, cargoes or any other thing whatsoever.
If it appears unlikely that the ship can be recovered, or that it can only be recovered and
repaired at a cost that would exceed its value, then the ship may be declared an actual or constructive total loss. In the case of a constructive total loss, the shipowner will first have to give notice of abandonment of the ship to its insurers before being able to make a claim against them.
 If the hull insurer was to accept the notice of abandonment, it would become liable for any subsequent consequences, such as wreck removal, and for this reason it generally declines such a notice. The outcome is that while the shipowner can recover the loss of its ship from its hull insurer, any liabilities are not transferred. The shipowner will remain liable for the raising, removal, destruction and lighting or marking of the wreck, not the hull insurer.

The Nairobi International Convention on the Removal of Wrecks, 2007, was adopted in May 2007. Its purpose is to provide a legal basis for states to have wrecks removed that may pose a threat to the marine environment or to the safety of vessels. The convention establishes uniform international rules to ensure decisive action can be taken to remove
wrecks that lie outside territorial waters. Once in force it will make shipowners liable for the
costs of wreck removal and require them to have insurance to cover this liability. It will also
allow states to take direct action against insurers.
Articles in the convention address procedures for reporting casualties to the nearest coastal state, issuing warnings to other vessels and the criteria for determining the extent of the hazards posed to shipping and the environment. The liability and obligations placed on the shipowner for locating, marking and removing a wreck identify when the shipowner is responsible and when the state may intervene.
Note- India has ratified the convention but it has not yet entered into force.

P&I cover for wreck removal
Where the shipowner is liable for the removal of a wreck, and the confirmed wrecked ship is located within the jurisdiction of a port or state, the law of which contains a valid and enforceable regulation compelling the shipowner to remove the wreck, the costs will be recoverable from the P&I club. This also applies to cargo or property from an entered ship, even if the ship itself has not become a wreck. For example, this could arise when the wreck blocks a channel or fairway used by other ships and  constitutes a danger to navigation. The P&I club would also cover the shipowner in cases where it was required to light or mark the wreck or even have it destroyed.
Strictly speaking the P&I club is entitled to the full proceeds of the wreck. In practice, if the wreck is subsequently raised and sold for scrap the H&M underwriters would, subject to the terms of the total loss agreed with owners, be granted the residual value after the P&I club had recovered the costs of the wreck removal.
It is important to note that if the shipowner transfers its interests in the wreck or cargo or other property prior to the raising, removal, destruction, lighting or marking of the wreck, without the consent of the managers of the P&I club in writing there will be no recovery available.