A change in the nature or character of cargo, vessel or other property (e.g. bicycle crushed by steamroller) so that it is no longer the type of property that was insured. See ACTUAL TOTAL LOSS.
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There is said to be loss of specie when property the subject of insurance is so damaged that it ceases to be a thing of the kind insured, as where a motor cycle is crushed or clothes are burnt to ashes.