The person suffering the loss who presents the claim.
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ACTUAL TOTAL LOSS
An actual total loss can occur in four ways: (1) Where the subject matter Insured is completely destroyed; (2) Where the subject matter Insured ceases to be a thing of the kind Insured (This is termed ‘loss of specie’); (3) Where the assured is irretrievably deprived of the subject matter Insured, although it has retained its specie; or (4) In marine insurance, where a missing ship is deemed an actual loss when it has been posted as “missing” at Lloyd’s.