Occurs where the insured property is so damaged that it ceases to be a thing of the kind insured; that is, it changes its specie. An example would be bags of cement which have been immersed in water.
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GENERAL AVERAGE
A maritime legal principle, separate and apart from marine insurance, whereby all parties to an adventure, who benefit from a sacrifice or expenditure incurred in preserving an imperilled adventure, must each contribute rateably to make good the amount sacrificed or the expenditure incurred.